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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:
Avidreader12 · 26/02/2021 14:49

Well as most mortgage lenders expect parties to be on the deeds OP owns some of the property unless they executed a deed of trust on same day of completion of mortgage advising they have no rights to the proceeds/ equity. Nothing OP has said suggests that. Yes OP needs to seek legal advice as to the ownership with ex.

Caramelwhispers · 26/02/2021 15:02

I can well believe the Op's situation as a colleague is in a similar situation. She still lives in the house she bought with her ex, she now has a child from another relationship. This is relevant because her ex has since remarried so if he dies his wife would inherit half of her house. Her ex has paid mortgage only for the 1st Yr of buying the house. She has lived there for 10 yrs since her split & has had a kid with another ex. All very messy but she refuses to do anything about it so is potentially putting her dc's inherit ance at risk.

justtryingtogeton · 26/02/2021 22:37

@AtSwimTwoBerts

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.

And how do you know.

I'm quite successful actually, just used the word lend instead of borrow, it's all about percentages and affordability. So the wrong use of a word means I'm the worst broker ever!

Has she explained her debt? Has she detailed her outgoings?

Don't judge me when you know nothing about me. I'm pointing the op in a potentially positive direction.

Ffs you keyboard warrior, focus on me and not the op's situation why don't you.

I've helped loads of people in her situation.

What have you done... apart from be a judgemental anonymous person.

SchrodingersImmigrant · 26/02/2021 22:46

I remember your previous thread(s).

I don't know why you can't accept taht you will not get a mortgage if you are still on another mortgage. The bank looks at your liabilities. You are liable for the other mortgage too. It doesn't matter what your private agreement there is woth ex.

Frankly, until you get off it, the only thing which will happen is that there will be threads here reapeating the same thing over and over

IsThisNews · 26/02/2021 22:57

Look at credit unions to build up your credit score or possibly for a cheaper loan to top up your deposit. Once you have the mortgage, you could then borrow a little more against your home to repay the deposit loan.

Original poster
Clappingforjoy · 27/02/2021 02:45

Thanks for the info and yes I know my main obstacle is that other mortgage and I'm going to see what to do about that.

OP posts:
Scarlettpixie · 27/02/2021 03:04

You need to get taken off the other mortgage.

Spend a year improving your credit rating and take out a mortgage until you are 67 or older . what will your income be on retirement? Coukd you continue with a mortgage?

Have a look on monetsavingexpert.com for advice.

Don’t just take the word of a mortgage broker. A few years back as a single mum working part time on tax credits I was told categorically by a broker that no-one would lend to me. I contacted both the Halifax and Northern Rock and without hesitation they offered 5 x my income (including the tax credits), My credit rating was excellent though. While policies may have changed since then, for better or worse, never take one persons word for it.

Finally if you have 28k coming to you, might it be enough if you kept back £13k and put the rest on the deposit? Putting down 12 or 15 might make all the difference. Good luck.

Porridgeoat · 27/02/2021 03:40

your ex paid the mortgage and you’ve had to pay rent - so you have both paid for accommodation.

How long were you with him and were you a main carer for shared kids. How long have you lived on your own

Porridgeoat · 27/02/2021 03:41

Did you pay bills?

Caramelwhispers · 27/02/2021 08:20

nationalcareers.service.gov.uk/find-a-course/the-skills-toolkit

Build up some skills which will help you take an extra 1/2 day a week wfh home or a higher paid job. These courses are all free and you can do them at your own pace.

Original poster
Clappingforjoy · 28/02/2021 08:28

I only ever paid council tax and looked after our child. I did put some money into home improvement as well.

OP posts:
AtSwimTwoBerts · 28/02/2021 09:52

*I'm quite successful actually, just used the word lend instead of borrow, it's all about percentages and affordability. So the wrong use of a word means I'm the worst broker ever!(

The word in question literally being the thing you (allegedly) do? It's like pretending to be a neurosurgeon when you don't know the difference between head and feet!

Don't judge me when you know nothing about me. I'm pointing the op in a potentially positive direction

The only thing I know about you is that if you can read this thread and still tell OP she can get a mortgage, you're either a liar or a fool. And if you regularly tell people the same to charge them money, you're worse.
OP has zero chance of getting a mortgage. Zero. You lying to her that she can is not helpful, it's patronising.

madroid · 28/02/2021 10:20

@Clappingforjoy

I'm afraid your ex has done a real number on you. He is not your friend.

If you are together, have a child together then you are entitled to 50% of the value of the house. More if you are the main child carer.

That really should have been sorted at the point you split up. However it is where it is.

You need legal advice on your situation. You need also to put in writing that you would like your share of the house. It's then up to your ex whether he sells the house and gives you your share or buys you out.

ChevyCamaro · 28/02/2021 10:42

OP has zero chance of getting a mortgage. Zero. You lying to her that she can is not helpful, it's patronising.
Rubbish. All she has to do is get off the mortgage of the other house (either a sale of ex buying her out). She will have access to a good deposit, and with a good deposit many lenders will go to 4.5x salary (even 5x depending on job)
I know loads of people with patchy credit and low wages who have got mortgages. And you can buy a house within 5 miles of me for 60k. Not everyone has perfect credit, or high wages, but the mortgage market does include riskier loans for higher interest rates, obviously.

SchrodingersImmigrant · 28/02/2021 10:44

If you are together, have a child together then you are entitled to 50% of the value of the house. More if you are the main child carer.

You are not automatically entitled to 50%. It can be less, it can be more, it can be basically nothing. It's individual depending on number of factors and evidence.

There is a different issue of op being on mortgage, but OP knows that from previous thread(s) and is simply not doing, and gbh I think will not do, anything about it.

AtSwimTwoBerts · 28/02/2021 10:46

Rubbish. All she has to do is get off the mortgage of the other house (either a sale of ex buying her out). She will have access to a good deposit, and with a good deposit many lenders will go to 4.5x salary (even 5x depending on job)

Now I know you're kidding. As if you just "get off a mortgage". That's not how it works.
OP has a mortgage
OP is very low waged in part time work
OP is 50 years old with multiple health conditions
OP is in debt
OP has bad credit

OP is not getting a mortgage

AtSwimTwoBerts · 28/02/2021 10:47

*If you are together, have a child together then you are entitled to 50% of the value of the house. More if you are the main child carer(

Not true

notdaddycool · 28/02/2021 11:05

Our mortgage advisor was brilliant, when we went back to him to remortgage he said good job was now solely focused on people with bad credit histories, and passed us on, his email is [email protected] I’d drop him a line.

notdaddycool · 28/02/2021 11:08

Be careful about a flat with a service charge, ours went up and up.

SchrodingersImmigrant · 28/02/2021 11:10

@notdaddycool

Be careful about a flat with a service charge, ours went up and up.
Same appliea to leashold houses unless they finally changed the law. Some people were horrifically caught out.
Original poster
Clappingforjoy · 28/02/2021 11:13

I spoke to a broker who said there are lenders who out there who will lend to ke in my income as long as I put a large deposit down but first i need to get off that mortgage.

OP posts:
Original poster
Clappingforjoy · 28/02/2021 11:15

Bloody hell the mistypes basically he said although its tight with my income there are some out there that will lend to me but I need to get off the other mortgage

OP posts:
KiteAir · 28/02/2021 12:31

@Clappingforjoy

I only ever paid council tax and looked after our child. I did put some money into home improvement as well.
I don't get any of this. You've got a child with him but he gets the house. You've got savings but are in debt....except your relative is sorting it. You earn 14k and want a mortgage.

If you somehow manage to borrow then pray the rate stays low.
Imagine borrowing 5x your salary like some people are reporting you can do and the interest rate going up a percent or 2?

flobberdobberrr · 28/02/2021 12:48

It doesn't add up that you have never contributed to it and he has all rights but won't remove your name from it.

ZaraW · 28/02/2021 12:49

@notdaddycool

Be careful about a flat with a service charge, ours went up and up.
I would only ever buy a flat if it was buying a share of the freehold and maintenance was arranged between owners in the building. Best option would be no service charge but maintenance on an as needed basis but that is difficult to find.
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