To think my life is buggered

[Clappingforjoy]

Bad credit and going around in a vicious circle of no no no to getting a small mortgage.
I have spoken to specialist bad credit mortgage brokers who say the £10.000 I have needs to be doubled as it's not enough due to my credit history.
Also been told minimum income requirement is 18000 and I only earn 14000.
I have kept up with rent payments for over 3 years and have not taken any credit in the last several years but still nobody will lend to me.
Up to date with everything but I'm still stuffed and too old and worn out to change it.

Unless you’re willing to make some compromises, no of course it’s not possible.

However if you used the full inheritance as a deposit, got yourself off the existing house, then yes you may manage it. Just save a couple of grand back for fees.

But if you’re not willing to do those things, then I’m sorry you won’t ever manage it, but that’s a choice you’re making.

@justtryingtogeton

You only need a 10% deposit, on a £75k flat you should be good.

Being on the other mortgage means you'll have higher stamp duty and costs to buy.

You need to be removed from the other property. Or the monthly repayment will be taken into account for affordability, you'll have more chance with a 15% deposit.

Definitely claim as many benefits as you can as this income can be used for mortgage purposes.

What is so bad on your credit? Defaults can be ignored once they're 3 yrs old from registration. Ccj's maybe ignored from 3 yrs, bankruptcy and IVA's need to be discharged.

Are you dealing with brokers, or researching yourself?

What now! She earns 14k. There is no one who will lend nearly seventy grand to her, and being on the other mortgage means it’s a no, because however much she could borrow, say 50 k, will already be eaten up by what’s she’s borrowed on thr other house.

Unfortunately I am dealing with an ex who can be very difficult when it comes to finances and he has already come up with multiple reasons as to why my name cant be taken off I have also looked into it and it's not as simple as you may think.

That mortgage has 5 years to run maybe I should wait until its finished then release pension money save something if possible then take a 10 year mortgage.

Do you own a share in the house/flat you’re on the mortgage for? Are you or were you married to your ex? His excuses aren’t good enough - you need to be off that mortgage and be paid for whatever share of the property you’re entitled to.

Can you force a sale if you're a joint owner?

My dp was on a mortgage with his ex and had to come off it before buying the place we are in now. Was a bit of a faff but doable... Your low finances are reason enough to make buying somewhere pretty much impossible, but still being on another mortgage makes it actually impossible.

Not sure what sort of advice you were expecting here?

@Clappingforjoy

Unfortunately I am dealing with an ex who can be very difficult when it comes to finances and he has already come up with multiple reasons as to why my name cant be taken off I have also looked into it and it's not as simple as you may think.

What are the reasons?

Spend some of your money and get a solicitor @Clappingforjoy. Nobody on here is going to be able to help you.

Very difficult when it come to finances? So he’s not a good friend at all is he?

You must look at getting your name off and/or forcing a sale.

There is no point to any other element of this discussion, it’s playing pretend to talk about deposits etc.

You DON’T ‘just want to be honest’ - your gradual drip feed here is nuts. You just want to play pretend discussion. You can’t get a mortgage because you have one. And he’s not your friend.

Oh and it IS as simple as we think.

You either stand up to your ex or you back down and he gets to be comfy off the back of you staying in limbo.

I’m sure he’s got many reasons! Your job now is to just go to a solicitor and spend some of your money forcing a sale. Or negotiating to get off the mortgage.

Surely you’ll also get money from the property?

It is WELL worth taking advice on this, good advice so you get what you’re due.

Or save your rent money by moving back in. It’s your fucking house!!!!!!

Take legal advice and get your part of the money in the house he lives in. So he can be awkward, so what? Prioritise your well being. What are the issues that stop you?

OP is this the reason? If so it's not your problem.

Even if you’re happy for your ex-partner to remove you from the mortgage, the lender won’t allow it unless your ex-partner meets their affordability criteria – i.e. they show they can support the whole mortgage either by themselves or with whomever may be replacing you on the mortgage.

You can't help some people.

Jesus OP, you're doing my nut in.
Stop whining and being dramatic and sort the mortgage situation with the ex.

I cannot believe you're whining saying you're life is buggered when you are literally already on a mortgage and will not doing anything about it!

You either want to get a new mortgage or you don't. No one here can suggest a magical solution.

@Caramelwhispers

Can you force a sale if you're a joint owner?

Yes, you can. You apply to the courts for an order for sale.

Just issuing the proceedings might be enough to make the ex see sense and remortgage in his own name for the balance of the current mortgage.

You need to stand up to your ex, OP, and/or see a solicitor. His insistence on keeping you on that mortgage is a bigger hindrance to getting a mortgage than your small deposit, especially as the imminent inheritance means you will easily be able to double that deposit while keeping significant funds back for emergencies.

And if you buy somewhere and the mortgage repayments are less than your rent, you'll soon be able to build them up again.

And I'm convinced that you must be entitled to a share in the equity in the ex's house. You could use that as leverage - tell him that if you're forced to apply for a sale of the property, you'll be seeking half the equity. That might galvanise him into being reasonable about the mortgage.

It doesn’t actually matter what reasons he comes up with does it. Obvs I’m assuming the main one is he can’t get a mortgage for that value on his own. If there’s any equity he’d also have to buy you out, as you’d be entitled to half the money,

Bottom line is though, you can get a mortgage, you can do whatever but you have decided you’d rather not if it means spending your deposit or coming off your existing mortgage

And that’s fine, life is all,about choices. But you need to own that, so your op was inaccurate, it should have read, I have a mortgage with my ex I don’t want to come off and I will have the deposit but I don’t want to use it, so I shall be in rental for ever more.

@sparklefarts

Jesus OP, you're doing my nut in. Stop whining and being dramatic and sort the mortgage situation with the ex.

I cannot believe you're whining saying you're life is buggered when you are literally already on a mortgage and will not doing anything about it!

You either want to get a new mortgage or you don't. No one here can suggest a magical solution.

Quite!

Your life is not buggered at all, OP, you just need to be assertive about getting done what you need to do and being realistic.

If lenders won’t allow parties to be taken off for whatever reasons then surely the obvious solution is a sale of the property.

@Bluntness100

Being a mortgage broker for 18 years I'm fairly confident in my answer.

She maybe able to lend 4.5 x her income = £63k, she only needs a 10% deposit as the market is opening up to small deposits. More would help, and her credit file will impact this.

Lenders no longer take the whole balance away from her total borrowing amount, just the monthly repayment.

She could take a 25 yr mortgage to age 75 and it all be affordable, then when that mortgage stops reduce the term, it's only got 5 yrs left.

So there you go 'what now'

I understand how you feel OP. The market isn’t set up for lower earners especially if they are single.

I’m very fortunate that I rent a council property now so my rent is realistic against my earnings and I don’t have to worry about the bigger expenses such as boilers going wrong. Feel like it’s the best of both worlds as a low earning single parent.

However when I was privately renting the rent was so much higher than I could afford and friends who had bought properties were paying far less than me for their mortgage. It always felt so frustrating as there was no wriggle room to save. Ended up getting council property because private renting was so expensive and unpredictable with how long we can stay (rolling 6mth tenancy).

I do agree that the likelihood of being approved for a mortgage is low though.

As someone else said owning is not the be all and end all of life even if it is made out to be so in this country.

I was private renting but it was extortionate luckily we put our names on HA list and got a property fairly quickly in a decent area, secure tenancy and reasonable rents with no worrying about if something goes wrong.

I did best myself up about it for a while but honestly I’m not bothered really now, I have 2 children with childcare costs etc so not easy to save for a deposit either even if I’ve had someone saying I could do it if I made us all live off beans on toast for a few years and do nothing exciting with the kids (she forgot to mention her parents gave her a substantial amount towards hers) 🙄. Would rather enjoy my life and taking my kids out etc

Re the situation with the ex just out of interest what do you expect will happen when existing mortgage ends in five years is there an agreement to get equity back then? If not you should seek advice ASAP.

To posters telling me not to whine I havent dismissed the advice about getting took off the mortgage I'm sorry if I gave that impression but I am going to be looking into it now.

Op just call the mortgage company and say you want off the mortgage, if this means he has to sell them better him being in rental than you. Any equity in the house you’re entitled to Half the profit when it’s sold and the mortgage paid off.

If he remortgages, you need a legal document stating you stay on the deeds and still own fifty percent. So he can’t do you out the profit.

Also if there is equity you can force a sale and use the money to buy a better home for yourself or use it as savings.

You have a limit, everyone does, that they can borrow. Doesn’t matter how many mortgages it’s spread over. So if on 14k the most you can borrow, for example is 50 k, but you are already on a mortgage with that owing, then you’ve used the lot. The total you can borrow is inc the other mortgage,

Again it doesn’t matter what “reasons” he gives. You’re a grown up and need to take personal responsibility. You can choose to stay on the mortgage preferring him to have an owned property and you in rental. But that’s a choice you’re making.

Do you really think he’d do it for you? Because he clearly wouldn’t.