Getting a new mortgage

[becksdad]

Hi guys,

2 years ago I split with my partner, we have had finacial difficulties and ended up going to a debt management agency. As we have a house together I agreed that she and her daughter could stay in the house and she would pay the mortgage, I on the other hand would continue to pay off our debts-which is exactly the same as the monthly morgage payments. 2 Years down the line the house has grown in equity and our debts are now below 5K which with one loan could be wiped out immediatly. The bank will not allow her to take the mortgage on her own and our credit rating means that we are challenged every time we want to clear our debts, but the equity we own is in excess of 100k and I want to be able to use that to purchase a flat for me and close off our debts, but it would have to be in joint names (we get on ok now) but because of our poor credit rating I can not seem to get anywhere. We have the equity and I have proof that I can afford over 800 per month but no one will touch me, I just want to get back on my feet. Any ideas?

[zbzj]

Hi I am a mortgage underwriter and know for a fact you can get a mortgage, you have two options to either remortgage your house with your partner - this will mean that you will have to live there. Or she remortgages the house and buys you out. Now as you both have poor credit you would need a specialist mortgage lender, you will prbably have to see a financial adviser for these but shop around as alot of them do not charge as they make money by getting you the mortgage.

With a specialist mortgage provide you will be able to self certificate your mortage which basically means you will not need to prove your income therefore you may be able to borrow more than a convential mortgage, this option would be good if your partner wants the mortgage on her own.