Mortgage, Post Divorce & Bad Credit

bellyboo

After being awarded the FMH & all equity in court, I decided to move somewhere smaller as I can only afford interest only payments on the mortgage. EH has to stay on mortgage until I move, and not happy.

I am retired ex-forces with pension of @ 14K. With CSA etc this takes my income to just below 24K. Part of the divorce award was that I would take on the family debt. I had to agree a payment plan with the debtors but they unsurprisingly classed this as defaults as I couldn't pay the minimum payments required. These are now 25 months old.

I will have equity of 80K after paying these off, and would require a mortgage of 60K. The bank the mortgage is with now, will not lend me it, but found a company which would until they decided as the CSA payment was not a court order. Have tried putting into place an income protection insurance on EH, to ensure payments will continue if he carks it, falls sick, made redundant, but he will not sign as he believes it is not above board.

Are there any mortgage companies that will take into account the fact that I had good credit scores in the 24 years of marriage, but only due to the divorce did I !!!! up? That will take CSA into account?

I cant afford to stay in this house much longer, cannot afford maintenance of it and gardens. Starting to lose the plot!

Thank you in anticipation:)

Thrugelmir

You can apply for the child maintenance to be made by court order rather than voluntary. This will result in an attachment of earnings being placed on your ex. Providing he remains in employment then the money will be paid to you on a regular basis (after any initial set up delays).

Dave_Ham

With your deposit, there could potentially be a solution.

Your age is going to be crucial as these types of lenders who review on a case by case basis are only likely to go to 65.

It would be worth getting your Experian, Equifax and Call Credit reports and get some sensible, formal advice.

You could find this will save you a lot of money.

All the best

happycamel_2

Or just rent for a couple of years until your credit history improves and take your time finding a house you like.