Myself and my wife are looking to remortgage with a view to refinancing a number of loans, the problem is that none of the traditional lenders will touch us because of my wifes bad credit history. On that basis, our broker has come up a choice between GE Money and Start Mortagages, both lenders quote interest rates above 6.5% i.e. far from ideal!
My credit history is pretty clean on the other hand and I would qualify for the mortgage amount on my own salary alone. I've been thinking about the idea of applying for a mortgage on my own and at the same time releasing some equity from the house for 'home improvements' - I think you can see where I'm coming from here. Do folks think this is a viable option, is there anything that I should look out for with this approach? I should point out that our current mortgage is a joint option and both names are on the deeds.
Thanks
Dun