Remortgage problems!!

Faz_000

Hello all

I have been lurking for a long time but thought I would post our situation here in the hope getting some advise from some of you!

Myself and hubby have beeb trying through a broker to get remortgage for a while now and so far have been rejected by Natwest Halfix and Virgin did not offer how much we needed. i think there was another rejection also.

The issue is my hubby has a bad credit score due to 2 accounts showing in arrears and 3 defaults. now the he has spoken to the companies in question who have confirmed his accounts are settled and he doesnt owe anything - so how the defaults hav been registered I have no clue - its really stressing me out tbh!

because of this broker said we should leave him off and do it in my name only but my salary will not supprt it alone plus my statements show tht im always in overdraft. my credit score is ok no missed/late payments etc.

were paying 4.99% and i really want to get onto a better deal but struggling

we have appointment with broker on Mon to apply to Aldermore - which I understand specialise in adverse etc but rates not great.

here are the details:

house value: approx £240k
mortgage required: £145k
my salary: £28,700
H salary: £22,000
my outstanding credit card balances: approx £5k
H outstanding credit card balance: £1000

one child. no childcare costs, ie no nursery fees.

does it look like a lost cause??

Many thanks to anyone who responds.

Thrugelmir

Default history

When registered date.
When settled date
Amount

Partial settlement?

You've missed your overdraft balance off the list of debts.

Thrugelmir

Faz_000 wrote: »

the others he has also spoken to and it trying to resolve, but as it stands he has unsettled defaults on his credit report which are recent.

Forget the mortgage and tackle the issues head on.

You've got to resolve the overdraft.

Suggest you use the weekend reviewing your finances. What ever has happened is done. Channel your energies into putting matters right. You'll feel better for doing it.

Annisele

If you currently own the house jointly, then you won't be able to get a mortgage in your sole name.

Any lender would want to be sure they could take possession of the property if the borrowers stopped paying. Since your husband owns part of the house, it would be very difficult to evict him if you stopped paying a mortgage in your sole name - which means lenders don't like that idea at all.

Thrugelmir

Faz_000 wrote: »

but for various reasons our finances have taken a turn for the worse in the last year or so.

This will be very apparent to any potential lender when reviewing your joint credit history. Lenders have a regulatory obligation to lend responsibly and ensure that the commitment is affordable. In part this is due to the past 5 or so years of low interest rates. Which aren't going to last. In due course they will return to more normal levels.

Hence my earlier comment. Dig deep. Pull your spending apart. as a first step. May not be the ultimately answer, but for lenders to have confidence in you. You need to demonstrate that you are making every effort to help yourselves. All too often people don't.

Pay a visit to the Debt Free Wannabe forum. People go to extraordinary lengths to survive. Once they've had their light bulb moment. Their lives are changed forever.