Remortgaging in one name

lw3758

Hi all, Im new to this so bear with me!
I have been trying to remortgage unsuccessfully this year with an award winning broker who was highly recommended to me.
I have a mortgage for 118k on a property worth 200k. Since my husband left 7 years ago, i have been paying it alone on an interest only basis, with his name on the mortgage. We have just come out of a fixed term mortgage so I'm now on the variable rate. I am desperate to remortgage in order to have a mortgage in my own name and so that I can start making repayments instead of just paying off the interest. I live on my own and earn 14.5k. After tax, my annual income including CSA and tax credits is roughly 24k. I was accepted in principle by Halifax but at the last minute they said I was 7k short.

Does anyone have any insight into which lenders may accept me on my income, or whether there are any changes on the horizon with regards to lenders' criteria. Or can anyone think of any way around it. It's highly unlikely that my ex husband will agree to stay on the mortgage, and I have no one who can lend me money or act as guarantor or anything like that. Is there light at the end of the tunnel? Thanks in advance for any help xx

Thrugelmir

Hard to see how your husband can come off the mortgage. At the current time the property is home to your child (/children). Have you ever formalised the separation of your finances?

I would suggest you seek professional advice. If you can afford to repay capital off the mortgage, put this money aside in a savings account until the picture is clearer. You could then repay a capital sum at a later date.

lw3758

yes thanks for that, I should save what I would have been paying when i was paying a ridiculous rate of 5% for 5 years. Our divorce gave him a clean break but gives him 40% of the equity when I sell which is when kids leave full time education or i marry/cohabit. Which leaves me with another dilemma. If i do manage to get the mortgage solely in my name, and start paying off the capital, why should he then be entitled to effectively the share of the equity which I have paid off? Do you think there is any way legally of freezing his share or something? The 40/60 split was done when i was only paying the interest, I dont think solicitors took into consideration what would happen should i manage to reduce the mortgage. Thanks for listening!!

Thrugelmir

I would then suggest that your ex's share of the equity is based on the value of the property (less mortgage) at the time the agreement was made. If you make capital repayments then this is your money so to speak.