HELP I cant re mortgage

welshdaisy

My self and my partner split up 9 years ago and since this time I have been paying both the mortgage and secured loan on my own. As a single mother and returning to education student I did struggle for the first 4 years and when my ex left he was supposed to pay the amount on the secured loan, it was some months after he left that I found out that he had not been paying and had defaulted on the payments.

At this time I put in place debt managements plans for all my debts inc the secured loan and over the next 2 years successfully cleared all debts and brought mortgage and loan payments up to date. I have also qualified as a Social Worker and have a reasonable wage coming in and for the last 4 years have kept up to date with all payments.

I have unsuccessfully tried several times to have his name removed from the mortgage although the Halifax have refused to do this as it was a joint application even though I believed he had broken the terms of contract by not paying anything towards it. He has in the past asked for a substantial amount of money to agree to remove his name from the deeds which I have refused as he owes over £19000 in child maintenance, which I am aware I have no chance of ever getting and so have no point in trying to get it from him. I have continued to pay the mortgage and secured loan without help.

Recently he has threatened to declare himself bankrupt which would mean that his creditors would consider the house as an asset. Before this takes place, he has agreed to £5000 to remove his name from the deeds which means I need to re mortgage both to raise this money and an extra £10000 for home improvements. The current outstanding mortgage and loan totals £60000, the house is valued at £120000 and I am seeking to re mortgage for £75000 which would leave equity on the house. However I have so far been turned down three times, all company's stating the default as a reason for not accepting me, the default occurred in 2005.

I have worked really hard getting my credit rating up which is now at a fair rating but all the searches are of course leaving footprints on my score forcing it back down again. If my ex succeeds in the bankruptcy although I doubt I will lose the house as the amount he is in debt to is only £6000 I fear that once again I will be paying his debts, I just want him off the deeds and extra money to do the house up ! Any advice PLEASE?????

getmore4less

Please try some paragraphs that borderline impossible to read.

Thanks.

opinions4u

welshdaisy wrote: »

I have unsuccessfully tried several times to have his name removed from the mortgage although the Halifax have refused to do this as it was a joint application even though I believed he had broken the terms of contract by not paying anything towards it.

You are both jointly liable for the full payment. If he doesn't pay, you are responsbile for everything. If the full payment isn't made both of you have broken the terms of the contract. Not just him.

I just want him off the deeds and extra money to do the house up ! Any advice PLEASE?????

I think you're going to struggle. See a whole of market mortgage adviser who can reduce the number of credit searches and use market place expertise to see if there is a place you can raise the funds needed.

I'd also get a solicitor before agreeing to anything.

HelpWhereIcan

welshdaisy wrote: »

My self and my partner split up 9 years ago and since this time I have been paying both the mortgage and secured loan on my own. As a single mother and returning to education student I did struggle for the first 4 years and when my ex left he was supposed to pay the amount on the secured loan, it was some months after he left that I found out that he had not been paying and had defaulted on the payments.

At this time I put in place debt managements plans for all my debts inc the secured loan and over the next 2 years successfully cleared all debts and brought mortgage and loan payments up to date. I have also qualified as a Social Worker and have a reasonable wage coming in and for the last 4 years have kept up to date with all payments.

Well done for doing the right thing at the time and getting through what is a common but nevertheless stressful result of a relationship breakup.

welshdaisy wrote: »

I have unsuccessfully tried several times to have his name removed from the mortgage although the Halifax have refused to do this as it was a joint application even though I believed he had broken the terms of contract by not paying anything towards it.

If he breaks the terms of the contract he gives the Halifax the right to repossess the house not you the right to remove him from the mortgage.

welshdaisy wrote: »

He has in the past asked for a substantial amount of money to agree to remove his name from the deeds which I have refused as he owes over £19000 in child maintenance, which I am aware I have no chance of ever getting and so have no point in trying to get it from him. I have continued to pay the mortgage and secured loan without help.

Again not uncommon and in most cases resolved by knocking the maintenance arrears off his 'share'.

If you have £60,000 equity, his share is £30,000. Less £19,000 means the most he will get is £11,000 which assumes that the house is valued at £120,000. Any less and his position is even weaker.

welshdaisy wrote: »

Recently he has threatened to declare himself bankrupt which would mean that his creditors would consider the house as an asset.

Yes they would, but you may be able to buy out the trustee in bankruptcy's interest for a relatively small amount. Look at http://www.insolvencyhelpline.co.uk/bankruptcy/what-will-happen-to-my-home.php for more info

welshdaisy wrote: »

Before this takes place, he has agreed to £5000 to remove his name from the deeds which means I need to re mortgage both to raise this money.

This could be something to get advice about as the Official Receiver can look at any disposal of assets by your ex to see if it was an attempt to deprive his creditors and, if so, reverse the transaction. http://www.insolvencyhelpline.co.uk/bankruptcy/bankruptcy-restrictions-orders-and-bankruptcy.php#bro5

welshdaisy wrote: »

and an extra £10000 for home improvements.

Unfortunately you will have to decide whether this is a 'need' or a 'want'

welshdaisy wrote: »

The current outstanding mortgage and loan totals £60000, the house is valued at £120000 and I am seeking to re mortgage for £75000 which would leave equity on the house. However I have so far been turned down three times, all company's stating the default as a reason for not accepting me, the default occurred in 2005.

I have worked really hard getting my credit rating up which is now at a fair rating but all the searches are of course leaving footprints on my score forcing it back down again. If my ex succeeds in the bankruptcy although I doubt I will lose the house as the amount he is in debt to is only £6000 I fear that once again I will be paying his debts, I just want him off the deeds and extra money to do the house up ! Any advice PLEASE?????

The advice you need is that you need professional advice - not the kind of advice you get in a forum.

Solicitors can be expensive in these situations and can sometimes seem to drag things out to increase their own fees but I think this is the type of situation where you really need one to make sure things are done correctly and your rights are protected.

You also need a Mortgage/financial adviser who can help you sort out your mortgage options ... of which you should have some.

Continuing to apply for mortgages because someone on a forum said "so and so may do it" "go to a number of banks" etc etc will only make things harder. A Mortgage adviser will know who will look at your siutation.

At the end of the day you need to be prepared to accept that the best option would be to sell and use your share of the equity to buy something else - as one of my clients is doing after much wrangling between solicitors and an !!!!! for an ex.

Get some advice from a whole of market broker.

Ideally use personal reccomendations to pick one or even something like the Yellow pages etc. No harm in speaking to more than one and always make sure to ask the questions Martin suggests in http://www.moneysavingexpert.com/cgi-bin/viewnews.cgi?newsid1101649966,86816#step2.

Be careful of anyone who approaches you unsolicited and use the services of a face to face adviser unless you are confident enough to deal with someone via post & email.

Hope this helps

Good Luck