stuck on 2 mortgages/stalemate what to do?

karillian

I am going through a divorce, there are 2 properties involved one is the family home and one an investment flat. My ex is staying in the flat and it will become his sole property I will stay in the family home and it will become mine, it's all agreed in the divorce settlement, only problem is I have now been turned down twice by mortgage companies for my own mortgage as I am listed as being on another, even though I have explained the situation and it will be a simultaneous transaction where we both come off the other mortgage.

I initially went to my current lender who would not let me take over the current mortgage as I didnt earn enough on their calculations, the next lenders are not offering due to the 2 mortgages!

I am banging my head against a brick wall here, I explain it in branch but the information just doesnt' seem to get through I have tried an IFA but he has had the same problem re the second mortgage, I am worried now as the more I get turned down for the more my credit rating will drop. the IFA says I dont' fit the banks tick boxes!

Surely I can't be the only one in this situation? I am certainly not the only person getting divorced in this country!!
Help!!???

Conrad

Having 2 resi mortgages is commonplace. Depending on your exact details it is in principle doable, but some IFAs and brokers do not think laterly or simply do not have the experience - no training courses teach brokers how to deal with complex cases.

VIGILANT22

Yes but because you're on the other mortgage they will be calculating that mortgage in your affordability...........