Mortgage - borrow more refused - sole owner

Flowers13 · 29 March 2015 at 7:33AM

Dear all,

What is the best plan of action ? I have left £35000 on the mortgage over 12 years the house is worth £140000 it s under my sole ownership however my wages have considerably gone down compare to a few years ago and I m under the £20k/ annual salary ( employed full time) , no credit card or other loan, no bad credit credit, the bank has refused me to borrow more (£40k) , is the only way is for me to add my fiance to the mortgage and deed of the house and our combined wages would allow to borrow more?
I would prefer to keep sole ownership.

Thank you for any type of advice and reading my post.

betmunch · 29 March 2015 at 7:36AM

Have you considered asking a different bank?

Flowers13 · 29 March 2015 at 7:40AM

I just presumed if you current bank refused that would be that, thank you.

betmunch · 29 March 2015 at 7:57AM

Flowers13 wrote: »

I just presumed if you current bank refused that would be that, thank you.

Not at all.

If you dont know which bank will accept you though, dont go checking them all one by one as that will impact on your credit file.

Enlist the help of a broker

Flowers13 · 29 March 2015 at 8:24AM

Where can i find an mortgage broker that s reliable ?

betmunch · 29 March 2015 at 8:31AM

Flowers13 wrote: »

Where can i find an mortgage broker that s reliable ?

Recondation from friends would be best.

Failing that https://www.unbiased.co.uk (untick the sponsored only option).

Failing that https://www.yell.com for your local area.

Remember to check their fee, if any, before you agree to use them. They should explain how they are paid when you first meet them.