mortgages and credit checks

khampson

Hi I have just recently (about 2 weeks ago) signed my house over to my ex partner after being named on a joint mortgage, I now have applied for a new mortgage in my own name but when I did a credit check on myself it still lists the mortgage with my ex partner, my credit score was 999, will I be refused a new mortgage until my records update removing my old mortgage from credit report or should I still be accepted? I have never missed any payment in my life and I was wondering how people applying for remortgages go on as credit checks will be done and existing mortgage will still be on there reports, is this the same? I have seen a house I really like and don't want to miss out, I have no other loans, no defaults and never miss any payments, what are your thoughts.

Keith

kingstreet

Why do you think you'll be rejected? If that was the case, we'd all have to pay off our mortgage before we could apply for another one to move house?

When you complete the application form it will ask you "Do you have a mortgage at present?" You answer yes.

"Will this mortgage be repaid on or before the start of the new mortgage?" You answer yes again, as you will no longer be a party to the mortgage at completion.

You may be asked to provide written evidence to your solicitor and this will, of course, be to hand and readily available.

khampson

It's because its on my credit file as being involved in a mortgage with my ex partner, I've applied for a mortgage with the Halifax in my own name, the gave me the mortgage in principle and I have had a offer accepted on a house, I have started the process and Halifax are going to do a full credit check which got me worried because of still being named on my credit file as being part of another mortgage,, when I applied I told them I was on a mortgage but no longer am, but they might not believe me because my credit file has not updated, I am just worried about it. I applied over the phone, I told them I have no mortgage, I've signed it over 2 weeks ago.

kingstreet

So you've said no to an existing mortgage, not giving the system chance to update?

I applied over the phone, I told them I have no mortgage

Why didn't you just tell them you had one and you'd be off it before completion?

I suggest you contact them as soon as you can to get the application amended. If you don't there's a good chance your maximum mortgage will come down as the system will assume you're not paying it off. Either that, or it'll decline you for undisclosed credit commitments.

when I applied I told them I was on a mortgage but no longer am, but they might not believe me

They don't have to believe you. They tell the solicitor handling your case to make sure you are removed before completion of the new one.

khampson

Yes basicly, I said no, not understanding the way credit searches work I said no to a current mortgage, I told them I was once on one but was removed not thinking about the time delay from signing the house over to the system being updated, Halifax said on the information I gave them I would not be classed as a first time buyer, however the estateagent said that even though I've had a mortgage previously I am classed as a first time buyer because no chain is involved, a little confusing to me really

dopester

khampson wrote: »

Hi I have just recently (about 2 weeks ago) signed my house over to my ex partner after being named on a joint mortgage, I now have applied for a new mortgage in my own name but when I did a credit check on myself it still lists the mortgage with my ex partner

Are you sure you're not still on the mortgage?
https://forums.moneysavingexpert.com/discussion/3383592

That other thread of yours seems a bit lacking in procedure and detail to me, but I'm not an expert in these matters. Did you just sign over your interest in the property but are still on the mortgage?

khampson

No, she decided to pay me the money she owed me in full, so I signed the house over, money was always there just think she was trying it on a little.

dopester

khampson wrote: »

No, she decided to pay me the money she owed me in full, so I signed the house over, money was always there just think she was trying it on a little.

OK, but is your name actually off the mortgage? Are you certain?

She has made you a payment, and the form you signed might have taken your name off the deeds (signing your rights in the property over to her), but is your name also off the mortgage?

I ask because in this thread it was all very confused with you dealing through her and her solicitor.

https://forums.moneysavingexpert.com/discussion/3383592

khampson

I am hoping so, the letter says I will be signing the house over to her, it also arrived with papers from the land register that need to be signed to remove me from that property altogether.

kingstreet

What do you have from the lender which confirms you've been removed from the mortgage?

khampson

I am currently awaiting written conformation, I do know that her new mortgage is due to start next week