What a mess!

280571

Currently tied into a mortgage with ex, he wants
To sign it over, and not take any money, I am
Currently with new partner and we have been
Paying mortgage for 2 yrs, I am in debt man
Programme, and Santander have said they
Will not look at anything until I am out of
Debt programme. Will I have to sell up, ex wants out!

Thrugelmir

Sell up and make a clean break is a good idea.

Your DMP is going to impact for some considerable time.

Wh05apk

Abbey will not look at any adverse which is why they declined, you ,ay be able to remortgage elsewhere, but will then incur a penalty.

Annisele

What is the value of the property compared with the value of the mortgage?

If you're in negative equity, then remortgaging elsewhere is likely to be impossible (I'm assuming the DMP means you don't have any savings).

If ex wants out, is he prepared to buy you out?

280571

Who would look at giving u's a mortgage?
My partner and I earn 55-65k between us
The mortgage has never defaulted and always
Pay on time. it just does not seem fair,
My ex just wants to sign it over. Has no financial
Interest whatsoever .

280571

Ex does not want to buy out, and then I'm worried that if I do sell
That renting will prove difficult , I'm 41 and will never be able to
Afford a house to buy again ��and I wanted to leave something for my son

Dave_Ham

Ok, whilst I have sympathy you need a slight reality check.

Santander agreed to lend you and your Ex, £x to buy a property that they would retain an interest in.

Whilst you have paid this mortgage payment, your Ex now wants off the mortgage and you are now asking Santander to lend you £x just to you. You back that up with being unable to service your unsecured debt appropriately, whilst you may be paying less back each month it does not look good to the bank. You are dealing with not just any old bank, but currently one of the least likely to lend anyone money.

Subject to your loan to value, income vs this, employment type, partner credit score you may be able to take elsewhere and use to pay off your outstanding unsecured debt.

The fact your Ex wants nothing from the deal, presumably means that the house has little or no equity which will rule out the above plan.

Therefore, your Ex will have to force the sale which will cost you both a truck load of money I fear you do not have.

Would suggest you have a chat with your Ex, try and buy yourself 6 months to a year and try and get things in order..

All the best

Koicarp

We finished our DMP in october last year and applied for a mortgage through a broker with halifax a couple of weeks ago. We also applied to Santander where we hold a current account with both of our wages paid in. The chap I spoke to at santander said that whilst the DMP is a negative, they had no hard and fast rules about declining, and he set up a call back. The call back didn't happen so I called them and got the bradford office rather than the scottish office I had spoken to earlier. The bradford office told me there was no way they would consider me as I have not been out of DMP for a year, and rules is rules. They said that lending to me would be irresponsible.
I then emailed the chap I had spoken to initially at Santander and his office called me back. They said that the bradford office was wrong and that they had placed a note on my account stating they were happy to consider a mortgage application. They went on to say I had been pre-?accepted for a credit card (which I'll never have again). They asked if I would like to proceed with an application, but I declined as we are a long way down the line with halifax.
Obviously your situation is different, but I was surprised at the very different approaches of regional offices of the same business.

Thrugelmir

280571 wrote: »

The mortgage has never defaulted and always
Pay on time. it just does not seem fair,

From a lenders point of view. The fact you have entered a DMP shows poor personal financial skills. There's far better risks for them to lend to. This is the world we now live in. So nothing to do with fairness. As the DMP was a result of your own actions and poor personal financial management. Apologies for being blunt, but your ex has rights to.

280571

Mortgage is 119, house prob worth 150,000 ish maybe less ex just wants to move on, all I want is a name change, keep existing mortgage, no more money. Just for me to continue paying as I am,

Thrugelmir

280571 wrote: »

Mortgage is 119, house prob worth 150,000 ish maybe less ex just wants to move on, all I want is a name change, keep existing mortgage, no more money. Just for me to continue paying as I am,

If your ex wishes to be removed from the mortgage then you are going to have to sell. Your ex can force the sale of the property. At your expense through the courts.

As there's equity you can then clear your debts and start life afresh.