Mortgage add/remove advice

LRJo

My ex husband and I have a joint mortgage with the Bank of Ireland ( a fixed rate product which ends in August) . He now wants to remove his name from the deeds as he and his new partner want to buy a house together. I have been paying the mortgage on my own since he left, without any problems. I have contacted the bank to ask about having his name removed from the title deeds etc and they have informed me that If his name is removed I will have to apply for a new mortgage and given my salary it is unlikely that I would qualify for a mortgage for the amount that I would need. There is no equity in the house at present.

I have 2 children this is our home, close to work , schools, childcare etc and we do not want to move - any advice

Cannon_Fodder

Do you think it is borderline, i.e. that a modest increase in income could make it happen ?

Or is it way over your earning potential. i.e. fundamentally mis-matched house v salary ?

If the former, increase your income. Or could a lump sum from the ex, as part of a divorce settlement, boost your equity to make it affordable ?

If the latter, you need to sell one day. How quickly, depends on the patience of your ex.

Better you choose when it is sold - i.e. in the summer/autumn, rather than in the winter...

LRJo

Cannon_Fodder wrote: »

Do you think it is borderline, i.e. that a modest increase in income could make it happen ?

Or is it way over your earning potential. i.e. fundamentally mis-matched house v salary ?

If the former, increase your income. Or could a lump sum from the ex, as part of a divorce settlement, boost your equity to make it affordable ?

If the latter, you need to sell one day. How quickly, depends on the patience of your ex.

Better you choose when it is sold - i.e. in the summer/autumn, rather than in the winter...

Thanks,

I had months of him threatening and trying to bullying me for thousands of pounds to let me stay in the house. I'll be hearbroken to leave. I can and have been managing the mortgage repayments on my own without any financial support, so am sick that I could still loose it all.

Thrugelmir

LRJo wrote: »

Thanks,

I had months of him threatening and trying to bullying me for thousands of pounds to let me stay in the house. I'll be hearbroken to leave. I can and have been managing the mortgage repayments on my own without any financial support, so am sick that I could still loose it all.

What was the agreed financial arrangement when you divorced? This should have been agreed then to protect the welfare of the chidren.

Brock_and_Roll

LRJo,

Surely this is his entirely his problem, not yours (unlessthere is something in the divorce settlement)!!! He cannot force you to remortgage or sell.

As long as you can keep up the payments on your own then you are absolutely safe in the house. He will of course remain jointly & severally liable until such time as the LTV has reduced to the bank's satisfaction, your income has increased, or he buys out your share.

LRJo

Divorce not settled yet, have been for financial mediation through court, awaiting outcome. Solicitor advises me that he is not obliged to keep a roof over our heads . He stopped contributing to the mortgage when he left. Just pays min amount of support for 2 children.

dimbo61

He should be paying 20% of his net pay to support his children with a reduction if he has the kids overnight ( to give you a break)
Has he got a good job and pension ?
he wants to move on in his life and I guess you do to but until you can afford the property his name stays on the mortgage

Thrugelmir

LRJo wrote: »

Divorce not settled yet, have been for financial mediation through court, awaiting outcome. Solicitor advises me that he is not obliged to keep a roof over our heads . He stopped contributing to the mortgage when he left. Just pays min amount of support for 2 children.

Then hold tight until the situation is resolved.

Your ex husband is not obliged to pay the mortgage. Part of the maintenance payment is to contribute towards the cost of housing the children.

They is no need to discuss this matter with your ex directly. Let your solicitor and the mediation process take the strain for you.

In the meantime maintain the mortgage payments.

milliebear00001

He is not responsible for keeping a roof over your head, but equally, he cannot force you to sell (as you have children). No court will force you out, while you are paying the mortgage and those children need you (and their father) to home them. It is their family home.

dimbo61

20% net pay for 2 kids is CSA guidelines so if he is not paying mortgage he should be paying 20% and if he is not give the CSA a call ! Good Luck and stay strong