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Mortgage Provider Will Not Allow Me To Transfer Into My Sole Name!!

Hi There,

First time poster. Looking for some help/advice.

7yrs ago I purchased a property with my former partner. In 2007 we split up and went our separate ways.

We have a minute of agreement in place that states that I pay the mortgage (and everything that goes with it, Council Tax etc). In 2007, I attempted to have her name removed from the mortgage, however this did not happen as we had a 5yr secured loan against the property in both our names. We could not raise the cash to pay off the loan.

She has never and never will pay anything towards to mortgage, I have been paying this since we split up.

The secured loan is now paid, and I have attempted to remove her from the mortgage, however due to my low credit scoring, this is not possible. I have explained that I am not looking for further credit, all I want is to keep things exactly the way they are minus the second party on the mortgage. I am currently in a comfortable financial position with a well paid job. The bank already knows that she has not resided in the property for 5.5yrs.

I have not missed a payment on my mortgage in this time, but because my credit score is low (through no fault of my own) I am being rejected?

I received a Payday loan last year for £100.00, due to a mistake by them, they managed to screw up taking the £139.00 (£39.00 interest) from my card and hit me with extortionate charges. They ended up attempting to claim £500+ from me. I complained to the FOS and managed to win the case by only paying back a meagre £22.00 to close the account. This did drag on and has obviously had an adverse effect on my credit rating therefore I am screwed.

I have recently sent an appeal and await their reply. If I am rejected again, is there any other way around this apart from selling the property? My former partner and I parted on good terms and she just wants this over with also. Therefore the bank seem to be keeping her on the mortgage against her will so to speak.

Providing my appeal does get rejected again, where can I go from here?

Awaiting your kind replies.

DW

Comments

  • harvey115
    harvey115 Posts: 691 Forumite
    You need a broker and forget about getting the rejection overturned.

    Try to get yourself in connection with someone who is good with bad credit history. You should be able to re mortgage to another lender with your name only if you meet the affordability criteria.

    Try https://www.unbiased.co.uk

    Hope this helps.
  • kingstreet
    kingstreet Posts: 38,980 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you have the income and equity, what about a remortgage to a new lender in your sole name?

    I don't know enough about your credit issues to suggest the likelihood of success. You might wish to talk to an independent or whole market broker for ideas...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • Thanks for your reply :)

    My credit history is not spotless, however over the last few years has been perfect with exception of my experience with the Payday loan company.
  • Wh05apk
    Wh05apk Posts: 2,938 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    harvey115 wrote: »
    You need a broker and forget about getting the rejection overturned.

    Try to get yourself in connection with someone who is good with bad credit history. You should be able to re mortgage to another lender with your name only if you meet the affordability criteria.

    Try www.unbiased.co.uk

    Hope this helps.

    Unbiased is not! it is basically paid listings, so brokers/advisers will only be on there if they hae bothered to get listed/pay, if they are that desperate for business, it may be best to avoid them.......................

    Get a referral from a friend/relative/colleague, far better.
    I am a mortgage adviser.
    You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • kingstreet
    kingstreet Posts: 38,980 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If you have to use unbiased, turn off the "website/email only" option so you see the whole list, not just the paid-for adverts.

    I agree with Wh05. Get a referral from someone you can trust...
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • dunstonh
    dunstonh Posts: 118,000 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Unbiased is not! it is basically paid listings, so brokers/advisers will only be on there if they hae bothered to get listed/pay, if they are that desperate for business, it may be best to avoid them.......................

    I pay for a listing. I am certainly not desperate and only pay because more seem to than those that do not and the default is to only show paying members. That filter can be turned off to show non paying members as well. Personally, the cost of the listing is more than recovered in the business generated (mainly due to my post code/location and a lack of other firms covering nearby postcodes). It is effectively a yellow pages style directory showing 99% of independents (not sure what mortgage coverage is like). It is not biased and it is wrong to accuse firms on there of desperation. Also, unlike other forms of advertising, they do check qualifications (for IFAs - not sure about mortgage advisers). The site has it's flaws but it certainly is not biased. I suspect for IFAs it is probably a better list than for mortgage advisers though.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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