Mortgage / Debt advice

Harold_48

Hi Guys, first post so please be gentle.

My ex partner and I have been split for 6 years we still are good friends and have 2 kids under 16. we have a mortgage of 72k on a 150k house with Santander together, but she has serviced the mortgage during the last 6 years with no troubles.

I have not lived in the house during the last 6 years, nor contributed to the mortgage. What concerns me is that recently I have fell into debt through redundancy. I have around 21k of unsecured debt, on credit cards for which I am being perused. I recognise that unsecured debts cannot equate to the forced sale of a residence, but I would like to relinquish financial responsibility for this.

I would like her to remove my name from the mortgage in an attempt to safeguard the family home and give her the security of owning the property outright, however. She is on a low income of around 9K plus CTW WFTC and CB taking it up to around the 17k mark. Would a mortgage lender look favourably on this situation as she has single handily serviced the mortgage for the last 6 years. I do not want to start the ball rolling with the mortgage company only to find out that they could pull the plug on her mortgage....

I am very confused... any help would be great thanks.

Mini_me

I am by no means an expert but what I can suggest is that you discuss the situation with your ex partner.

Underlyingly, you will be entitled to your share of the house and she can potentially remortgage to release your share of the house allowing you to pay off your debts and her to secure the house in 100% ownership for herself.

Alternatively, you could go for an IVA however this has specific clauses attached to it.

I would however seek advice from your local debt service run by the goverment.

Best of Luck.

mij544

Harold_48 wrote: »

Hi Guys, first post so please be gentle.

My ex partner and I have been split for 6 years we still are good friends and have 2 kids under 16. we have a mortgage of 72k on a 150k house with Santander together, but she has serviced the mortgage during the last 6 years with no troubles.

I have not lived in the house during the last 6 years, nor contributed to the mortgage. What concerns me is that recently I have fell into debt through redundancy. I have around 21k of unsecured debt, on credit cards for which I am being perused. I recognise that unsecured debts cannot equate to the forced sale of a residence, but I would like to relinquish financial responsibility for this.

I would like her to remove my name from the mortgage in an attempt to safeguard the family home and give her the security of owning the property outright, however. She is on a low income of around 9K plus CTW WFTC and CB taking it up to around the 17k mark. Would a mortgage lender look favourably on this situation as she has single handily serviced the mortgage for the last 6 years. I do not want to start the ball rolling with the mortgage company only to find out that they could pull the plug on her mortgage....

I am very confused... any help would be great thanks.

Hi,

Many lenders do take all income into account and providing she has a good credit report and no further debt she could borrow up to 5 times income subject to underwriting.

There is a good affordability calculator I often use on the Abbey for intermediaries website, so if you can give me a breakdown of the figures I am happy to check it for you.

As far a your own situation is concerned, I would have a chat with the your Local Citizens Advice Office for some pointers in how to address your debt.

hope this helps,

Mike

BYALPHAINDIA

If your partner's debts/Loans whatever were 'Secured' on the property then they would be able to pursue this onto the Mortgage, And then maybe apply to the court for the unthinkable !!

As in the case of my mate's son, He owed out 000's in Credit and other Loans.

Like Mike said, Your best call is probably to th CAB.

All The Best likewise.:beer: