The ex & our mortgage - help needed for complex situation

BlueIsTheColour

This is quite a unique situation (in my head anyway, am sure it probably isn't) I have a mortgage with an ex, we have been split up for 3 years now, the mortgage has been in existence for 7. In the last 3 years, I have cleared arrears and maintained the payments myself.

The ex that I have no contact with got a message to me to advise he is going BR at some point soon so I contacted the mortgage company to see about taking the mortgage alone, which was refused on the grounds of my affordability, frustrating given I pay it each month now... Seems there is no consideration for individual circumstances just black and white figures.

This is the only association I have with the ex, and whilst I have now got Experian to put a notice of disassocation on my credit file, what I really want is him to be off the mortgage.

My credit history isn't great, at the time of the split I was left in a mess, and several defaults were registered against me, but since then I have been repaying and did recently get accepted for a new credit card.

So I guess my question is are there any lenders who would consider me? The mortgage is for £119k, against an original purchase price of £162k but obviously the property isn't worth that now. There are no comparable properties for sale for me to get an idea, but Zoopla suggests £142k...

I don't want to be attached to my BR ex, I want to move on with my life. I suspect the solution is to either attempt to sell or to see what happens when he goes BR but am hoping someone who knows much more about mortgage products may offer some info I was unaware of.

Thank you in advance of any advice or comment

Thrugelmir

Without your ex's signature. Then you'll have issues with obtaining a new mortgage.

Your ex going BR will make the situation more complex. Given that presumably some of the equity in the property is his.

CLAPTON

the OR (official receiver) will probably count half the equity in the property as an asset to be realised

the OR may accept a lowish offer from yourself to buy your ex's equity

Dave_Ham

I would personally be surprised if the OR gets involved in a share of the equity, given the facts and they will have Ex full address history.

Additionally, given the equity and the cost to access the property via sale (especially if children involved) I think it is unlikely to pursue.

My opinion (and that is all as mortgages are my subject, rather than BR) is that so long as you remortgage and do not capital raise, then this should be ok..

In terms of your mortgage options, we need to know more. What have you on credit files; defaults, CCJ's, missed payments and are they now cleared, how much were they for and importantly what date were they on..

Obviously a successful application will also be based upon income, employment, commitments etc. and not the fact you have been paying consistently - although this is helpful.

Hope this helps - good luck

BlueIsTheColour

Thanks everyone. I would raise a fuss if the OR took a straight 50/50 equity situation, given for 3 out of the 7 years he has contributed nothing towards the mortgage, which I know may be irrelevant in law tho, which would p*** me off greatly... I think I have all the options as far as the BR bit is concerned, will be down to the OR on the day what he wants to do. That will be the day when a very low valuation will suit me greatly

The next day when looking at a mortgage of my own then a high valuation would suit me better, to help my LTV

As for my credit file, I have no CCJ's but there are 3 defaults, from late 2009/early 2010 when all this happened. They are not settled, they are now all with different debt collectors and I pay minimum payments to them.

I think it's logical to say that no lender will touch me based on other threads I have read, so I have to remain in this mortgage with him, and await the fate of the OR.... or sell separately.

Thanks again, do appreciate the time taken to reply.

Dave_Ham

Afraid so, your research is correct.

That said ensure the OR has all the facts, as I would be very surprised if they come after any equity.

All the best

DVardysShadow

Advice: Live like a pig and let the garden go to ruin until the OR is sorted. You will effectively end up having the mortgage all to yourself anyway at the end of this, although you may need to spend a small sum to buy out the OR's interest in the property.

Actually taking over the mortgage in your name alone is, I think, almost irrelevant - and if you really mean taking your ex off the deeds, it will probably be a waste of effort, because the OR could regard this as deprivation of assets and reverse the deal. Possibly the OR will even take a harder line if you go down this road.

I suggest you head over to the Bankruptcy forum http://forums.moneysavingexpert.com/forumdisplay.php?f=136 and enquire there as to how the OR will proceed. You will need to understand this before you really know what mortgage questions to ask.

FraudBuster

DVardysShadow wrote: »

Advice: Live like a pig and let the garden go to ruin until the OR is sorted. You will effectively end up having the mortgage all to yourself anyway at the end of this, although you may need to spend a small sum to buy out the OR's interest in the property.

Actually taking over the mortgage in your name alone is, I think, almost irrelevant - and if you really mean taking your ex off the deeds, it will probably be a waste of effort, because the OR could regard this as deprivation of assets and reverse the deal. Possibly the OR will even take a harder line if you go down this road.

I suggest you head over to the Bankruptcy forum http://forums.moneysavingexpert.com/forumdisplay.php?f=136 and enquire there as to how the OR will proceed. You will need to understand this before you really know what mortgage questions to ask.

OP has had a thread running on the Bankruptcy Board since 2010

https://forums.moneysavingexpert.com/discussion/2855022=

BlueIsTheColour

Thanks for the replies everyone, appreciate it. As is evidenced by my 2010 thread he has been threatening to do this for that amount of time and not done it yet, part of me wishes he would stop talking and just do it least I would know then... It's frustrating being at his will, so to speak, but suspect the £700 to go BR is his problem...

Let's hope if he actually does it, it somehow goes in my favour, but sit tight it is for now. Thanks again

mgdavid

there does seem to be a lack of material facts:
- were you married?
- are there children?
- did you agree a financial settlement when you divorced?
- have you made any other agreement with the ex about the house equity?
...

BlueIsTheColour

Well almost 9 months later and he still hasn't declared himself bankrupt and I still remain in some kind of limbo land waiting...

In answer to the questions raised by mgdavid, no we weren't married, no there are no childen, no there has been no financial settlement, we had no assets, and no, no agreement was made with regards to equity, the ex left in Aug 09, and I haven'r seen him since, nor has he contributed to the mortgage payments, we have no other financial links.

I just wish he would go and do it, so it would be resolved one way or another *sigh*