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Original poster

Underwriter. What will go in my favour with the mortgage?

47 replies

Tinkerbellanne · 13/07/2020 13:24

Hello and thanks for taking the time to try to help me find an answer to my question. My partner walked out on me a day before my birthday on the 15th June. We had been together for 7 years, have a mortgage and 2 children. I've gone through the CSA and the first payment date is 17th July. He says when he finds out the payment date he will no longer help with the mortgage and I will be on my own. Hes cancelled all the direct debits on me and I'm now looking after 2 children and running the house as well as working. I will get a week £77 csa from him. I've spoken to my mortgage adviser and they are not able to accept me financial on my own for the mortgage. The next step is for her to build a case and write to the underwriter to explain I have been left with no choice but to take on the responsibility as my partner has walked out on me. I have no problem taking on the mortgage as I put down 16,000 and my ex doesnt want any part of the mortgage. He is happy to hand it over. He is willing to hand it over. I work 16 hours and take home a wage of £600. Child benefit is £140. Universal credit £900 and CSA £310. I've worked out my finances as you can see and can afford the mortgage. Is there any body who can give me any advice of how I will be more prone to be accepted to have the mortgage on my own when it goes to the underwriters? I need some guidance so I am accepted and I can wipe the slate clean. Thankyou. X

OP posts:

fromdownwest · 13/07/2020 15:21

how big is your mortgage?

Patch23042 · 13/07/2020 15:35

Is it worth speaking to another IFA?

fromdownwest · 13/07/2020 15:56

Sadly it is not worth the while 'building a case' - If you do not pass the companies affordability assessment, then the road ends there.

Are you able to share the size of your mortgage and term and house value.

MilkshakeandFries · 13/07/2020 16:07

It may depend on the mortgage company's willingness to accept universal credit as part of your income.

When I was in your position, I got turned down by Santander for this reason but accepted by Nationwide.

Original poster

Tinkerbellanne · 14/07/2020 09:13

I've spoken to Halifax and they accept universal credit towards the mortgage. Surely if I can prove for the next 3 to 4 months that the mortgage is coming out of my account and I can afford it on my own I'm proving I can do it and they will give me a chance for it to go in my favour? My partner left me and I've had no other choice but to take it on, on my own. The outstanding amputee on my mortgage is £138,000

OP posts:

fromdownwest · 14/07/2020 09:31

Proving 3-4 months is insufficient I am afraid, they want certainty fort 25 years.

Sadly, the circumstances mean nothing to them, they see their risk and that is it.

Original poster

Tinkerbellanne · 14/07/2020 16:48

What about if I get a guarantor?

OP posts:

SallyCinnamon3009 · 14/07/2020 16:54

You need to pass their affordability checks and be able prove your can afford it on your own income. It's like a whole new application as you will now be Soley responsible for the mortgage payments.

It might be worth contacting citizens advice or maybe even step change as they will be able to give you advice on how this will affect you legally. If your both on the mortgage your both equally responsible for the full payment. It's sadly not as simple as your partner saying he's no longer bothered.

Was the £77 weekly or monthly? As with the £900 UC and the income from your job it does sound affordable. £138k isn't a massive mortgage by today's standards.

As previous posters have said might be worth shopping around but will all depend on lenders accepting the UC as a steady income

fromdownwest · 14/07/2020 17:26

One of the most flexible with benefits is Halifax, however, I would estimate that getting over £90k would be a challenge.

Original poster

Tinkerbellanne · 14/07/2020 19:20

£77 is weekly. So £310 a month of CSA. I've already done affordability checks over the phone with the mortgage advisor and they will only lend me £33,000 hence why they are saying they need to now go to the underwriters for a human based decision of whether they will let me take it on on my own. I'm confused now. As I can afford it but it's a case of whether they will give me a chance. Can I have a guarantor? And can the guarantor be anybody if so?

OP posts:

Original poster

Tinkerbellanne · 14/07/2020 19:22

What about if I put another lump sum down towards the mortgage? Would that go in my favour so they can see I am more than willing to keep the mortgage going? I'm really trying hard to keep this mortgage that I CAN afford

OP posts:

fromdownwest · 14/07/2020 19:45

You won't get to an underwriter being that far out I am afraid, the numbers just don't stack up based on how companies assess affordibility.

Guarantor mortgages require a family member to deposit savings with the company, and they must keep them there. So in essence you would need a family member to put £100k of savings with the mortgage company as collateral (in simple terms)

If you put a lump sum towards the mortgage it would again need to be £100k.

There is a difference between you being able to afford it now compared to the future.

When you lose CSA, CB etc. Plus mortgage companies stress test your application based on an increase in mortgage rates.

Sorry, but I don't think that you will be able to take on this mortgage

Original poster

Tinkerbellanne · 14/07/2020 20:14

So what are my options. To keep his name on the mortgage and pay for it myself?

OP posts:

VimFuego101 · 14/07/2020 20:18

You say partner so assuming you're not married? Unfortunately that limits your rights somewhat but maybe worth talking to a solicitor about your joint interest in the house and how to handle it. I know divorce conditions can include an ex-spouse staying on the mortgage for a period of time (even if not actually contributing towards it, to address the affordability issues similar to your case) but not sure if that's the case for unmarried couples.

TeaAndHobnob · 14/07/2020 20:20

@Tinkerbellanne

So what are my options. To keep his name on the mortgage and pay for it myself?

Basically yes. They will only lend you 4-4.5 times your income. Regardless of whether you can technically afford the mortgage now along with all your other bills. Your best bet is for your partner to leave his name on the mortgage, you continue to pay it and build up equity. You should agree with your partner via a solicitor that equity built up after this point is yours alone. Hopefully at some point your hours will increase/you'll get a higher paying job so you'll be eligible for a mortgage on your own.

VimFuego101 · 14/07/2020 20:21

Yes, a lump sum that would allow you to mortgage to an amount that fits their affordability calculation would work (sounds like it would need to be a fairly significant amount to bridge that gap though) or having someone with a reasonable income that passes their affordability calculation go on the mortgage with you would work.

Original poster

Tinkerbellanne · 14/07/2020 21:20

Worst case scenario then he just has to stay on the mortgage. All I can do is try my best and prove to the. That I can do this on my own. It's ridiculous that they may not accept me when I can prove to them that I can and will afford it. Its outrageous I think

OP posts:

BarbaraofSeville · 15/07/2020 10:35

Surely if I can prove for the next 3 to 4 months that the mortgage is coming out of my account and I can afford it on my own I'm proving I can do it

You might be able to afford to pay the mortgage in the short term, but it's unlikely to be affordable if you're so far off passing their affordability checks.

They want you to pay it long term and pay all your other commitments. What about Christmas, winter level utility bills, clothes for DC, insurance, replacement of appliances, house repairs etc, most of which you can avoid while prioritising the mortgage for a few months, but will need to pay for sooner or later, and then you're likely to find that you're short for the mortgage. What if interest rates rise? What if your ex loses his job and can't pay maintenance or simply decides not to pay you?

As for a guarantor, do you have someone available who's happy to agree to pay your mortgage when you can't? Do they have enough spare money on paper to pass the affordability check themselves?

Lazypuppy · 15/07/2020 12:48

My brother in law had his bank watching him for 6 months to show he could pay the mortgage but they have now agreed to lend more so the mortgage is solely in his name so it does happen.

If you can prove you can afford it

GreyGardens88 · 15/07/2020 12:59

I wouldn't lend £138,000 of my own money to someone whose primary income was benefits, so no I don't think it's outrageous

fromdownwest · 15/07/2020 13:54

Short term benefits at that, they will cease when the children become 'adults'

Original poster

Tinkerbellanne · 15/07/2020 14:20

I am a fully qualified teacher who has always worked full time but unable to now my ex has left me in the crap. This is through no fault of my own. As soon as my children are older and in full time school I will return to my profession. Some people comments are so cruel. I'm asking for help and support but some people quite enjoy throwing you under the bus on here. I'm doing my absolute best for me and my children.

OP posts:

HeeeeyDuggee · 15/07/2020 14:36

How old are your children? Can you not go back full time now? It’s what I had to do when my ex left me so that I could get a mortgage. No family around to help either

patas · 15/07/2020 14:42

You should speak to a mortgage broker, they will help you if they can, but it does sound unlikely that you will be able to get a sole mortgage.

Original poster

Tinkerbellanne · 15/07/2020 15:12

I have no one around to help me whatsoever. It really would be impossible to do it at the moment especially with the teaching hours.. I have a 3 and 5 year old. In year 1 and morning nursery.

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