Final settlements and mortgage

Perfect10_2

Am trying to buy ex husband out of former home. To do this will need to remortgage in my name only.

Situation = one debt in joint names he defaulted on even though I paid him half the amount per month from date of separation (I know I was too trusting but lesson learnt and time to move on!), a few smaller debts in his name only but acquired during the time we were together so I accept they are mine too.

Now to cover his share of equity in the house he would have got if we sold I can raise money to hopefully clear these debts with full and final settlements to his creditors. Will this then clear my credit rating of the default on joint loan? How long after settlement would it take to show it is paid?

We have tried to sell the house since January but estate agents valued it at 10000 less than we paid for it, and had two offers fall through after buyers changed their minds, and ex fell out with EA over their rubbish selling technique :undecided I feel I could be in a better position if I took it over and made it into the home I think it could be, and get myself out of a renting rut...

My credit score according to experian is excellent at 969 and this is the only blemish on it and I don't want it to ruin my chance of remortgaging, although obviously I don't want to pay off all his debts and then not be able to get mortgage due to this default anyway.

He chose to enter a DMP after we separated as he is rubbish with money. Will this help or hinder final settlements?

Argh! Sometimes it feels like it could be straight forwards and solve a lot of problems in one go, and other times it just feels like I could make things even more complicated by trying to fix things?!!

Tixy

The default on the joint loan will stay on your file for 6years from the date of the default (as shown on file). As it was in joint names that will stay even if you settle all joint debts and financially disassociate.

Although your 'score' isn't affected by items on his credit file, your ability to get credit will be affected by those items.

You won't be able to financially disassociate until you have got a mortgage in just your name, and you may struggle to do that due to the default on your file and who knows what on his file.

What ltv will you need on the new mortgage to pay off his share of the equity in the house?

Perfect10_2

The current mortgage is 82000 but I can be gifted approx 10000 by my lovely parents to bring it down to a level that I could hopefully be approved at with my income. The amount to pay the debts is also being given as a gift (early inheritance :-) ) so the remortgage isn't needed to proved money just to make the house solely mine. So if I stick at 130000 as current value of house then I need is less than 60% ltv I think?