Mortgage help please!

paulm8101

Hopefully someone can help.
We are looking to move house shortly and will have equity of around £120,000 and are looking to downsize and are looking for a small mortgage of around £40,000 for a £160,000 property.
I have been out of work since october for medical reasons and will look for a new job once we are settled in the area we move to. My parter works earning 23k gross a year.
In applying for mortgages we are getting either declined or offered smalll amounts say between 17-25k even if my partner does it as an individual application with no dependents.
The current mortgage is in my name only as I met m y partner after hence the money from the sale would come from a property in my name I am 41 and my partner is 32 and she has never had a mortgage.
We are awaiting a credit report for her as she has never had a mortgage and did have some issues with late payments on credit cards but nothing to serious. Neither of us have any outstanding loans or credit card payments and my partner has a credit card, isa and current account.
I am a little surprised she is being offered such a small amount or declined even before the credit check. Are there any providers anyone would recommend in our situation.
Many thanks.

MortgageMamma

I am a little perplexed as to why you are being declined too but without knowing the finer details I would suggest you get a copy of your partners credit report if you haven't already.


There should be no reason why you cannot be named on the mortgage even whilst you are not working presently - many people are stay at home parents/partners and are named even though not working.


It could be due to other credit commitments perhaps you are failing on affordability?


I notice you saying you are moving to another area - will your partner be changing jobs as you move as this could have an impact on a mortgage underwriters decision.

Which lenders have you approached so far?

paulm8101

No other debts, loans etc, partner will maintain in current job.
Natwests online calculator offers my partner 24k only

NOVAMET21

Santander online calculator says can lend up to £54,500 with the following:


joint
Main Applicant Salary: £23,000
Second Applicant Salary: £0
Mortgage term: 20 years
No dependent
No loans or other monthly commitments


I will do nationwide now. I find that Santander and Nationwide tends to lend more than others.

NOVAMET21

Nationwide can lend up to £68,000

NOVAMET21

A bit weird. Just used Natwest online calculator and it says it can lend up to £111,500 :O


Why is your figure way less than mine. Are you not telling us something?

paulm8101

Many thanks I must be chasing the wrong ones , chelsea declined , natwest 24k, baclays 32k, halifax looking into it but he seemed unsure.

paulm8101

No doing it in partners name only 160,000 property , 40,000 mortgage
£500 expenditure per month shopping etc not loans c's, 1 over 18 dependent (me) natwest as follows
Based on the details you have provided you may be able to borrow :
£31,027
You asked for:
£40,000
Next steps - see the mortgages available to you and get a personalised mortgage illustration. You can then choose how you wish to apply.

paulm8101

Had to note it as a new home buyer as her 1st mortgage and existing mortgage is in my name only

NOVAMET21

Ah got you. You do know that you don't have to include your shopping lol. They take this into account automatically.


All they ask is for loans or any other commitments like if you are paying £100 a month for something by direct debit.


I see what you done. You put £500 on other monthly expenditure. If you read the 'i' sign it tells you that you don not need to include your shopping. remove this £500 and then the amount she will be able to borrow is £95,500