switching mortgage to a single income

plums123

my ex-partner has had an offer accepted on hose and had a mortgage offered in principle. However, in order for the bank to give her the mortgage her name must come off our joint mortgage on the house I am living in. Therefore, I am attempting to switch mortgages into a single name mortgage, but I am struggling to find anywhere that will accept that I can afford to make the repayments. I have called many lenders only to be told that they cannot offer a mortgage to a single person whose annual income is less than £20,000, and as I only earn £17,000 I am starting to panic. My ex- partner is being rushed to complete and if I don't sort a mortgage soon she will lose the house and legal fees already paid out. I would appreciate it if anyone could offer advice as to lenders that will give me a mortgage on £17,000, fast decisions and any other info helpful. thank you

TrickyDicky101

How much do you need the mortgage for?

What is the current value of the property?

Does any element of the existing equity need to be given to your ex?

It is going to be very difficult for anyone to advise without knowing the above at a minimum.

kingstreet

I know plenty of lenders who will lend to someone on £17k. Not many have a minimum income. Typically, the maximum amount they will lend is in the region of £75,000 for that income.

However, they will deduct the cost of credit commitments, childcare, dependents etc.

I suspect you are not telling the whole story. You will have been offered a mortgage, but probably not as much as you need.

Your former partner will remain a party to the existing mortgage if the property is not sold, or you cannot find someone else to replace her as joint owner and mortgagor.

plums123

Hi Tricky Dicky, thanks for your reply. The mortgage is for £49,500 and the value of the house is £120,000. My ex-partner does not require any equity from the house. hope this helps

plums123

Hi Kingstreet, I would be greatful if you could recommend some of these lenders as im getting the same reply each time I call. I have attempted to apply for a change of parties with my current mortgage provider (virgin money), but for some reason they said they could only offer me £32,000 based on my income

scotty197340

Hi Plums if you can answer a few questions I will be able to find you some lenders hopefully....

1) What are your monthly outgoings
2) Do you have any credit/store cards, if so what are the balances ?
3) Have you any other loans and what are the monthly payments ?
4) How old are you ?

Once I have this, should all be fairly straightforward !

Scott

kingstreet

plums123 wrote: »

Hi Kingstreet, I would be greatful if you could recommend some of these lenders as im getting the same reply each time I call. I have attempted to apply for a change of parties with my current mortgage provider (virgin money), but for some reason they said they could only offer me £32,000 based on my income

If others are topping out at only £32k, there's something else affecting you, as I suggested. What's the rest of the relevant data, such as credit commitments, term etc?