Trying to Remortgage but husband has poor score

josie444

Any advice please. I am needing to remortgage to do some desperate home improvements. I have a really good credit score with everything showing up to date for years and years. The problem is my husbands score is terrible. 3 years ago he had ill health and couldn’t work, he stopped paying things and has got 2 ccjs and a charge order for £20k slapped on the house ( the first I knew about it was when I got a letter from the land registry). He couldn’t face it all and simply just didn’t tell me about any of this.  We just can’t seem to remortgage unless it’s for a ridiculous high interest rate with an adverse lender. We only have 3.5 years left on our mortgage and have £200k of equity. We are looking to borrow around &£50k for a loft conversion and home improvements ( we have 3 teenagers and need an extra bedroom). Remortgage is the cheapest option rather than moving and all the costs involved in that. Our mortgage advisor even tried to remortgage for just me on my own with a high street lender but it was still declined. Is that because I am associated with him and his poor credit file? I work full time and earn a good wage, so it isn’t declined due to affordability. What can I do? 

kaMelo

If you have any joint financial products with your husband then yes they will look at his credit file as well as yours, even if you're applying in your own name. You could disassociate yourself from your husband by closing any joint products but if your mortgage is joint, unless you could pay it off prior to applying in your sole name that may not be possible.

Even assuming all that gets sorted and you are in a position to get a mortgage solely in your name, there is a charge on your home which I think would need repaying first .

SusieT

It may be worth ypu posting in the mortgage section of the forum, there are various brokers who answer on there (they are not alllowed to contact you offering their services) and they may have ideas for you. It may also be an idea to raise an extra £20k to remove the restriction that has been put on the property as even though it is in hs name it will also affect you ahen lenders look at it.

liggerz87

https://forums.moneysavingexpert.com/discussion/1839539/charging-order-the-myth can always look at this 

[Deleted User]

Your "score" is never seen by any lender, nor is your husband's. Lenders score you internally, using their own systems of scoring that you will never see. The CCJs and defaults etc are what will kill any application. The only way you will get this is, if you can afford to do it alone, is to borrow against your own salary - to do that you will have to close any and all joint products and thus remove any financial association with him, before trying to apply. Loft conversions are generally expensive and don't add a lot to the house value vs the cost by the way.