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Problem - Change of Borrower with Abbey
jjuggle
Posts: 30 Forumite
I've been seperated for nearly two years and have been paying the joint mortgage alone. My ex has now agreed to let me have the house instead of paying maintenance for the kids (hurrah!).
I've called Abbey who say that I don't earn enough to pay the mortgage on my own irrespective of whether I have been or not and advised me to get legal advice. I don't want him to have a claim on my property.
What do I do now? HELP!
Thanks
J x
I've called Abbey who say that I don't earn enough to pay the mortgage on my own irrespective of whether I have been or not and advised me to get legal advice. I don't want him to have a claim on my property.
What do I do now? HELP!
Thanks
J x
Smile and be happy, things can usually get worse!
0
Comments
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What is the property value?
How much is outstanding on the mortgage?
What is your income?
Do you get any other benefits/tax credits etc?I am a Mortgage AdviserYou 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.0 -
The house is probably worth at least 180k
Outstanding mortgage is 98k
Income including benefits is about 16k
When I told Abbey my income, they said it wasn't enough and advised that I should keep him on the mortgage - gits!Smile and be happy, things can usually get worse!0 -
Jjuggle, a difficult situation, obviously you want to get the property into your name, but from Abbeys point of view you are overborrowing for your income at nearly 6x. You may be able to appeal the decision and get it agreed, or another option could be to get your ex taken off the deeds but kept on the mortgage, although this will normally only be agreed with a court order.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.0 -
Saw a solicitor today, (my free 30 minute consultation and I qualify for Legal Aid!), so I'm going for a Seperation Order which will state about the property agreement and the conditions for it, all he has to do is agree and sign. They will also do the Land Registry bit to get him off the deeds.
I might look into remortgaging too.
Thanks,
JSmile and be happy, things can usually get worse!0
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