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AIBU?

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Original poster

Please help! UNDERWRITER ADVICE ...

19 replies

Tinkerbellanne · 27/06/2021 22:57

Hi everyone, thanks for taking the time to try and help me. Just over a year ago my children's dad left me for another women and left me to pay for our mortgage and 2 children.
I have paid the mortgage now out of my own account for just over a year. I haven't been able to apply for the mortgage on my own yet due to being on and off furlough with Covid this year. But I now have a 22hour a week contract behind a bar as of next week as well as a year contracted supply teacher for 1 and a half days starting September. These 2 jobs combined, I will take home on average £1500-£1600 a month as with supply I don't get paid through school holidays.
I have been speaking with my personal mortgage broker since the split with my ex, who will be writing to the underwriter at the end of the month explaining my circumstances and building up a good case for me after I have worked for 4 weeks to apply for the mortgage on my own.

We bought the house for £158,00 in 2017
It is now worth £175,000
Remaining balance on mortgage is £135,000
We hold the property as tenants in common me 80% and my ex holds 20%
40 grand in house to split so I would need to buy him out £8000 but he has said he is happy to accept £6000.
What are the chances of being accepted by the underwriter to have the mortgage in my sole name?
I have no credit cards,
No debts,
Experian report is 999
Savings of £4,500
Paying mortgage for 13 months on my own,
I also put down £16,000 deposit for the house.
Can someone help me with what my chances are? Thankyou so much X

OP posts:
ApplesandBananas21 · 28/06/2021 08:23

I have no advise but aren't you able to apply now or atleast get a mortgage in principle by showing your contracts?

Bigtruth · 28/06/2021 08:35

Hi @Tinkerbellanne, unfortunately it doesn't look like you earn enough to take out a mortgage for £140,000.
Even taking into account your circumstances, they still need to assess the affordability of the loan, plus they have limits on lending multiples of your salary.

To borrow £140,000 you'd be looking at a salary of £28,000 as a minimum really, probably closer to £30,000 with two children. That's a take home of around £2,000 per month.

Your are very close but I think you'll struggle to get want you need here. A better option may be to have an agreement drawn up whereby he foregoes his £6,000 in lieu of some child support, although if there is a drawn up child support agreement this could potentially flip the tables on the mortgage.

Wait to see what the mortgage broker says, but your ex can't be bought out until you're in a position to do so. He may have to show a degree of patience.

Original poster
Tinkerbellanne · 28/06/2021 08:36

Hi thanks for replying. I'm not sure if I can as it still isn't going to show that I can borrow £135,000 is it? That's why I need to go to a broker/underwriter?
£1,500 × 12 months = £18,000 annual
£18,000 X 4.5 to apply for mortgage is £81,000 so I still don't meet the £135,000 left on mortgage X

OP posts:
NEE1302 · 28/06/2021 08:41

@Tinkerbellanne

Hi thanks for replying. I'm not sure if I can as it still isn't going to show that I can borrow £135,000 is it? That's why I need to go to a broker/underwriter? £1,500 × 12 months = £18,000 annual £18,000 X 4.5 to apply for mortgage is £81,000 so I still don't meet the £135,000 left on mortgage X
What's your gross salary op? The 4.5 multiplier is on your gross and not your net pay. Also, does your ex pay maintenance as some lenders will include that too. Try a broker such as London and Country.
Original poster
Tinkerbellanne · 28/06/2021 09:25

My ex does pay child maintenance of £60 a week. So £240 a month, I obviously get child benefit £140 a month aswell. X

OP posts:
Original poster
Tinkerbellanne · 28/06/2021 09:37

What if I gave him £6000 cash to get his name off the mortgage? As my family has offered to help with getting the money for this as me and my family really want it in my sole name ... X

OP posts:
HilaryBriss · 28/06/2021 09:59

What if I gave him £6000 cash to get his name off the mortgage? As my family has offered to help with getting the money for this as me and my family really want it in my sole name

You would still need to meet the income requirements in order for your lender to agree to remove his name from the mortgage.

Glovesick · 28/06/2021 10:15

Can you offer a guarantor? Parents perhaps?

I had to get very shirty when I tried to get exH off the mortgage. I had afforded the mortgage for 3 years on my own, nursery fees were about to end, my pay was going to go up and I was in full time employment. They let me do it in the end, but not without a lot of pleading.

LakieLady · 28/06/2021 10:20

OP, I calculate that you should be entitled to around £400 a month in Universal Credit, so I suggest you apply for it asap!

I wonder if a broker would be able to find a lender that would include that in the income figure for affordability purposes? That would increase your max. borrowing by £20k or so.

If the CM and CB can be included, that would give you another £20k or so of borrowing, so it's getting close to what you need.

Original poster
Tinkerbellanne · 28/06/2021 10:21

Ok. Maybe I should think about getting something written up where he gets the 6000 after it's sold in the future and I get the rest, at least then everybody is secured ...

OP posts:
Original poster
Tinkerbellanne · 28/06/2021 10:23

I do have universal universal credit coming in at the moment of £600 as I am not teaching till September. So yes I do have a bit of universal credit coming in to include in the application to. I have my mortgage with Halifax and they take all these into consideration X

OP posts:
justchecking1 · 28/06/2021 11:42

Ok. Maybe I should think about getting something written up where he gets the 6000 after it's sold in the future and I get the rest, at least then everybody is secured ...

I don't think that would work. He'd get 20% of whatever it was worth at the time, not 20% of what it's worth now.

You need to keep him on side to a degree. He can insist you sell and pay him off if he gets so muck of waiting. All the while he's on a mortgage with you he's unlikely to be able to get another one for himself so will be stuck in rented accommodation

Original poster
Tinkerbellanne · 28/06/2021 11:47

To say he put in 10,000 when he lived here for 3 years we have both agreed that 6000 isn't too bad of an amount that he wants really whether the price of the house goes up or down

OP posts:
Original poster
Tinkerbellanne · 28/06/2021 11:48

There's 30 grand equity

OP posts:
Tippexy · 28/06/2021 11:49

How much money do you earn? Not after tax and NI etc.

Original poster
Tinkerbellanne · 28/06/2021 12:34

Around £1500 , not including UC, MAINTENANCE OR CHILD BENEFIT x

OP posts:
Tippexy · 28/06/2021 12:46

Ok, so you’re on an annual salary of £18,000 plus benefits and maintenance. In that case you are going to need to speak to a mortgage broker who will use their knowledge of the market to find you a bank who will be happy to take the benefits and maintenance into consideration.

It should be doable!

Original poster
Tinkerbellanne · 30/06/2021 20:17

UPDATE!!!! just wanted to let you know that today I got accepted for my own mortgage in my name without my ex on. For everyone that said it isn't possible even the underwriters in this thread it most definitely is!!! Have faith and preserve.. I did it!!! It took me 14 months but I did it. Will be in my name by September x

OP posts:
Polkij · 30/06/2021 20:35

That's fantastic @Tinkerbellanne - I have sent you a PM!

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