Mortgage declined

kirsty_eh

My husband has applied for a mortgage in his own name on the property we are living in as it is currently in joint names with his ex-wife. His ex doesn't pay towards it and hasn't done for at least 6 years.
They have a secured loan on the house too and because of Elderbridge we lost the first mortgage offer from our Building society in May 2018. Now we have sorted out Elderbridge and have just been turned down for the mortgage today
I am lost and don't know what to do. For personal reasons I cannot apply for the mortgage with him and am now worried that his ex and her financial issues could force us out of our home with our 2 young children.
Can someone please point me in the right direction to start?

marliepanda

Why has it been turned down?

At the end of the day it is the ex's property as well as your husbands, and if she wants HER money out of it, then she has the right to do that. Your inability to apply for a mortgage and your husbands inability to get a sole mortgage isn't her problem... Sorry it isnt what you want to hear.

kirsty_eh

She doesn't want any money from the house just wants her name off it.


They have said its down to affordability but it was accepted when our finances were actually worse less than 6 months ago.

foxy-stoat

She may not be able to get her name off the mortgage if the other owner cannot get the mortgage in sole name - she wont force a sale on the property so it will have to carry on until your financial situation improves.

Only thing you can do is save as much as you can and re-apply in 6 months with enough cash to pay into the mortgage to help the affordability figures - dont over pay the mortgage until the other owner has been taken off.

Or find another lender - maybe a broker could help.

ritz55

I would recommend talking to a good broker. There are lenders out there who will go 6 times salary.

Thrugelmir

kirsty_eh wrote: »

They have said its down to affordability but it was accepted when our finances were actually worse less than 6 months ago.

Lenders can change their criteria at any time.

ACG

If you passed affordability 6 months ago and now fail you must be quite borderline. With the recent rate rise, that may have affected things (depending on who you applied to).

As suggested, speak to a broker. If you are that close, I imagine there will be a way.