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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To think my life is buggered

178 replies

Clappingforjoy · 25/02/2021 14:48

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.

OP posts:
harknesswitch · 26/02/2021 07:38

A friend of mine stayed on the mortgage when she split from her partner as she didn't want to 'upset him'

He now owns the house outright, has gone part time as he can afford to, she's still renting, nearly 50 with little to no chance of ever being able to get on the housing market as she can't afford a deposit and her age is starting to limit her mortgage options.

Anna12345678910 · 26/02/2021 07:52

There are bound to be people like you out there.

Make a plan and stick to it rigidly.

Start with looking at your income and outgoings. See where you can say any money at all and use any excess to pay down your debt starting with the one with the highest interest rate first.
Don't buy anything you don't absolutely need - clothing for example - look at what you have use that.

Can you sell any items that you don't use and then use money to repay debt.
To be honest there is not much point having savings if they are in an account earning peanuts whilst paying more interest on a debt - so look at that.

It sounds odd but can you get a credit card that you use and repay EVERY MONTH and that will show you can handle credit and build up a good history. Start to rebuild your credit history.

Write to a company that holds your credit history on file (Experian) and see if any old repaid debts and information can be removed (3 years and lots can be taken from your file).

Good luck

Anna12345678910 · 26/02/2021 07:54

I didn't realise that you are named on an old mortgage.

Sort this out if you are serious about buying on your own.

MMMarmite · 26/02/2021 08:00

I honestly can't understand why you are on a mortgage with your ex. Could you explain more?

PricklesAndSpikes · 26/02/2021 08:27

Are you still paying anything towards the mortgage with your ex?

Porridgeoat · 26/02/2021 08:35

Half that house is yours. Claim it and sort your finances out properly

What is the house value? Equity?

Original poster
Clappingforjoy · 26/02/2021 08:39

I'm not paying towards the mortgage and never did. There is about £120.000 equity in it.

OP posts:
Original poster
Clappingforjoy · 26/02/2021 08:40

My ex hinted that he has always paid the mortgage so has rights

OP posts:
napody · 26/02/2021 08:43

Really glad you are looking into sorting the situation with your current mortgage OP. Good luck. I would advise once that’s sorted to put almost all of your upcoming £28k into the deposit. It will mean you can access better mortgage deals and you will pay even less each month. You will already be paying significantly less than private rent, probably a couple of hundred less per month? If your washing machine broke you could cover that in a month or two’s rent savings. You can start to build up a contingency fund then, but don’t leave £18k in savings when it could be working for you. At 50 the next year or two is a really crucial time to put everything into getting this situation sorted.

DianaT1969 · 26/02/2021 08:45

But you understand that you are still liable for the debt on your ex's house? By being in the mortgage. That's why it affects your ability to get a 2nd mortgage.

napody · 26/02/2021 08:45

@Clappingforjoy

My ex hinted that he has always paid the mortgage so has rights
You need legal advice though... when the inheritance comes in that would be a very wise use of a few hundred of it.
dottiedodah · 26/02/2021 08:49

As above PP said .Maybe use some of the 30k towards a deposit? This will greatly improve your chances of gaining a mortgage I think .If as said above ,use 24/25k for deposit and the rest for emergencies. .Kensington mortgage brokers are very good ,or even Nationwide is worth a try as well .(one of the few remaining building societies ) Also look at your monthly expenditure and pare it down to absolute basics if possible .Good luck and your life is not "buggered" as you put it .

Wide · 26/02/2021 09:01

You should join First time buyers groups on Facebook they may be able to help as they have so many brokers on there and they have people asking all sorts of questions

clipcloptrop · 26/02/2021 09:05

@Wide OP is not a first time buyer though

Hexinthecity · 26/02/2021 09:10

Op, I FB you want to think of your life as buggered think of it this way.. you’re letting your ex bugger your life by letting him bully you into staying on HIS mortgage that he is benefiting from in all the ways that you want to benefit from. I totally agree with app who said use a few hundred quid from your savings to take legal advice

sparklefarts · 26/02/2021 09:35

@Clappingforjoy

I'm not paying towards the mortgage and never did. There is about £120.000 equity in it.
£120,000????

So you have another £60,000 tied up in this house?

OP I'm starting to not believe this

KiteAir · 26/02/2021 10:21

Bizarre. You've got a mortgage with an ex, yet you've never paid this mortgage. Did you just sign it so he could buy a more expensive house then never live there?

You Obviously need legal advice.

What's your ex going to do if you Say get my name off your bloody house?
He's probably not able to refinance alone. That's not your issue.

AllMyPrettyOnes · 26/02/2021 10:22

Is this a wind up?

MistakenAgain · 26/02/2021 10:54

You say leave it for 5 years but you know that is costing you ££ of equity that you could accrue from buying a house.

MistakenAgain · 26/02/2021 10:56

Meanwhile your ex earns equity that you won't benefit from.

MistakenAgain · 26/02/2021 11:01

A 75k house at 5% property growth rate will be worth almost 94k in 5 years, so growth of nearly 20k (not even compounded). The sooner you can get a mortgage the better.

AtSwimTwoBerts · 26/02/2021 13:05

eing 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

You're a mortgage broker who doesn't know the difference between lend and borrow?
OP can borrow a certain amount, not lend it. And she certainly can not borrown 4.5 times her income when she is on 14k, in debt, has a bad credit rating and already has a mortgage!
You must the worst broker ever.

partyatthepalace · 26/02/2021 13:10

I don't think your life is buggered OP, but at your current income I'm not sure that taking on a mortgage is a good idea even if you could, because you have to maintain properties as well as pay rent.

Could you work on finding a Housing Association property that you can stay in long term and make your own (your health condition should help you access this), and use the money you've built up as a pension pot?

I think in this country we overestimate the importance of owning a house and underestimate the importance of a pension, but £10k is a really great starting point, well done for building it up.

partyatthepalace · 26/02/2021 13:12

I just caught up with posts.

For heavens sake see a solicitor NOW and get your equity out of that house. That could really change your situation.

ZaraW · 26/02/2021 14:37

@partyatthepalace

I just caught up with posts.

For heavens sake see a solicitor NOW and get your equity out of that house. That could really change your situation.

Would the OP be entitled to any equity if she made no mortgage payments? Maybe she didn't contribute towards the deposit or put money to repairs, upgrades etc. OP's posts are vague and drip feeding.

I agree only a solicitor can tell you your rights.