bad credit and mortgages

losingout

My wife has a bad credit history. She earns little more than the minimum wage, has changed jobs 4 times plus had a period of unemployment during the last year.
she now informs me that she has raised an extra £28,000 on her existing mortgage of £13,000 (approx) to buy me out of our home. Is this likely?
By the way she is 51 (52 in August)
We are currently divorcing. I have already raised a mortgage to buy her out as she originally requested.

Tiddler_2

Well if the minimum wage is still £5.52 ph and she works 40 hrs then this equates to £11481 p.a So to get a mortgage of £41000 would not be out of the question, particularly if it is on a low loan to valuation (LTV).

Some mortgage companies will also take into account any tax credits she may receive (if she is looking after children).

Whilst her credit history may affect the interest rate, if it is a low LTV she should still be able to get a mortgage, particularly if she doesn't have any other current credit commitments.

losingout

hi
Forgot to mention that this property is part buy so there is also £210 per month rent payable.
She has a large number of outstanding credit issues ranging from credit cards to things like water rates.
she also has a history of missed mortgage payments.

MortgageMamma

I think you need to go back to your solicitor and question the viability of the transaction and request that the solicitor appoints an independent mortgage broker to assess both of your circumstances and affordability, and report back on it so that realistic and decisive action can be taken. its a common practice in divorce settlements.