What are my chances of mortgage being approved?

fedup1982

Hi,

I currently own a house with a joint mortgage. we have owned the house for 2 years and before this i owened a flat with a sole mortgage. I think i had the flat for 4 years.

I put a very large deposit on the house close to 40% and my ex put no deposit down. This was all signed at the time too as my money. But now we are no longer together and i would like to remain in the house but i can't live with my ex and he refuses to move despite me offering to indemnify him.

My only option is to take on the mortgage on my own so that i can live there on my own and him then move out.

I have been to the bank the mortgage is with and because of the exit fee i can't afford to get a mortgage with another bank. But based on my income they told me how much they would lend me and i am able to reduce the balance of the mortgage to this amount. Making the mortgage about 45% of the value of the house. I have been agreed on principle but am waiting to hear if they will agree my bank statements and p60 etc have been sent to the underwriters.

But i am worried as i have an agreed £500 overdraft on my bank account. It gets cleared every month when i get paid but i go into it every month too. I also missed a payment on a car loan i had. I did pay it when i realised and it has now been paid off (this happened earlier this year) but im worried this will be a default on my credit report.

I never used to have an overdraft but because i can't live with my ex but still have to pay half the mortgage plus rent for another place moneys been tight. I am really desperate to have the mortgage aproved because i can't go on living in this situation all my money is tied up in the house i dont want to sell the house because my ex has let the house go since i have moved out. I dont like to go there as i have met someone else and my ex wont let my new partner in the house he just calls the police and shouts for him to get "out of his house". So i fear selling the house whilst my ex is in it, it wont go for as much. Plus my ex put no money down on the house and wont compramise in anyway. Its getting me down a lot.

What are my chances of my mortgage being approved? Its with Nationwide. I used to have a sole mortgage with them before. The balance then was £15k less then what im asking for now. But i have had a payrise since then. If they reject me would the underwriters consider my circumstances?

alecsa

Is your ex willing to sign off the property to you? Because if he's not, you can't simply transfer the property (and mortgage) to your name.

fedup1982

He says he will only move out once his names off the mortgage. But i have got the impression from solicitors that if he trys to be difficult they can overcome that. But the only thing he says is he wont move out untill his name is off the mortgage.

alecsa

Having been through this process fairly recently, the ex had to sign a consent form issued by the lender saying he agreed to be removed from the mortgage. He had to go in person to the lender's office to have his signature witnessed there.

Only after that was done, the lender issued a formal consent to transfer mortgage offer - which was sent to my solicitor.

The solicitor prepared the transfer deed form which ex partner had to sign. The transfer deed form is then signed by the lender and after that the solicitor registers it at the land registry.

So two sets of signatures from ex partner are needed, before any transfer can happen...

This whole process took about 3 months from the moment I walked in to the lender's office and started the paperwork.