Self Inflicted Mortgage Nightmare

Vetaka

Hello,

I'm writing this thread for my own sanity and I fully expect, nay encourage you to provide as much critism as possible. As I have royally screwed up and ultimately lost everything due to my dishonesty.

In the last week my partner and I applied for a mortgage via an Estate Agent mortgage broker after putting an offer on a house which was accepted. During the application process I intentionally did not disclose a substantial (£8k) loan. I know I should have and I don't know why I didn't other than that I panicked. The mortgage was subsequently credit scored and approved in principle with the lender, pending the relevant first time buyer checks. This undisclosed 8k loan is my biggest and darkest secret in life and even my partner does not know about it. I know this is an horrific set of circumstances and I am a disgusting human being and deserve everything that comes to me. However my partner doesn't and well I want to protect her and her credit rating as best I can as she is amazing.

I've had a profound realization that I have a serious problem with money that turns me into a pathological liar and it's something I intend to try and seek professional help upon in the future.

This wake up call in mind, I now fully intend to end my relationship with my partner who I consider the love of my life in order to best protect her from my destructive financial nature. I will of course insure I file the relevant notice of disassociations with the credit agencies so she is not linked to me but that is for later, my priority now is to sort this mortgage mess out and withdraw from the process.

Given what I've disclosed above I am well aware this mortgage will now be rejected on the basis I have not disclosed the above loan. What I am not aware of and I suppose what I am seeking your advice on is, how should I sort this mortgage mess out swiftly and to the least detriment of all involved?

The mortgage was submitted to the lender on Wednesday of this week and we instructed solicitors yesterday. The valuation has not yet been completed and we have had no paperwork or introduction pack from the solicitors yet. I know I need to make the mortgage broker, vendor and solicitor aware of the above but is there anything else I should do?

Other factors in this horrific mess that you may wish to know, I earn 26k a year, I have been in my current job for 12 months and am not in any probationary period and my credit rating is poor to average.

I full except to be heavily criticized by the folk of this forum and I deserve it but please try to make posts as constructive as possible.

Thank You

V

kingstreet

You don't appear to have committed a capital crime.

Phone the advisor, tell them you omitted the loan payments from affordability and ask them to check the mortgage is still affordable, then ask them to call the lender and have it entered into the application.

Typhoon2000

If you are going to be ending the relationship. There little point in going ahead with the joint house purchase. So you only need to tell the estate agent, broker and solicitor you are pulling out.

ACG

Woah!
You have an £8k loan and are now splitting up with your mrs and are a horrible human being but saving her from a life of misery?

Thats some step for an £8k loan!

If you dont want to split up with your mrs - tell her about the loan. If its that bad im sure she will make it clear she wants to split up. She might just take control of the finances and then jobs a good'en. It shouldnt happen again.

After you have spoken to her, decide whether to proceed withthe purchase or not. If you want to, make your broker aware of the loan. Best it comes out now rather than after you have paid for the valuation and searches and everything else.

Then take a chill pill! You seem to have blown this loan out of all proportion, its £8k not £80k! Its not ideal but im sure its manageable.

ACG

Typhoon2000 wrote: »

If you are going to be ending the relationship. There little point in going ahead with the joint house purchase. So you only need to tell the estate agent, broker and solicitor you are pulling out.

and the girlfriend - otherwise that could be awkward conversation she has with the estate agent/solicitor.

amnblog

Wow


Kingstreet is right here.


Have a quiet word with the broker (who incidentally did not cover themselves in glory but not finding the loan on your credit file before application) - you can then establish if the loan is a deal breaker.


On a wider point - if you struggle to handle money you need to be upfront about this with your partner before you take on a massive joint financial commitment that could leave you both in a mess.


Explain your concerns and the two of you can plan your way round it.

Ronaldo_Mconaldo

If you are really going to split up with your girlfriend then make sure you sleep with her a few more times first.

Thrugelmir

If you intend changing your ways for the better. Firstly tell your girlfriend. Ok the outcome is uncertain, but it will at least remove the dark cloud overhanging your head. After which there'll be more clarity as to the future direction of travel.

emcap

Ronaldo_Mconaldo wrote: »

If you are really going to split up with your girlfriend then make sure you sleep with her a few more times first.

:rotfl:

I think this is what he want to listen really.

TBeckett100

For crying out lad, you can't just chuck her because you have a loan!

Perhaps the real issue is that you feel you are punching above your weight dating her and anything less means you are less deserving of her? Let's think about this. You chuck her and she won't get on the property ladder until the next man jumps into bed with her. To get to the housey housey stage will be a couple of years so to be honest you two could probably defer for a year and that will give you time to repay your debt or get it down. Depending on your finances, a lender may take you anyway, but the broker needs to know so he can place the application correctly.

Firstly have a quiet word with the broker and mention the loan and then mention it to your girlfriend. Ask that she looks after the money because you are a bit silly.

Could your folks loan you the money? Maybe just say to them you need help with the deposit....

I know this is a money saving website, but don't chuck her near Christmas. You'll be alone and she will be at her works Christmas party getting drunk and bending the ear or the next suitor. Horrible thought? Then just be straight. Love often oversees these things. If my mrs declared a debt then it wouldn't bother me.

TBeckett100

Ps, if you both passed the initial credit score, it can't be too bad your credit rating!