Can I get a mortgage in my name but two people own house?

wewilldoit

Good morning

I was just wondering if anyone knew if I could get a mortgage on just my part time wages?
My husband and myself have a lot of equity in our mortgaged house and wish to move to a cheaper area, we would love to be mortgage free but we are thirty thousand short.
My husband has a very bad credit report with ccjs and late payments even though he is the full time worker, my report is better but I only work part time.
Would getting a small mortgage be possible as we have such a large deposit to put down?
Any comments would be helpful, thank you.

wavelets

wewilldoit wrote: »

Good morning

I was just wondering if anyone knew if I could get a mortgage on just my part time wages?
My husband and myself have a lot of equity in our mortgaged house and wish to move to a cheaper area, we would love to be mortgage free but we are thirty thousand short.
My husband has a very bad credit report with ccjs and late payments even though he is the full time worker, my report is better but I only work part time.
Would getting a small mortgage be possible as we have such a large deposit to put down?
Any comments would be helpful, thank you.

See your thread from 18 months ago
https://forums.moneysavingexpert.com/discussion/5682367/s-it-possible-to-get-mortgage-in-just-my-name

wewilldoit

Thanks things have got better since do you still think a brooker is best or is there any banks that I could contact direct?
Thanks

AnotherJoe

Whats your objection to getting a broker?

wewilldoit

No objection just worried how much it will cost, More of a financial thing than anything else, money tight so would rather use their fees towards cost of moving.

csgohan4

wewilldoit wrote: »

No objection just worried how much it will cost, More of a financial thing than anything else, money tight so would rather use their fees towards cost of moving.

You get what you pay for I am afraid. If you want to skimp on getting a mortgage broker and you have to rely on strangers on an internet is not the best thing for your biggest debt and decision in your life.

More so with a history of adverse credit. If you got a complicated car problem you don’t go to your cheapest garage, you get it done properly at an approved service garage. Least you know it will Be done and guaranteed

wewilldoit

Point taken thank you

AnotherJoe

wewilldoit wrote: »

No objection just worried how much it will cost, More of a financial thing than anything else, money tight so would rather use their fees towards cost of moving.

You've assumed there will be fees.There may not be.

Also, it should be if you have a decent broker, that their fees are more than compensated for by a cheaper rate.

Thrugelmir

wewilldoit wrote: »

Would getting a small mortgage be possible as we have such a large deposit to put down?
Any comments would be helpful, thank you.

Lenders have a duty of care towards their customers. In a downsizing situation where released equity will clear outstanding debts totally. Then it's possible that your existing lender will assist you. With both parties remaining on the new mortgage.

As a provisio to the above. The more you can do to demonstrate that you've realised the error of your ways , and illustrate better personal finance management skills. The more likely your lender will be open to considering the proposal. You'll need to be to be totally honest and forthright throughout the process.

E30M3

AnotherJoe wrote: »

Also, it should be if you have a decent broker, that their fees are more than compensated for by a cheaper rate.

This.
And (at least with my advisor / broker) only charges a fee if you take out the product, so you can make the informed decision. Or you can walk away with a flat "no" without incurring any costs.

wewilldoit

Thank you for all your comments ��