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mortgage deposit problem?

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Hi
Im hoping someone can give me some advice on a strange problem.
After my mortgage broker noticed a spelling mistake in my partners name, they notified our mortgage lender who then pulled our mortgage offer, credit scored my partner again and then offered us 10k less than we need to buy the house! As it was my partner that was bringing the offer down, we were advised to apply in soley my name. The offer came back as 10 grand more than we need. Great! But here's the problem. My partner owns the house we're selling and therefore has the deposit for the new house, but with her name on the mortgage we cant borrow enough to buy it! Is there a way around this where she can give me the money or have it transfered into my account from the sale? It all seems very complicated for something that should be quite easy!
thanks
«1

Comments

  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    The deposit will be a gift/loan from your OH in this case.

    Mortgage companies don't like borrowed money, nor are they particularly happy with gifted deposits, so bear this in mind.

    Expect the amount to come back as less.......

    CK
    💙💛 💔
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Lenders do not like the deposit coming from someone who will reside in the property who is not party to the mortgage/ownership.

    This has happened to us. The client omitted their middle name from the data capture form and we obtained a decision in principle without it. When it came to light, the case had to be re-keyed and the maximum lending fell from 90% to 85% and the borrower couldn't afford the increased deposit.

    The case did not proceed.

    There isn't "a way round it" you need to find a lender willing to accept a joint application by the sound of it. Your broker should be resolving this. BTW whose error was it? The broker's?
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thanks
    Yes it was the brokers fault. Went with original lender again because we had already paid £450 for mortgage valuation. Mortgage LTV is 85%
  • Keekles
    Keekles Posts: 154 Forumite
    Sixth Anniversary Combo Breaker
    Given it's the broker's mistake and you've suffered financially as a result; you should be entitled to compensation. As a broker they should also be acting in your best interests, which means if going to an alternative lender is the correct course of action - they should do that.
  • Dave_Ham
    Dave_Ham Posts: 6,045 Forumite
    Tenth Anniversary Combo Breaker
    Claim for the valuation fee from your broker and get a new one. We all can make mistakes and the name is a poor one, but can happen.

    The advice to go sole name with no plan on the deposit is reckless and naive.

    You would be requesting the solicitor to have simulataneous echange/completion and therefore (and rightly so) full disclosure on the source of deposit and living arrangements. A solicitor is not going to stand for this and therefore more cost, time and emotion on your part.

    Which lender are offering you £10k less on joint names?
    I am a Mortgage Broker
    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.
    This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • SuzieSue
    SuzieSue Posts: 4,109 Forumite
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    kingstreet wrote: »
    This has happened to us. The client omitted their middle name from the data capture form and we obtained a decision in principle without it. When it came to light, the case had to be re-keyed and the maximum lending fell from 90% to 85% and the borrower couldn't afford the increased deposit.

    Why would omitting a middle name reduce the amount they were willing to lend?
  • kingstreet
    kingstreet Posts: 39,256 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Original credit score result was false.

    Adding middle name aligned credit history and resulted in lender being willing to lend a lower LTV.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thanks all
    Its the Halifax. Trouble is our credit scores have been affected by this somehow, and now I'm worried that nobody else will lend at a reasonable rate
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    yellpunk wrote: »
    Its the Halifax. Trouble is our credit scores have been affected by this somehow, and now I'm worried that nobody else will lend at a reasonable rate

    Unlikely. The reason was already there on the credit file I suspect.

    The reduction in the offer suggests there's some debt
    outstanding.
  • Unlikely but true. I'm not sure how relevant it is but my Experian credit score has dropped by over 150 points since first application. There is definitely no outstanding debt anywhere.
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