urgent advice

kezlev

Just after advice on my mortage a quick summery my husband and i speperated beginining of year, we have a mortgage and a secured loan, intially he made a few payments but now wont bother and i am struggling in a major way.
Have tried to sell house but no luck.
My mortgage has £123000 left and loan is £25000 ish. House is for safe for 1£150000.
My ex just wants nothing to sdo with house and is willing to sign it over to me.
Have tried to remortgage but mortgage company wont help.
My brother has offered to come in with me and give me £50000, but again mortgage company wont help.
My mortgage is with GE money.
I eanrn approx £22000pa and have just got a new job so this will increase to £30000.
any advice gratefully received!! xx

UK007BullDog

All I can say is to go and see a wholly independant professional broker.

GE money is pants. You need someone who knows the market well, specially in these times. Being with GE Money means that your credit history is not good and you are now struggling which means you could be late in your payments? GE have you over a barrel and they know it.

Go and see a broker ASAP!

Ian_Griffiths_Halifax

Your ex is still obliged to make the mortgage payments. He can't just shrug off the debt, but thereagain he may know this but just not give a monkeys.

If you haven't already, see if GE Money will change the mortgage to interest only until you get your self sorted.

herbiesjp

Are you tied in to the GE deal - if so for how long?

kezlev

no i,m not tied in any more so no redemption fees will be needed its just sorting a new mortgage and getting rid of the ex !! lol

Locoblade

What was the £25k loan used for?

Im asking this as a question to the advisors etc on here as I don't know the answer, but if this money was used for things like cars etc which the ex now owns/has beneffited from, then would he / should he be made to surrender those / pay them back in some way, rather than having to bundle that loan onto the next mortgage and basically leaving the OP with zero equity?

londonbluebird

Locoblade wrote: »

What was the £25k loan used for?

Im asking this as a question to the advisors etc on here as I don't know the answer, but if this money was used for things like cars etc which the ex now owns/has beneffited from, then would he / should he be made to surrender those / pay them back in some way, rather than having to bundle that loan onto the next mortgage and basically leaving the OP with zero equity?

that's irrelevant - if secured on the house then the house is the asset regardless of what the loan was actually spent on. If unsecured then it is just that.

You need to speak to a mortgage adviser asap.

Also call GE to arrange to convert your mortgage to interest only in the interim.

You also need to speak to a solicitor regarding options as to how you can chase payments from your ex. He simply cannot walk away from debts. Are loans and mortgage in joint names? Admittedly, again not entirely relevant as mortgage is usually joint and severally liable but may be of relevance in pursuing legal arguments.

Locoblade

It would be irrelevent from the lender's perspective I agree, but I dont think it's necessarily irrelevent in the bigger picture.

Scenario 1 - the £25k was pumped into improving the house that the OP will "inherit"
Scenario 2 - the £25k is sitting in his bank account or sitting on his driveway in the shape of a new Beemer

Scenario 1 you could understand agreeing to take the loan debt on as well as it's improved the house value, but not scenario 2?!

I guess what Im saying then is the OP needs to remember that she should be entitled to half of any left over money or material assets purchased with that loan as well.

kezlev

Thanks for everyones advice, i have an appointment to see a independant advisor tomorrow, so hopefully will be a bit clearer, as the loan it was used to consolidate credit card debts etc and some stuff for the house.
I agree with the seeking legal advice which i have done, but to take any proceedings cost money, which i dont have!! after paying my mortgage and loan i am left with no money at the mo, as for the ex he is aware of his responsibilites just doesnt care!!
Anyway will post after tomorrow.
Thanks again xxx