Panic over remortgage options

MeFlan2023

I jointly own my home with my husband. We bought in 2006 and were plunged into negative equity straightaway. House is currently worth 95/100k and remaining mortgage amount 85k. Our mortgage was sold to an inactive lender so our rate is approx 8%. And repayments £850 per month. Unfortunately due to family illness and poor mental health I got into some difficulties that I am now rectifying slowly in the hope of moving in 4 years to a house more suited to our needs. I have DMP with payplan for approx 22k and as such multiple defaults not sure to drop until Sept 2027. My husband has perfect credit, earns 34k and has cc debt of 10k (religiously overpays and will be cleared in 1 year) Is anyone aware of options to remortgage in his name only to secure a better fixed rate and protect against the constant SVR hikes coming our way. I feel terrible that my mistakes have left us in such a situation if it were not for my DMP we would easily remortgage with joint salary of 85k. Any help or thoughts appreciated.

ACG

You could potentially do a joint mortgage and get something below 8%. 
But some lenders may allow a single application, although being financially associated could still cause a bit of an issue. 

Get both of your credit reports and speak to a broker. You may have more options than you think. 

K_S

@MeFlan2023

Sole mortgage - If you're ok with being off the deeds, you could potentially do a remortgage with a transfer of equity to a mainstream lender ending up with a mortgage in your husband's sole name. There are mainstream lenders (one example being Halifax) that are ok with leaving one spouse off the application for adverse reasons. Being financially associated to you may have some impact on your chances but hopefully not enough to make this avenue a no go.

Joint mortgage - You may have options with specialist lenders or smaller BSs but the rates will be much higher than the above.

As ACG said, get the latest copy of your credit reports and speak to a good experienced broker, good luck!

ACG said:

You could potentially do a joint mortgage and get something below 8%. 
But some lenders may allow a single application, although being financially associated could still cause a bit of an issue. 

Get both of your credit reports and speak to a broker. You may have more options than you think. 

MeFlan2023

Thanks I am perfectly fine with being off the deeds. Tbh at present it would be welcome. Like I say longer term once defaults are cleared and DMP is finished I would hope to be able to obtain joint mortgage with my husband and move into a nicer area. Would I be best going via broker for Halifax route? I actually bank with them with no adverse in any of those accounts.

K_S

MeFlan2023 said:

Thanks I am perfectly fine with being off the deeds. Tbh at present it would be welcome. Like I say longer term once defaults are cleared and DMP is finished I would hope to be able to obtain joint mortgage with my husband and move into a nicer area. Would I be best going via broker for Halifax route? I actually bank with them with no adverse in any of those accounts.

@meflan2023 I would always recommend speaking to a good broker but it's entirely up to you. Halifax was just an example and may or may not be the best or most cost-effective lender available for your husband's circumstances and the specifics of your case. Whether your husband banks with a particular bank or not is largely not relevant. 

The MSE guide here can help you find a broker https://www.moneysavingexpert.com/mortgages/best-mortgages-cashback/#step3 or you can get a personal recommendation from friends/family/colleagues who have someone they are happy to recommend.

Good luck!