Additional borrowing from my mortgage

[gaspanic]

So I called up my mortgage company with whom my flat is mortgaged with with, and asked about "additional lending" ofcourse they ran through the numbers and said I was able to borrow up to 10K I was ofcourse pleased,

my question is they sent me a form with details of both applicants myself (and my mother) whos name is on the mortgage although I pay the mortgage and am the only income in my flat and live here alone (dont live with my mum I'm not Norman Bates), so I enclosed details of her as the second applicant but enclosed my payslips and bank statements, will they require hers too? or will they take into consideration MY affordability and wages since I am the payer of the mortgage..?

I tried asking them but they cannot shed any light at present since the post is in transition to them
(sorry this is a long one) thanks to all I will try not to bicker and stray from any anwsers like I have done so in the past in quite an immature manner.

[boxtops]

I suspect they will want hers too if the mortgage is in both your names - the fact that you pay may not be significant to them. is it a joint mortgage then? otherwise I don't see why her name is on the mortgage if she doesn't live there.

[gaspanic]

My mothers name was on it intially to get the mortgage as a sort of "safety net" to insure our salaries could help me attain it, I could get her name removed but that will result in changing deeds and £200 of legal fee's.

I seriously thought they would go by my affordability and wages since I'm doing it all by myself.
Thanks though
any other input peeps (not that yours wasn't significant)

[boxtops]

Cheers gaspanic - I've seen some of your other threads asking about borrowing - extending the mortgage is certainly a relatively cheap way of raising extra funds, but it does extend your term and repayments quite considerably. I'm sure they will want confirmation that you can afford it, one way or another.

[gaspanic]

Your welcome, and yeah your right it is a very smart way to raise cash, well If I take £5k i have to pay £40 extra on my mortgage per month over the course of 17 yrs and 7 months which is like saying "hey your gonna do your shopping at Sainsburys instead of Asda's" which is really a minor blow.
Well I earn a steady 22,000 a year and never missed payments, ccj's or bankruptcy so I have a clean record with the mortgage lenders my credit history on the other hand is dissmal due to never taking a loan or credit card but I can't see that bothering them I have proven myself already
It's down to the underwriter,
apart from crazy payday loans any suggestion where i might find another loan or cash my car is worth Fosters all at £700, I dont know any mobsters and I cant sell a kidney because I'll end up killing someone with the amount of baileys that has passed through it.

[redcrx]

"My mothers name was on it intially to get the mortgage as a sort of "safety net" to insure our salaries could help me attain it" So they will still be making the mortgage offer based on the joint salaries as before. Its likely that they may aks for your mothers details

"I could get her name removed but that will result in changing deeds and £200 of legal fee's." I expect you would need to remortgage in your name only, some lenders will pay the legal fees for you but you would need to be able to prove that you earn enough, the fact that you pay the mortgage with no input from your mother would not be sufficient for them, i expect.

[dasherman]

£40 per month for 17 years & 7 months is £8440 in total. I'm sure you can get better than that and over a much less timescale. Have you tried price comparison websites or maybe Zopa?

[gaspanic]

@redcrx, well I did prove it by supplying my bank statements and wage slips along with stating I am the sole payer of the mortgage, also my wages per month are £1500 and mortgage along with expenses a total of £1100.

@dasherman I cant get a loan with Zopa as my credit score is crap. Or a loan with anyone for that matter without paying some form of "upfront fee" which will inevitabley result in no loan and a scam like what "Wentworth loans or Yes loans or first stop loans" love to do, I cant risk paying out to get cash it seems senseless and too daring.

and an addition 3 and half thousand over 17 yrs isn't actually that bad in my opinion. But its just opinion and i havent got the 5K yet its with an assessor...at present

speaking of which how long do these assessors take??? any idea folks

[gaspanic]

Boxtops come back dear!

[redcrx]

when i said prove you earn enough, i meant that your figures need to add up for the multiples.

Are your wages enough to get a mortgage in your name only? If they are then why not look at remortgaging? putting it all in your name, mortgage for the amount owed plus the extra you want to borrow, get a deal somewhere and get legals fees covered. You may find that you are then paying less.

of course, this may all be irrelevant as the company may agree it based on your joint mortgage anyway