Change of borrower criteria?

Libranharry

Hi all.

My husband has walked out on me and three children. He's never been financially stable and this caused us to be stuck on a variable mortgage rate for a while. My dad stepped in and paid his debt, so I could finally get a fixed rate.

Now he's gone to another woman I am divorcing him. I'm trying to get him off the mortgage and pay him out. I've spoken to santander and sent in all the necessary paperwork. I'm waiting on the credit check, which they told me will be tomorrow. Right now I'm having kittens.

I want to pay him out and divorce asap but I can't send the paperwork until I get AIP.

Does anyone have any advice of the criteria I will need to meet to be able to go this alone? I've been paying the mortgage myself for the past eight months, so it's manageable. I just need the security for my children. I'm not trying to fiddle him....just petrified he will run up debt and I won't be able to remortgage.

Thank you all!

-taff

You'll be checked based on affordability, so if your pay / benefits are enough for the re-mortgage, you should be ok.
The rest of it, you can check your credit file and see how you are financially linked and whether that has an mpact. Don't pay for it, Noddle is free.

Landofwood

Sorry to hear about your problems. I'm not sure what kind of man treats family this way.

If you're looking for advice on whether you're likely to pass affordability checks, you'll need to post more information about your incomings/outgoings and the size and term of the mortgage

Libranharry

Hi guys.

Thank you for the reply. My noddle report is 5/5. 654 out of 700.

I've done the budget planner and sent wage slips etc off. I owe 70k on 12 years, and won't be borrowing to pay him out. I never go into overdraft and only have 155 on a credit card. The lady I spoke to sounded happy enough with that.

I desperately need him off because he WILL get into debt. He is currently on the mortgage, hence my wanting his removal.

I work 27.5 hours and receive child benefit, child tax and working tax. He also gives me maintenance payments.

I've gotten through the initial assessment, then spoke to a mortgage support adviser, and that lasted over 90 mins! My concern is what the underwriters will think because benefits will stop, but my youngest is 7, so when he hits 18 coincides with the end of the mortgage. The mortgage support adviser told me to write a covering letter stating all the issues, which I have done. She seems to think mitigating circumstances?

I need an end to this nightmare. My eldest child hates him, and refuses to see him.....I can't sleep or eat. I know there are people worse off than me, but the world as I knew it has been knocked off its axis. Any help at all would be gratefully received.

Landofwood

I think with 3 dependents and a 12 year term, you'll need income of at least 25k to support the mortgage and pass affordability checks.

Does your income amount to more than that?

Libranharry

About 24k including wftc, cb, maintenance and wage after tax. I have 7k savings.

On the budget planner, I had "spare" money of about 600 a month. That was after all the childcare, food, utilities etc info they wanted, and the mortgage had been taken off.

Landofwood

Libranharry wrote: »

About 24k including wftc, cb, maintenance and wage after tax. I have 7k savings.

On the budget planner, I had "spare" money of about 600 a month. That was after all the childcare, food, utilities etc info they wanted, and the mortgage had been taken off.

I think you've got a good shot, especially with the savings

Libranharry

Oh I really hope so!!! I want to protect my children's interest, and I know I won't mess my credit up. I live well within our means. I just needed to know what the criteria was, so I am prepared. I'm so nervous of them saying no, because until I get the AIP I can't file for divorce. They have escalated it, and promised I would get a call tomorrow morning. Here's hoping!