Affordability Vs Sustainability

Jjamie

Okay so I applied for a mortgage on my own. It’s to purchase the other half share of the property I own and the amount is £40000. I’m on a benefit only income at the minute and I’ve passed the credit checks, affordability but I’ve been declined on sustainability of the benefits over the term. 

Im really stuck with what to do now. I can’t add my partner as his credit is so bad. I’m going to help with his credit file and see if anything can be done. I don’t have any family members to ask for help and my other halves family aren’t keen. I do have car finance at £227 a month for the next 42 months and the advisor hopes getting rid of that might help. 

Stuck between a rock and a hard place, the only way the abusive family member who owns the other half will leave is if I buy him out 

EimearF

It will be hard to get rid of that finance as the car will be worth less than you owe, it appears to be very high in relation to your income.
Has a mortgage advisor said your partner cannot get added to the mortgage or is this an assumption? 

Jjamie

It is an assumption, as his credit is really bad. He has defaults less than a year old. I need a better look at it later. 

ive had the car since August so it likely will be worth less than I owe. I can pay £2000 off it now but I’m not sure what difference it would make 

EimearF

Keep your £2k, its the monthly commitment they are worried about. Its definitely a time to keep cash in this current economic climate. 
It would probably be worth looking for a whole of market mortgage broker who will help you both find a lender who might be receptive to lending to you as a couple.