I hope someone can help me work through the confusing minefield I find myself in at the moment.
I also hope I can explain my situation without boring you all to sleep.
I split with my childrens father 4 years ago and have been re-paying the mortgage on my own since this date.
However when my ex partner left he also left a lot of joint credit and decided he was not going to pay towards this or the mortgage payments.
I have juggled these credit commitments and paid them to the best of my ability, although historically there have been some late payments.
My ex is now stating that he wants his equity out of the house, and that I need to remortgage to give him this money or he will seek legal advice to force the sale on the house.
The problem I have is that my credit history is not squeaky clean, due to me having to juggle financial commitments to keep them all being paid.
The situation is :-
We are still financially associated due to an old joint account with 1000 overdraft facility. - This has not been paid, as I worry that any payment made will be accessed by him.
The bank have told me they cannot split the joint account, and halve the overdraft debt into 2 names, as he will not meet the credit criteria and will be refused an overdraft facility. My only option would be to make the account in my own name soley and continue to repay this debt alone.
My house is worth 120000, and my mortgage is 47,950.
My debts are at about 7,000, this includes the total amount of the overdraft outstanding on the joint account.
My ex partner wants 20,000 and if I were able to lend money I would wish to borrow enough to repay all of my outstanding debts as well.
Therefore my total mortgage amount would be for 77,000.
My salary is 23,700 per year. I also have dependent children and therefore receive child tax credit each week.
My equifax credit score is around 664 - poor. Although I have been told by my mortgage lender that my ex partners adverse credit history will be affecting mine as we are financially associated.
However I have no ccjs on my credit history, no late mortgage payments, and no defaults. Although I do have 3 late payments within the last 12 months - all about 10 months ago. One for a credit card, one for a catalogue and one for electricity.
I have cancelled my credit cards now and am paying the balance off. But as I have cancelled them, the credit limit is not showing on my available credit and therefore I think this may be adversely affecting my score as it appears that I am using a high amount of my available credit. - 87%.
I feel I am in a catch 22 situation. If I were to remortgage, My debt would be paid, my outgoings would be considerably less, and I would no longer be financially associated to my ex partner. It just seems to be impossible in this current climate to find a lender who would consider me.
My questions are this:-
Does anyone know if any lenders that would lend for my criteria?
I have tried ringing mortgage advisors in high st banks for advice, but they all seem to be young people with little idea of the questions Im asking. Who tell me to just put the application through and see how it comes back. im loathe to do this, as I dont want lots of credit applications to harm my credit score further.
I'm confusing myself even writing this. So I hope that I have made sense.
Just any kind of advice on what my next step should be, or any information on which lenders may be better to speak to, would be great.
Many Thanks for reading and apologies again for the long post.
I also hope I can explain my situation without boring you all to sleep.
I split with my childrens father 4 years ago and have been re-paying the mortgage on my own since this date.
However when my ex partner left he also left a lot of joint credit and decided he was not going to pay towards this or the mortgage payments.
I have juggled these credit commitments and paid them to the best of my ability, although historically there have been some late payments.
My ex is now stating that he wants his equity out of the house, and that I need to remortgage to give him this money or he will seek legal advice to force the sale on the house.
The problem I have is that my credit history is not squeaky clean, due to me having to juggle financial commitments to keep them all being paid.
The situation is :-
We are still financially associated due to an old joint account with 1000 overdraft facility. - This has not been paid, as I worry that any payment made will be accessed by him.
The bank have told me they cannot split the joint account, and halve the overdraft debt into 2 names, as he will not meet the credit criteria and will be refused an overdraft facility. My only option would be to make the account in my own name soley and continue to repay this debt alone.
My house is worth 120000, and my mortgage is 47,950.
My debts are at about 7,000, this includes the total amount of the overdraft outstanding on the joint account.
My ex partner wants 20,000 and if I were able to lend money I would wish to borrow enough to repay all of my outstanding debts as well.
Therefore my total mortgage amount would be for 77,000.
My salary is 23,700 per year. I also have dependent children and therefore receive child tax credit each week.
My equifax credit score is around 664 - poor. Although I have been told by my mortgage lender that my ex partners adverse credit history will be affecting mine as we are financially associated.
However I have no ccjs on my credit history, no late mortgage payments, and no defaults. Although I do have 3 late payments within the last 12 months - all about 10 months ago. One for a credit card, one for a catalogue and one for electricity.
I have cancelled my credit cards now and am paying the balance off. But as I have cancelled them, the credit limit is not showing on my available credit and therefore I think this may be adversely affecting my score as it appears that I am using a high amount of my available credit. - 87%.
I feel I am in a catch 22 situation. If I were to remortgage, My debt would be paid, my outgoings would be considerably less, and I would no longer be financially associated to my ex partner. It just seems to be impossible in this current climate to find a lender who would consider me.
My questions are this:-
Does anyone know if any lenders that would lend for my criteria?
I have tried ringing mortgage advisors in high st banks for advice, but they all seem to be young people with little idea of the questions Im asking. Who tell me to just put the application through and see how it comes back. im loathe to do this, as I dont want lots of credit applications to harm my credit score further.
I'm confusing myself even writing this. So I hope that I have made sense.
Just any kind of advice on what my next step should be, or any information on which lenders may be better to speak to, would be great.
Many Thanks for reading and apologies again for the long post.