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Remortgage with non resident...
andytooting
Posts: 7 Forumite
Hi...
My mortgage is currently in joint name with father (who lives in another property). Fixed rate deal is coming to an end so need to get a new deal sorted out, one lender has already turned us down as father doesn't live in the property so am wondering if this is going to be a problem with most/all lenders.
I share house with my wife but her income is around £1000 a month so generally not enough to get the borrowing we need although she also gets £350 a month to cover her part of the mortgage (with bank statements for last 3 years showing this payment).
Incomes are Me £31,000 , father £30,000 wife £12,000 (plus £350 from family to pay her mortgage). Mortgage value is £183,000.
Any suggestions as to best way to go about this? Should i pretend father lives in the house and hope no one notices (mortgage statements with his name on them come to address to be remortgaged)
My mortgage is currently in joint name with father (who lives in another property). Fixed rate deal is coming to an end so need to get a new deal sorted out, one lender has already turned us down as father doesn't live in the property so am wondering if this is going to be a problem with most/all lenders.
I share house with my wife but her income is around £1000 a month so generally not enough to get the borrowing we need although she also gets £350 a month to cover her part of the mortgage (with bank statements for last 3 years showing this payment).
Incomes are Me £31,000 , father £30,000 wife £12,000 (plus £350 from family to pay her mortgage). Mortgage value is £183,000.
Any suggestions as to best way to go about this? Should i pretend father lives in the house and hope no one notices (mortgage statements with his name on them come to address to be remortgaged)
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Comments
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Where is your wife from?
Does she have a right to reside?
If not, what Visa is she on to be here in the country?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
'non-resident' as in one of the people on the current mortgage (my father) is not living in the property that is mortgaged.0
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ah ok sorry for the misunderstanding.
So 43k earned income between you and your wife is 4.25 x joint income.
What is your property worth?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
property is worth £260,0000
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Do you have any other debt and/or credit problems. If you don't then I cant see it being an issue without the £350 extra p/m.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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i don't have any other debts but wife about £5000 on career development loan and credit cards but no history of missed payments or anything like that0
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what does she pay per month towards these debts?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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career development loan is commitment of £90, credit cards around £100 per month0
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That will put you on about 4.5 x income which is getting to stretching point.
It is plausible to do and subject to clear demonstration of affordability, good conduct of credit accounts and bank accounts, it should still be done. What I would say is you may wish to seek professional advice to ensure you don't waste time and credit checks with lenders who may not stretch income/affordability that far.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
what about the option of keeping mortgage in name of myself and father? is that likely to be a problem if he isn't living in the property?0
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