Wanting to remortgage but I've got a DMP.

Stormkings

Hi I hope someone can help!
I'm on a DMP through excess personal loans, I have never defaulted any payments.
I share a home with my husband and children. We want to remortgage to a lower interest rate and release some of our equity to build an extension to the side. We were told years ago that we wouldn't beable to to make a joint application because of my DMP as it would be refused!
We thought it would be simple to take my name off the deeds of the house and my husband could make a single application! Santander refused because I'd still be living in the property!
My husband contacted nationwide who said it wouldn't be a problem even if I was still in the property and he even triple checked with them, so he went ahead with application.
He had a phone call today to say the information he was given was wrong and my husband couldn't get a mortgage because I would still be living here, we would still be married and I would have an 'interest' in the property!!
We only have a 54k mortgage and want to lend 60k and have 120k equity in the property.
I don't know what our options are?
Has anyone been in a similar situation?
Thanks

Thrugelmir

Stormkings wrote: »

We thought it would be simple to take my name off the deeds of the house and my husband could make a single application!

If it were that easy then the situation could simply be engineered at will. Lenders will protect their own interests first. In that in the event that a claim should be made by creditors against you under the Insolvency Act from creditors. Then the asset is at risk. You cannot simply gift away equity by transferring ownership.

ACG

Very few lenders will do a single application.
There are lenders who will lend to you jointly or in your husbands name only.

Another option would be to switch your current mortgage with your current lender to a competitive deal and then obtain a secured/unsecured loan for the £6k.

There are various ways to do it, all will have their pros and cons so its probably a good idea to sit down with a Mortgage broker to discuss your options.