Transfer of Equity and Santander

Inforapennyinforapound

A bizarre scenario...some thoughts please.

I have just divorced and own a house jointly with ex.

I want her name off the mortgage(and so does she).Outstanding mortgage is £35000.House value is £180000.
My income well exceeds mortgage payments.

Santander have declined to transfer equity(even on appeal). I have a settled default on Experian from 2007 for £92.00.This is the cause of the problem which they have stated.

I really cannot get my head around this.Does common sense not prevail anymore.???

And then.........a local branch manager calls me(out of the blue) and tells me that i am one of their best customers and would i like a financial review!! When i told her of above she was flabbergasted.She couldnt understand it either.

Santander? what to say....i am speechless!

What are my best options? A remortgage??

Thank you

The_J

Yes a remortgage to another lender would be what you have to do. It's relatively straightforward but with a settled default I would get a broker/IFA/advisor to help.

kingstreet

"You're one of our best customers" so come in and let's see what other overpriced tat we can flog you.

It's a good job bank employees aren't forced into total honesty, as that's likely to be how the sentence ends.

I suspect the removal of a party from the mortgage will increase the risk to the lender and with an adverse credit entry, however small, it will push the issue over the edge.

Abbey/Santander wouldn't lend to you if you made a new application to them today, if that's any guide.

You are correct. A remortgage is now your best option. You should be able to get "fee-free" with only the difference in legal costs payable, those for the completion of the transfer of equity.

Thrugelmir

Isn't your ex expecting her share of the equity?

So I assume the mortgage required to buy her out is the real issue. This will only be granted if you meet the lenders criteria.

Unfortunately this is an issue many people face in a similar situation.

Inforapennyinforapound

Thrugelmir, no she isnt.We have agreed a payment which i have made.I am not looking to increase the mortgage