Transfer of equity due to separation

Ladyinred40

Hi

I have just signed up as a member, and would be really grateful for any advice regarding the situation I find myself in.

I have recently separated from my husband and plan to keep the family home so that my 2 children have some stability. I applied to my current lender (Nationwide) for a transfer of equity into my sole name. I was told at Branch level, that my maintenance payments would be taken into account as income, but yesterday Head Office said they would not count it as they need to see 12 months' evidence of it being paid into my account. My current salary is 15,000. The maximum they will lend me is 51,000, leaving a shortfall of 31,700, which I have to find in the next 3 weeks - my husband has to be removed from the mortgage in order that he can be approved for a mortgage on a property he has already agreed on. I have some of the money, but in addition to this I have to pay my husband a capital settlement of 24,000, also within the next 3 weeks. There is no way I can get my hands on all that money in time.

I have inherited a property which will be on the market this week. The Nationwide will not take this into account either, even though my share of the proceeds would be enough to pay off my mortgage completely. I know I can afford the monthly repayments, they just won't work with me at all.

Does anyone out there know which lenders would be more sympathetic to my case? I would be really grateful for some guidance, as time is not on my side.

Thanks

poppy10_2

What's the rush?

powerwin

I am not a mortgage expert but here are my thoughts:

- Is your husband prepared to delay his transaction to give you more time?

- Would Nationwide be more amenable if you were able to rent the inherited property out, thereby boosting your income? Nationwide are worrying about cashflow here and I guess are concerned you won't sell the inherited property quickly, maybe renting it out would alleviate this.

- Given you are inheriting a property, you seem like a good credit risk, and therefore I could imagine other lenders might be interested, although I could not tell you who. You need to find a lender interested in writing new business, so maybe look at who's advertising for custom. Different lenders may have different views on the situation, so getting initial consultations with other lenders can't hurt, just don't let them run too many searches on your credit file.

- There are mortgage bridging loan providers out there, but I believe these have to be handled very carefully.

Just my thoughts, I am not an expert.

Rgds

dimbo61

Better tell your EX the news!
He cant buy another property because you cant get such a big mortgage ( nationwide wont take into account the maintenance)
He will just have to wait and hope you can sell the other property quickly.
Dont put yourself in a very poor position just because he is in a rush.
Have you got/used a solictor?
Dont even consider a bridging loan ( this is your childrens home)
YBS do a mortgage called fresh start have a look