mortgage problems

davesbigsack

hey guys.
ok so my ex of 5 years wants off my mortgage, she would have been off by now had my credit score been ok.
my lender (hsbc) wont let me take it on my own even though ive kept up payments for 5 years.
a mate told me to go to a lender like ocean finance and pay a higher interest for a couple of years thus increasing my credit score so i am able to swap it to a better lender, does this sound feasible?
when we split she gave me the house and the few debts we had so i came off better off and its around 30k i need to borrow in order to do this.
any advice or tips are most welcome.
thanks.

[Deleted User]

You don't have a credit score. Just credit history.

If affordability is the issue, going to a sub prime lender won't change that.

davesbigsack

Deleted_User wrote: »

If affordability is the issue, going to a sub prime lender won't change that.

thats not the issue, i can easy take on the mortgage on my own and i have for 5 years, the issue is the "computer says no"

[Deleted User]

The issue isn't 'computer says no'. That is the outcome.

The issue is WHY 'computer says no'.

If you're not failing on affordability, why are they declining you?

davesbigsack

probably because im on debt management, sorry i should have included that in my original post... my bad

Mortgage_man_John

Hsbc is a high street lender with high credit scoring/credit searching standards; they don't usually take just anyone - sorry, but it's true. As a result, their rates are just about the best around.
So, don't give up hsbc lightly! You could try a 2nd charge mortgage. Here, your hsbc mortgage stays in place and a second charge lender lends, securing on the remaining equity. I think this is what your friend was talking about. When your situation is resolved with Hsbc, you can take a further advance with them (this will be cheaper than the second charge) and pay back the 2nd charge lender. As part of the 2nd charge legal process, your solicitor can arrange to take your ex off the mortgage too.
Jobs a good 'un

Mortgage_man_John

Just read about debt management. Definitely don't leave hsbc! Get a 2nd charge loan to pay off your ex.
See a broker to get the best rates.

davesbigsack

Mortgage_man_John wrote: »

Just read about debt management. Definitely don't leave hsbc! Get a 2nd charge loan to pay off your ex.
See a broker to get the best rates.

she doesn't want paying off, she gave me the house but the debt management too, she just wants her name off so she (and me) can move on.

davesbigsack

Mortgage_man_John wrote: »

your solicitor can arrange to take your ex off the mortgage too.
Jobs a good 'un

this could be the solution, so just ring em for a quote?

LRmortgage

I’m sorry. But HSBC will only take your ex off of the mortgage if they have run a full credit check, affordability and criteria checks etc on you and deemed you credit worthy. With the debt management plan in place. This is highly unlikely.