How can we get approved for a mortgage?

Right the gist of things is that my fiancee and i want to consolidate our debts and get a mortgage.

My fiancee already owns 50% of his parents old house (they don't live there any more) along with his brother, so what we wanted to do was buy him out, move in to the house and include any debts we have along with the mortgage, as we're struggling to pay the huge amount of interest on them.

Unfortunately every mortgage lender we've tryed has messed us around for 6 to 8 weeks, had us jumping threw numerous hoops, then turning us down due to missed payments/bad credit. But the silly thing is that we can actually afford twice the amount the mortgage would come to as we wouldn't be forking out tons on high interest payments etc.

How do we break this vicious circle?


The Brothers all for it, Fiancee will be husband soon enough, and as for debts well theres a couple of credit cards and a car loan and a personal loan. We have kept up to date on all the payments up until August but since then its just snowballed with the rising cost of living.

Our out goings for just repayments alone are over £1,200 pcm, plus our rent of £500 pcm (which we've never missed a payment or been late with), where as getting a £85k mortgage will at least half our outgoings (around £600pcm on a 6% intrest rate) so whats the probem? i dont get it. Would it n just be common sense to give us the mortgage?

We've both had mortgages in the past and never stuffedthem up.

Update 2:

if not a mortgage what other options do we have? we dont really fancy paying just as much on interet as the loan amount. Or is it more a case of '' you've made your bad decision bed and now must suffer in it''?

5 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    First, I have to ask, is your brother going along with the idea of selling his portion? Because if everyone is in one accord, this process will be much easier. Second, what kind of "accumulated debts" are you talking about? Student loans? Car payments? Credit cards? Mortgage lenders use a debt to income ratio that typically has your debts below 35%. That means your monthly payments towards all those things (student loans, car payments, credit cards, etc.) has to be less than about 1/3 of what your monthly income is. Just because you could hypothetically afford the house *if* your financial situation was different doesn't mean a hill of beans to them.

    You could consolidate student loans, easily, which would look much better being one payment versus having several loans. Pay off the credit cards before you do anything else; they're just bad debt, no way around it.

    Find ONE broker (ask around) and talk to him/her. Explain your situation. The broker will need to see everything-- credit scores, student loan documents, car loan documents, credit card bills, bank statements, W-2's, etc.

    If you can't do it, then you need to accept that. Being in a situation where you have "missed payments/bad credit" is obviously not the ideal lending situation as it shows irresponsibility. And "struggling to pay the huge amount of interest" on your debts isn't just going to go away. You can't fix your credit over-night. You need to pay down your other debts first. Seriously, if they say "no" then you need to accept that...

    Also, I agree with David Z... fiance is not the same as husband. You could screw yourself out in the long-run if (God forbid), you two were to split up after doing this stuff in his name... You wouldn't be entitled to 50% of anything unless you're married.

  • 1 decade ago

    We look at credit very hard. If you can afford to pay twice what the payment would be, we figure you shouldn't have lates or unpaid debts. You are not going to be approved with out a 620 score & 12 months with no late payments.

    Source(s): 23 years mortgage business.
  • 1 decade ago

    pay down all other debts first and then try. talk to a counselor about lower interest rate down to 6%. that is a huge help when that can happen.

    also do not buy a house with anyone other than a spouse. Fiance is not the same.

  • Anonymous
    1 decade ago

    You might be better off working on improving your credit score.

    If you can truly afford 2x the mortgage, spend the next 6 months or so on lower your debt.

    Also, you don't mention whterh or not the other owner is willing to be bought out.

  • How do you think about the answers? You can sign in to vote the answer.
  • celina
    Lv 4
    3 years ago

    No. the quantity you qualify for a loan would be constrained to the acquisition fee of the valuables, at a optimal. you furthermore mght could be required to pay in funds a proportion of the quantity borrowed as a down fee. the days of having a loan for extra suitable than purchase fee are actually history.

Still have questions? Get your answers by asking now.