What Can We Do???

mum22boys74

I have a big problem. We have sold our house and have offered on the house we want. My husband has excellent credit rating, unfortunately, I don't. I have a CCJ and two defaults. Abbey have today refused us a mortgage. Is there a way that we can borrow just in my husband's name as I know some lenders lend more x a single persons salary than joint. I work P/T and earn only a small salary. Would there be a way that we could say my money is actually his. He does earn a good wage but not quite enough on his own to afford the new house. Sorry to ramble on so much but I am desperate for help. Thank you.

hairy_cornflake_2

My advice would be to contact an independent mortgage broker. He / She will be able to take details of your full circumstances and advise you accordingly.

There should be a solution to your problem - so dont worry or panic

herbiesjp

There may well be some lenders that will look at this in your husbands name only, but more information would be needed.

Fairdo_2

I had a similar problem with some clients of mine. This was also with Abbey. They said no to a joint mortgage but ended up saying yes to him only.

Did you try them on his income alone, with the fact that you are earning and that could be an argument for affordabilty?

There may be lenders who work on affordability and some would be happy to "fast-track" the application if you have over 25% equity that you would put down as deposit. However, you would need to prove where your husbands income came from if they were to request (which they have a right to check).

If you are sure affordabilty is there, a decent mortgage broker should be able to guide you to the appropriate lenders.

mum22boys74

I know we can easily afford the mortgage between us - it's just my credit rating that is the problem. We have slightly more than 25% to put down (luckily the price of our house has doubled in 5 yrs) so hopefully this would work in our favour. I did also notice on Martins mortgage guide page for people with bad credit that Abbey are not willing to take people on. So with a bit of luck we might find another lender who is more willing. Thanks for all your advice everyone.

rizla01

Have you tried asking for a 'Self Cert mortgage.

my income is £0.00 but I own a large proportion of my property. I can ask to borrow any figure up to 70% value with no questions asked.

You may be able to do the same.

You would need to convert the mortgage to repayment, at a later date, tho, to get rid of the slightly higher interest rate.

Worth asking?

Try Bristol & West or Birmingham & Midshires. I found them to be useful in the past.

Riz