Hi all,
I'm a newby to the site, but I hope that someone will be able to offer some sage words of wisdom.
My husband is currently on an endowment mortgage with 11 years left to run on it. After receiving letters from the endowment company his policy remains on amber alert to have a significant shortfall. We know this has been an issue so he wants to change his mortgage over to a straight repayment mortgage for the remaining term, taking out a bit extra to do some much needed work in the house (think giant hole in roof, 15 year old boiler with more leaks than pipes!) The monthly repayments are affordable, there is plenty of equity in the house, works full time, no other outgoings in terms of loan/credit card etc. However the application was referred to the underwriter and he received a call this morning to say it's been turned down.
When I went on maternity leave back in 2009 I struggled financially to keep up with repayments on credit cards, loans etc and the stress got to the point that I entered into a DMP with CCCS. The finish date on my plan is estimated to be 2018 and I know my credit rating will be shot for at least another 6 years after that! :cry:
I feel absolutely sick to my stomach that a decision I made has had such a catastrophic effect on my DH's finances.
To get to the point does anybody know of companies who would be more lenient and accept him for a mortgage application? We're looking round for a decent mortgage broker who can offer us some advice, but my poor DH is so dejected by this refusal that he's unwilling to even contemplate a broker if it's likely to be bad news from them too!
So any success stories from DMP/Mortgage applicants, I'd love to hear from you.
Thanks for reading, sorry it was so long!
I'm a newby to the site, but I hope that someone will be able to offer some sage words of wisdom.
My husband is currently on an endowment mortgage with 11 years left to run on it. After receiving letters from the endowment company his policy remains on amber alert to have a significant shortfall. We know this has been an issue so he wants to change his mortgage over to a straight repayment mortgage for the remaining term, taking out a bit extra to do some much needed work in the house (think giant hole in roof, 15 year old boiler with more leaks than pipes!) The monthly repayments are affordable, there is plenty of equity in the house, works full time, no other outgoings in terms of loan/credit card etc. However the application was referred to the underwriter and he received a call this morning to say it's been turned down.
When I went on maternity leave back in 2009 I struggled financially to keep up with repayments on credit cards, loans etc and the stress got to the point that I entered into a DMP with CCCS. The finish date on my plan is estimated to be 2018 and I know my credit rating will be shot for at least another 6 years after that! :cry:
I feel absolutely sick to my stomach that a decision I made has had such a catastrophic effect on my DH's finances.
To get to the point does anybody know of companies who would be more lenient and accept him for a mortgage application? We're looking round for a decent mortgage broker who can offer us some advice, but my poor DH is so dejected by this refusal that he's unwilling to even contemplate a broker if it's likely to be bad news from them too!
So any success stories from DMP/Mortgage applicants, I'd love to hear from you.
Thanks for reading, sorry it was so long!