Jack Mackey
Registered User
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- 4
Hi
Hopefully this is the right forum for this question. I have a substantial mortgage (500k) which I took out in 2006 at the height of the boom. Back then I was single and since then I got married but for lots of reasons never got around getting my wife's name on the mortgage. I made an enquiry about adding her to the mortgage recently and was told that both of us would have to effectively re-apply for the mortgage and it would go before underwriters etc to see if it would be accepted. What is troubling me, however, is that my financial circumstances have changed considerably (drastically) since 20016 and while I was in the arrears process with the bank for 2 years, I have reverted back to interest and capital. But my financial circumstances are still extremely tight and unpredictable although I still manage to get the monthly payments met. I am concerned that if we "reapply" and submit all the necessary bank statements, business accounts etc (which they want), they will start to question everything. The house is just about out of negative equity too and there is still 15 years to run on the mortgage. While my wife can show a small but steady monthly income, I can't as it's too unpredictable at the moment. Can the bank refuse to put my wife's name on the mortgage? Can it renegotiate the mortgage given my changed financial circumstances? Any suggestions would be greatly appreciated
Hopefully this is the right forum for this question. I have a substantial mortgage (500k) which I took out in 2006 at the height of the boom. Back then I was single and since then I got married but for lots of reasons never got around getting my wife's name on the mortgage. I made an enquiry about adding her to the mortgage recently and was told that both of us would have to effectively re-apply for the mortgage and it would go before underwriters etc to see if it would be accepted. What is troubling me, however, is that my financial circumstances have changed considerably (drastically) since 20016 and while I was in the arrears process with the bank for 2 years, I have reverted back to interest and capital. But my financial circumstances are still extremely tight and unpredictable although I still manage to get the monthly payments met. I am concerned that if we "reapply" and submit all the necessary bank statements, business accounts etc (which they want), they will start to question everything. The house is just about out of negative equity too and there is still 15 years to run on the mortgage. While my wife can show a small but steady monthly income, I can't as it's too unpredictable at the moment. Can the bank refuse to put my wife's name on the mortgage? Can it renegotiate the mortgage given my changed financial circumstances? Any suggestions would be greatly appreciated