Posted on 13 November 2013 by Amber
Hello, My situation is a little complicated. I took out a joint mortgage with my father 7 years ago on the basis that he could not raise enough of a mortgage on his own. I have never financially contributed to the mortgage in any way however Im now at a point in my life where Im married and my husband and I want to buy our own house via a shared ownership scheme as we cannot raise a 20% deposit. The scheme will not consider me at all as I am named on the mortgage with my father even though I can prove I have never contributed financially. The mortgage provider is refusing to remove my name from the mortgage as they claim my father cannot afford the mortgage on his own! we have explored the option of my mother replacing me as she does fostering so is considered self employed and has 3 years worth of accounts, however again the mortgage provider state they cannot take her income into account as its 'not reliable'. It would appear that I am stuck on this mortgage forever short of winning the lottery and I am at a total loss of what to do. Selling the house isn't an option so any advice would be greatly appreciated. My Father also has poor credit history. I await your response, Thanks, Amber
Depending on what the loan to value (LTV) is, this may be something we can assist you with. There are many different lenders in the market and they all have a different maximum age that they will lend to, as well as different affordability calculators, that may therefore produce a different outcome and allow your father to take the mortgage in his sole name.
Your current mortgage provider does seem exceptionally unhelpfull, and I think we'll certainly have to look at a more flexible lender, perhaps one that manually underwrites and can therefore look at the case on its individual merits. There are lenders who will look at income from fostering too, and who won't classify ut as 'not reliable' especially if your mother's being doing it for over 3 years.
If you'd like to talk further, then please let me know and I'll arrange for one of our consultants to contact you.
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