joing mortgage looking to convert to sole

lix75

Hi,

I bought a flat in June last year. My ex is named on the mortgage and the title deeds but he didn't contribute any money to the flat. Downpayment, purchase costs, mortgage payments, improvenments were all covered by me 100%. We did a trust deed that specifies all these things and states unequal shares of ownership (99-1% in my favor).

He agreed to do this to help me secure the mortgage (we have a child together). My employment income wasn't enough and when I bought the flat there was no history of child maintenance, as we had just separated.

Now, I'd like to take him off the mortgage and the deeds but my current employment income is still not enough. I don't get any tax credits, only get child benefit which is just £1k/year so it doesn't help much. I'm debt free and don't have any car loans, it's just the mortgage.

Child maintenance payments are quite regular and a good amount, but they are not CSA/court enforced, we just have a verbal agreement bewteen the two of us.

Are there any lenders who would be more flexible on taking into account child maintenance? I did talk to Halifax, the current lender, over the phone but I was told I can't get a clear answer until I actually start the proceedings to take him off the mortgage.

Many thanks.

kingstreet

Halifax criteria reads;-

Secondary Income 60% Allowed

Maintenance - Including Guardians Allowance

3 months full bank statements OR
Court Order OR
Maintenance assessment OR
Letter from Child Support Agency.

Which suggests they will take 60% into account, evidenced by three months bank statements.

Nationwide's criteria is a lot tighter;-

A copy of the maintenance agreement, received under a Court Order, a CSA assessment or a written private agreement drawn up between the separating parties with six months bank statements as evidence of payment.

Note: we will not accept payments that have not been received satisfactorily for at least six months (and at the current level for three months).

You're going to have to investigate further with Halifax, or look at other lenders, asking each one's policy on Maintenance. You haven't mentioned credit history or loan to value, so I'll presume these are ok.

lix75

kingstreet wrote: »

You're going to have to investigate further with Halifax, or look at other lenders, asking each one's policy on Maintenance. You haven't mentioned credit history or loan to value, so I'll presume these are ok.

Thank you. LTV was 85% when I bought last year. It's a 2-yr fixed rate. Looking to do a transfer of equity..

Credit history is clean, not sure about score, but it's quite new (we moved to the UK in 2011). I have credit cards but paying them in full each month.