Improving financial position for mortgage

Kabazzzz

Hi guys!

I was hoping that some of you lovely people could advise me on what steps I can do to secure my mortgage in my own name (since divorce).


My ExH and I have come to the agreement that the mortgage title be transferred to me. He has given me until next Feb/Mar time to allow me to take sufficient steps to improve my financial standing (I have been paying the mortgage on my own for the past 12 months).


My salary is £27k pa and my second job pulls in a further £1.5k pa. I have one credit card with a balance outstanding of approx £7.5k. I have a Next account too, but have just paid this off and as soon as that shows on the account, I intend to close it.


I also have two mobile phone contracts in my name (one for me and one for our daughter).


As I have recently gone back to my maiden name, does anyone know whether or not this will have an effect on my credit file (as I am on the electoral role under my married name).


Another thing that is a worry, is that my ExH has entered into a debt management scheme (since our divorce), will this have any effect on me as we are still currently financially linked until our financial matters are resolved.


Any advice is greatly appreciated.


Thanks in advance!

matttye

Yes his DMP will have an effect on you - you need to a file a notice of disassociation.

Kabazzzz

Thanks for your reply matttye. I have just filed one online with Experian, any idea as to whether or not I need to do one for all of the credit reference agencies?

Thanks

matttye

Kabazzzz wrote: »

Thanks for your reply matttye. I have just filed one online with Experian, any idea as to whether or not I need to do one for all of the credit reference agencies?

Thanks

Yeah you'll need to do one with all three Triple the work I'm afraid!

Kabazzzz

Ok thanks, well it will certainly be worth it when the house is in my name :beer:

Tixy

Is the joint mortgage the only joint debt you have now?
If so and as you live at different addresses the credit reference agencies will probably allow you to file the notice of disassociation.

Have you spoken to your mortgage lender at all about the likely chance of them agreeing to lend the amount of the mortgage to you as a sole borrower?

Going back to your maiden name shouldn't cause any issue, I assume you will update the electoral roll with your local council in the meantime to reflect your new name?

Kabazzzz

Thankfully, the mortgage is/was the only joint debt.

Talking to the mortgage provider was one of the first things that I did when the marriage initially broke down. They ran through some things with me and agreed that I should be able to take on sole responsibility for the mortgage, pending a credit check.

I just want to be sure that I have done everything that I possibly can before I take the leap and make the sole application.

Yes, I do intend on updating the electoral register with my maiden name. First on my list of things to do tomorrow actually