Can A Human Get Involved In A Mortgage Application?

Wh05apk

uktechguy wrote: »

Ok - thanks for clearing that up for me.

I don't know why I bothered wasting their time if that is all they are going to see. The fact that my brother has been overpaying his mortgage every month for the last 10 years and his brand new company is already earning £6k a month residual from solid customers and means he already has a data center and a full-time employee, and I have eliminated £40k of debt (while also paying rent and bills) over the last 5 years obviously doesn't offer any sort of counter-balance in these situations. For some reason I thought it might.

I'm not looking for any favours - the risk is mitigated by the surplus value in the house.

Well, on the plus side - the hosue is currently being completely redecorated, so that'll help sell it.

Sorry o have been "blunt" but that is what the lenders will see, in the "old" days, they could us discression and show that you have paid your debts down, and so the mortgage is affordable, now, they have to prove that the mortgage is affordable now and n the future, which an only be done by resorting t proof of income, and credit reports.

drussmonkey

Completely unrelated to your mortgage application uktechguy, fair play to you to take on all of your ex's debt. That's a very generous (far more than I would be) thing to do, and your focus and commitment to knocking the debt dead is really commendable.

None of that helps you get a mortgage now, but give it a couple of years to firm up your situation and you'll be in good stead. In the meantime keep your finances tight, keep saving, and you'll get there in the end.

I_just_love_a_bargain

Excellent post above :j

That was a really nice thing you did for your wife :A

Sorry to hear about the mortgage situation, I have no mortgage on mine, i have an excellent credit score, but nobody will give me a mortgage for a 6th of the value of the house :mad:

The banks are happy to take money off you but won't return the favour :eek:

I say we should all start boycotting the banks and until they fall into line.

Thrugelmir

I_just_love_a_bargain wrote: »

I say we should all start boycotting the banks and until they fall into line.

Good idea. Then the UK may break its love affair with debt. Learning to save up instead.

With low wage inflation. Debt will become a ball and chain for many. No longer to be inflated away by the magical money tree.

Dave_Ham

We still do not know how bad, bad is on the credit file so I do not know why OP you are giving up and everyone else is seeing no chance.

With that equity, I would imagine this is achievable..

andrea1968_2

drussmonkey wrote: »

Completely unrelated to your mortgage application uktechguy, fair play to you to take on all of your ex's debt. That's a very generous (far more than I would be) thing to do, and your focus and commitment to knocking the debt dead is really commendable.

None of that helps you get a mortgage now, but give it a couple of years to firm up your situation and you'll be in good stead. In the meantime keep your finances tight, keep saving, and you'll get there in the end.

My situation was similar only difference was my ex (and now deceased) partner ran up all his debts in joint names so I was left with the fallout. It took me 4 years to pay everything off and 2 years of solid saving to get to the position of getting a mortgage and getting on the property ladder.

Stick with it, don't take your eye off the ball for a single moment and you'll reap the rewards, Good luck.

Southend1

Thrugelmir wrote: »

Good idea. Then the UK may break its love affair with debt. Learning to save up instead.

With low wage inflation. Debt will become a ball and chain for many. No longer to be inflated away by the magical money tree.

No debt = no money.

Money = debt.