Help with this minefield please.

minxtress

I am currently at year 12 of a 25 year Mortgage, interest only with Nationwide. The house is worth £140,000, mortgage is for £43,750.
I took out the mortgage with my ex (who I am now on good terms with) but we seperated pretty soon after this and I was left to take over the mortgage on my own. He has never contributed and wants nothing from the house or equity etc, thats all fine.
Problem I have is he took out a loan with Nationwide when we split up, and defaulted on the payments. To cut a long story short they made a charging order against the property to the sum of the £10.000 of the loan. He has been paying £80 a month for the last 7 years of this to try get rid of it, but every payment he makes £30 of it is gone in interest and charges.
We both want him off the mortgage as hes remarried again and I am more than financially able to be solely responsible for it on my own, I have been paying it for the last ten years anyway, so my question is how do we go about doing this given the charging order?
I have said I would be willing to remortgage and pay it back and he can pay me monthly but I just dont know who to go to to see about this and get the ball rolling, or if it can actually be done.
I also have a CCJ on my file which is due to come off this year as paid in full, should I wait until this is off my file

GMS

If you do not know where to start with it all I would suggest speaking to a good broker.

Remortgaging would be the best option it would seem.

Senior_Paper_Monitor

In my opinion it can't (unless Nationwide agree and I think that most unlikley since that would be reducing their security) - he currently owns (unless there has already been some other final settlement documentation raised and I doubt that would be successful anyway) half a house and has a full liability for the mortage (joint and several with you) and the loan (in his own right).

The only good news is that since both loans are with the same lender they will probably be adult and sensible and leave the property alone as long as the mortage is being paid normally and the loan is being served to at least some extent.

This is not my area of speciality (although I am fairly confident in my answer) but in view of the importance I would float it past a solicitor ASAP.

If I read your last line correctly you are willing to pay off his loan in the process of removing him from the mortgage/ownership - if so this may well be possible if your income meets Nationwide criteria.

I would be concened that your financial association is impacting on your credit score - I suggest you check your credit report(s) urgently - as any such isusue will affect your ability to remortgage.

minxtress

Senior_Paper_Monitor wrote: »

In my opinion it can't (unless Nationwide agree and I think that most unlikley since that would be reducing their security) - he currently owns (unless there has already been some other final settlement documentation raised and I doubt that would be successful anyway) half a house and has a full liability for the mortage (joint and several with you) and the loan (in his own right).

The only good news is that since both loans are with the same lender they will probably be adult and sensible and leave the property alone as long as the mortage is being paid normally and the loan is being served to at least some extent.

This is not my area of speciality (although I am fairly confident in my answer) but in view of the importance I would float it past a solicitor ASAP.

If I read your last line correctly you are willing to pay off his loan in the process of removing him from the mortgage/ownership - if so this may well be possible if your income meets Nationwide criteria.

I would be concened that your financial association is impacting on your credit score - I suggest you check your credit report(s) urgently - as any such isusue will affect your ability to remortgage.

I have my credit report and I have no financial association with him on this.
Like I say we both want this and are willing to do whatever it takes, its just how to go about it.
Thanks

Senior_Paper_Monitor

In which case (without considering any ERC issues should you still be in a deal period with Nationwide) considering all lenders in order to get best deal (and match criteria) would be sensible - because of the charging order this needs to be carefully handled with any new lender in particular and using a whole of market broker as GMS suggests would almost certainly be best.

beecher2

Do you have a repayment vehicle in place for the mortgage? If you change lender they'll want to see evidence so cost up a repayment mortgage if need be.

minxtress

Its a repayment mortgage I want to change to so I can pay off some more when I have it.