Getting a mortgage advice (partner has mortgage with ex)

Trinitrotoluene

Just been having a read through this particular board; some fantastic advice so I thought I'd throw a question out that has been worrying me for a while.

My partner and I currently rent (we are both employed). She is in the process of getting a divorce with her ex. They both have a mortgage on a one bedroomed property that is in negative equity. They also have debts to the tune of about £20k that her ex has consolidated with some service thats lets you pay one payment and they pay the creditors.

They have attempted to sell the house and failed. It was then put up for rent and for the past 6-7 months it has been set out to rent and equity being payed off on the mortgage. The mortgage is not currently a "buy to let" mortgage because it is in negative equity.

I am after some advise really. I don't want to rent forever and we do want to buy our own place but how will mortgage providers view this kind of thing? I am assuming that they will not let her get another mortgage? Any advice about the situation at all would be appreciated. We are both currently employed and are on relatively ok wages (she is 20k I am high 20's)

Thrugelmir

Trinitrotoluene wrote: »

They also have debts to the tune of about £20k that her ex has consolidated with some service thats lets you pay one payment and they pay the creditors.

Joint debts or his debts?

Have you considered taking on the mortgage on the existing property yourselves?

CH27

Trinitrotoluene wrote: »

Just been having a read through this particular board; some fantastic advice so I thought I'd throw a question out that has been worrying me for a while.

My partner and I currently rent (we are both employed). She is in the process of getting a divorce with her ex. They both have a mortgage on a one bedroomed property that is in negative equity. They also have debts to the tune of about £20k that her ex has consolidated with some service thats lets you pay one payment and they pay the creditors.

They have attempted to sell the house and failed. It was then put up for rent and for the past 6-7 months it has been set out to rent and equity being payed off on the mortgage. The mortgage is not currently a "buy to let" mortgage because it is in negative equity.

I am after some advise really. I don't want to rent forever and we do want to buy our own place but how will mortgage providers view this kind of thing? I am assuming that they will not let her get another mortgage? Any advice about the situation at all would be appreciated. We are both currently employed and are on relatively ok wages (she is 20k I am high 20's)

Is that an IVA or DMP?
Are the debts joint or sole?
Have any of the debts defaulted?

Trinitrotoluene

Thrugelmir wrote: »

Joint debts or his debts?

Have you considered taking on the mortgage on the existing property yourselves?

It is only a 1 bedroomed house so not suitable (mortgage is in joint names too)

Trinitrotoluene

CH27 wrote: »

Is that an IVA or DMP?
Are the debts joint or sole?
Have any of the debts defaulted?

I am not sure. I know they were struggling with paying and now this company pays on their behalf and they give this company a fixed management charge a month.

The debts are joint and no none of the debts have defaulted.

CH27

Lenders will not look kindly on a DMP or IVA.
Any of the debts under one of them can default at anytime & will stay on file for 6yrs from the date the default was registered.

Are you linked financially in any way with her?

Trinitrotoluene

CH27 wrote: »

Lenders will not look kindly on a DMP or IVA.
Any of the debts under one of them can default at anytime & will stay on file for 6yrs from the date the default was registered.

Are you linked financially in any way with her?

We live in the same address and have a joint bank account. I am completely debt free and have never been in debt. When you say they can default at anytime, how does that work if they are paying through that agency? Can they do that?