turned down based on "affordability"

Thrugelmir

TheLifeIReallyWant wrote: »

Current mortgage is joint with soon to be ex husband. We're not divorced yet but are separated and there is no contention over property.

Then you need to get the matter formalised. As far as the lender is concerned your husband still has a beneficial interest in the property. Also might aid your case if other matters were formalised as well. Particularly if you originally reduced your mortgage to fund the school fees. The lender will be wondering how you will afford the mortgage now that the total household income is divided even further.

TheLifeIReallyWant

Thrugelmir wrote: »

Then you need to get the matter formalised. As far as the lender is concerned your husband still has a beneficial interest in the property. Also might aid your case if other matters were formalised as well. Particularly if you originally reduced your mortgage to fund the school fees. The lender will be wondering how you will afford the mortgage now that the total household income is divided even further.

We're going through that process now. The mortgage was originally reduced as I stopped working for a period. After my ex and I separated i started work and earn double his salary so in real terms household income has increased. I bank with NatWest so they can very clearly see that i have been paying the mortgage on my own for some time, along with the rest of my incomings and outgoings. It just makes no sense to me.

TheLifeIReallyWant

Thanks everyone for comments - it is just frustrating. I realise the bank can do what they want but it really feels like they don't actually want me to pay off the mortgage....

payless

This case is obviously more complex - but some lenders are also saying no product transfer without an affordability check if part of mortgage is currently on interest only ( goes past checking repayment vehicles - and the checks on these vehicles are also based on different criteria than would have been originally agreed- lower growth rates / regular saving ISA based on current value not projected.

Thrugelmir

TheLifeIReallyWant wrote: »

Thanks everyone for comments - it is just frustrating. I realise the bank can do what they want but it really feels like they don't actually want me to pay off the mortgage....

Mortgage lending is highly regulated so banks cannot simply do what they want.

I bank with NatWest so they can very clearly see that i have been paying the mortgage on my own for some time, along with the rest of my incomings and outgoings. It just makes no sense to me.

Data protection restricts internal access to customers information. Not that seeing a few amounts on a bank statement would enable somebody to assess your credit worthiness. If were that easy it would be open to abuse by potential borrowers.

TheLifeIReallyWant

Thrugelmir wrote: »

Mortgage lending is highly regulated so banks cannot simply do what they want.

I meant they could choose to lend or not - I cannot influence that.

TheLifeIReallyWant

Thrugelmir wrote: »

Data protection restricts internal access to customers information. Not that seeing a few amounts on a bank statement would enable somebody to assess your credit worthiness. If were that easy it would be open to abuse by potential borrowers.

Not at Natwest - the mortgage advisor had access to all of my accounts and discussed balances etc with me.

I have spent most of the day googling endowments which I think will be the only real option open to me.

Imma_Number

You say you are on the Standard Variable Rate with Natwest which means you should be able to overpay whatever you want.

https://supportcentre.natwest.com/app/answers/detail/a_id/4132/~/how-much-can-i-overpay-on-my-mortgage%3F

"How much can I overpay on my mortgage?

Overpayment restrictions do not apply if you are on a Standard Variable Rate."

TheLifeIReallyWant

Imma_Number wrote: »

You say you are on the Standard Variable Rate with Natwest which means you should be able to overpay whatever you want.


"How much can I overpay on my mortgage?

Overpayment restrictions do not apply if you are on a Standard Variable Rate."

Thanks I realised that last night, although I now think best option will be to switch to discounted rate - if possible - and then take out some sort of endowment plan. I pay a LOT of interest at the moment so getting on the 1.7% rate would free up a good sum of cash to put into the endowment

Imma_Number

TheLifeIReallyWant wrote: »

Thanks I realised that last night, although I now think best option will be to switch to discounted rate - if possible - and then take out some sort of endowment plan. I pay a LOT of interest at the moment so getting on the 1.7% rate would free up a good sum of cash to put into the endowment

With regards to taking out an endowment: https://forums.moneysavingexpert.com/discussion/5262588