Mortgages /divorce

Lexiee

Hi,

Im new here, I'm looking for some advice about mortgages.

My OH is trying to get his divorce sorted, it's all amicable as he's take on all the payment for the joint debt etc, but I'm worried about the mortgage. We live in the home and his ex rents, and we need to put the mortgage in our joint names, rather than theirs.. But they have a good deal on the mortgage, I think it was 1.5% with Hsbc .. Would we lose that rate to transfer it? Also, we want to try and consolidate some of the debts, he has about £25k on credit cards, a £34k loan that has about 2.5 years left out of 7 from first plus on it and another loan with the Halifax that has about £8k left I think.

We're SE partners and have some big tax liabilities due in jan and I'd like the fall back of the credit cards empty just in case we need it as we're always owed a lot of money through the business.

What would you do? Sorry if there's not enough info there, I'm a bit out my depth with all this and my OH is not in a good place to be dealing with it all at the minute so I want to try and help him sort it out. Thanks in advance x

Dave_Ham

Ok, you will lose the deal I would think if you tried to add you on. Best to check with HSBC though.

Your OH could remove the Ex and then he would still be applicable for this deal.

In terms of the debt, you could either approach HSBC and see if they would offer a further advance although this would be on a new rate. They are not super keen on company owners/self employed etc. but would offer the most attractive products

Aside, you could get a 2nd charge with another provider like First Plus. The interest rates will be much higher as would arrangement fees etc.

Hope this helps as a start...

Lexiee

Thanks for the reply. Yes I suppose we would lose the deal, especially if we were to remortgage.. It's a shame but we'd rather not take out another loan if possible.

We'd happily do it with or without me on, whatever they'd accept and would be cheapest but as we turned into a partnership our incomes are £40k each now rather than £80k as a sole trader so I'm assuming it would need to be me on it as well.

It just seems that we turn over enough to be able to live more comfortably than scraping together each month to make each loan payment, mortgage etc, and with being SE its always such a money about cash flow each month.

All the credit cards are in OHs name, 2 business loans which will be paid back by this time next year also, but the 2 private loans are in joint names with my OH and his ex and she has said she's looking for a mortgage with her new partner now, but she doesn't earn a lot and I think they might refuse her with those two loans still in her name. How does it work if the loans are in her name but if she no longer owned the house/was on the mortgage?

Thanks again!

Lexiee

Sorry to spam, another question, would you think it's best to try and find an independent fa to speak to rather than just going back to HSBC? Thanks

Dave_Ham

Ask HSBC their take on it then if not then seek out a mortgage specialist....

Good luck