Mortgage for Ex-Bankruptee

369

Hi,

It is all timing now, if the OH's ex comes off the mortgage in the next couple of months and we haven't found a mortgage - what happens - I know it sounds a silly question, but Im just trying to get my head around it all. Would the bank take her name off if they know that OH can't afford to be on it on his own? Do we have to move out or will they just put the house up for sale?

Also, how do I know who is a good broker? Is it just a case of typing in Mortgage Broker to a search engine and just phoning loads of them up, or is there a better way? Is there a list on here somewhere?

Kind Regards

Thrugelmir

369 wrote: »

Hi,

It is all timing now, if the OH's ex comes off the mortgage in the next couple of months

What's the ex's position with regards to the mortgage and the property? Has the Consent Order been agreed?

Although he can only get a mortgage for £245K

This is extremely high on an annual salary of £45k.

Dave_Ham

If OH cannot get Santander to budge in sole name, or find an alternative lender it will be down to the solicitors.

Essentially, Santander will not remove her name. She may therefore be happy to stay on the mortgage, although it is likely she would try to force the sale. If there are children involved this will be harder.

Ultimately you do not want to go down this route as will be expensive and prolongs the financial relationship.

You cannot beat a recommendation when looking for a broker, in my opinion.

Lastly, I would imagine that either another lender or a forced sale are the likely outcomes here and therefore do not allow OH to tie into a new deal with Santander. Whilst the 4.74% is higher than average on their SVR, fixing may then require paying an Early Redemption Charge to leave.

Also note that if he is currently on interest only, he will not be able to now get that on the open market..

All the best

369

Thanks for your replies.

The ex and OH have two houses, one that the ex lives in and one that OH lives in, so it is likely that they will keep the ones they live (similar value/equity), but both be taken off of the mortgage of the ones they don't live in. There are no children between them, but myself and OH have a baby.

Already been going on for 4-5 years, we are going through the courts now (so obviously they can decide what they like), but I wanted to see what our options were - as they can order her to stay on the mortgage until OH can find someone else, but just seeing what options were if the Judge didn't do this.

OH on repayment mortgage. Thrugelmir - that is what the bank offered him.

We don't know anyone who has used a broker before - so a recommendation is hard to come by! I might just anonomously phone around and see if anyone could help us - incase the judge doesn't order ex to stay on mortgage.

Thanks

Dave_Ham

Good call.

Ultimately you want to be asking if they are independent, whole of market or panel based. Ascertain costs upfront and how the costs are charged and refund protocol.

More importantly I would be asking why they specifically will be able to help you, how experienced they are at helping non-standard cases. Can they look outside of just the traditional banks and what rate would they expect to receive based upon your circumstances.

Many lenders will provide a mortgage offer valid for 6 months and this will allow you to book a rate and allow for the court ruling. You must mention the other house also, as this will be deemed a current commitment when dealing with brokers/lenders

Finally, just take a view on which one you felt comfortable with.

369

Thanks Dave,

That is a very good starting point for me. I will write that down and use it when I phone them up. You don't deal with cases like mine do you?!!!

He doesn't pay anything towards the other house and hasn't for four years, same as she doesn't pay anything towards OH house.

Kind regards