Will I get a mortgage?

teaser

Myself and my girlfriend of 15 years have decided to split (her choice)

anyhow, basically I've decided the best option would be to try to buy her out of our house.

We have a house valued at 175k which 100k is mortgaged. We have joint debts of around 45k (cars, loans etc) now, my thinking is. If I can raise a mortgage of £145k that I can pay off these bills, send her away debt free and I keep the house. I know its not that simple , but thats the general idea I had.

We've been with the same provider over the last 7 years & never missed payments & I have a healthy credit score. I was hoping to stay with the same provider as my history with them mite stand me in good stead.

I work in the TV industry and have a renewed contract every year for £25k over 6 months & I earn approx another £13k doing other jobs within the industry.

We also have a PR company that I've said I'll stay away from (its her baby) as long as she'll let me get on with keeping the house. We've both agreed to do this and we're both still the very best of friends and still living together until my side of things is sorted. She wants nothing from the house except basics & wont contest anything I do. I intended her to leave with possibly £5k and her car paid off (approx £8k)

I'm sorry if the information isnt all here or it seems muddled, but I've so much going round my head that I find it hard to make it all understandable

So the question is, do you think I'll get the mortgage and should I first seek independant financial / mortgage advice (can anybody recommend anyone in Leeds), or should I go direct to the mortgage provider cap in hand & beg?

I'm prepared to do whatever it takes to keep my home, even if it means wearing coats in the house when its cold & eating beans on toast for a few years

I also have about £10k savings

Any advice is very welcome

herbiesjp

As long as you are happy with the set up i.e who gets what, then you could find lenders happy to agree that mortgage amount for you

Assuming you would no have no other debts and that you have a good credit history.

Probably a good idea to get a professional to look into this for you

teaser

Thanks for taking the time to reply. I know its a bit of an unknown at the moment, but I really need to keep this house for my future.

I've spoken to an adviser and they've told me what paperwork I need to get together. I should hopefully be meeting with him by the middle of next week

Thanks again

MortgageMamma

I've just read through that and just wanted to clarify one point - your contract for £25k over 6 months - is that x 2 per year or is your income £25k + £13k - do you have any overtime or bonuses? who is your current lender?

teaser

The contract is for £25k over 6 months + I get about £5k in expences in the same period. I probably earn about anthor £8 - 10k during the rest of the year. I get the same 6 month contract every year, but if I'm to get this mortgage, I'll do whatever I have to do to earn money once the contract has ended. Our current lender is Northern Rock

teaser

sorry for pushing this back up

MortgageMamma

You could probably achieve this quite easily actually so long as you are not overloaded with other debts. The deal you are on now with Northern Rock, are you still in the incentive period i.e. before the end of the fixed rate?

teaser

Yes, the deal ends in 2008, so I appreciate I will have a penalty to pay, but I'm willing to do that if it means I can keep the house. If I pool all our debts together and contain them within the mortgage, there will be no other debts whatsoever, but to do this I would need approx £145k on a house which is worth about £175k

I've worked out that at the moment I pay out of MY account around 1500 per month, 700 which goes to my partner and the rest is on loans , luxuries & nessesities ie nights out, meals, car insurance,fuel etc, If I can get this mortgage on my own then this would drop to approx 1300 permonth all in, I've just got to convince the mortgage company I can afford it. I've obviously never done anything like this before, so you can imagine how worried I am, but I really need to keep my house.

If you think this is possible to do, would you be prepared to help me professionally ? obviously I'd pay for your time/services etc

Many many thanks for your info so far

MortgageMamma

I really dont think you will have any problems with this and yes I am happy to help if you drop me a line and you don't need to pay me because I don't charge fee's.

I think that you are being really responsible and caring the way you are trying to make the break as easy and financially fair as possible between you and your ex, and with that in mind I think it would be a good idea if you asked her if she would

a, stand half of the early repayment charges should you need to move away from NR

b, be prepared to delay sorting the house situation until you are penalty free in 2008 (if you feel that would be beneficial to you)

I hope she agrees to one of them as neither request is unreasonable.

However, one option would be to look at getting a further advance from NR which is like a second mortgage on top of the one you have, and doing a transfer of equity and buying her out. This method would avoid any early repayment charges, and as the further advance would be a seperate loan altogether you could set it up on SVR or another rate with no tie ins (early repayment charges) then when your main loan comes out of the penalty period in 2008 you could remortgage either with NR or another lender as one big loan rather than two seperate ones.

Thats the best thing to try to do at the moment but of course whether you can do that or not depends on whether the underwriters will accept you with the 6 month annual contract and the additional earnings. Its something that needs an underwriter to look at personally to see if its viable

Hope that helps

MortgageMamma

Lipstick_2

Hello MortgageMamma, how the devil do you manage to make a living giving advice like that and free of charge?

I can only assume that you are a wealthy person.

Well done!

Luv

Lipstick

JoeK_3

Go to the top of the class MortgageMamma.

You have gone that one step further.

JoeK