Transfer of Equity-with mortgage-Nationwide

Firsttimebuyer_25

Hello.

I have just brought a house, as tenants in common, and a month after moving my partner left and wants out of the house.

We have a 90% LTV mortgage with nationwide, 150k on the mortgage and I have a salary of 55k, my only other outgoing is my car finance which is low and about to be paid off.

we have agreed a sum to buy him out and I’m off to Nationwide next week, however I’m nervous after them pulling their 90% mortgage products.

What do people think of my chances? Feeling sick!

I have always paid the mortgage from my bank account and he has been gone 3 months now and I manage all the bills, and am still saving 800 a month

jamielutz1987

@Firsttimebuyer_25 Sorry to hear about this. With 55k salaried income and a 150k mortgage (less than 3x income) and no significant debt, affordability by itself shouldn't be an issue (assuming no other biggies in the background).

Firsttimebuyer_25

I can’t think of anything big other than credit score has been hit by recent change of address and opening utility accounts. Tiny amount of student loan left but worst case scenario I could pay that off straight away if needs be

cooltt

Firsttimebuyer_25 said:

I can’t think of anything big other than credit score has been hit by recent change of address and opening utility accounts. Tiny amount of student loan left but worst case scenario I could pay that off straight away if needs be

Hello @firsttimebuyer_25 Your in luck i've just been through this myself. The only issue Nationwide will look at is if you can afford the mortgage yourself. Forget about your credit file it's all done on affordability.

A word of warning, if they ask you to use their "in house" legal team Optima Legal , refuse!! A simple re-morgage will turn into your worst nightmare (read the reviews online about them), get your own solicitor.