Help - now divorced and want to own marital home

savie

Hi,
I wonder if anyone has experience or advice on my situation? Im now divorced and still living in marital home- the mortgage of which is in both myself and my exs names. I pay all mortgage payments solely as i live in the home and ex wants to move on to buy a home. Ive been paying the mortgage payments for over 2 yrs. I want to get a mortgage for the house on my own. Im confused with what mortgage im looking for - will i be classed as a first time buyer now im going it alone, or just a new house buy or a remortgage? Ive been told by one bank it cant be a remortgage because im on my own now - is that right or does it depend on the lender?

Also my ex is putting pressure on me to buy the house quick or sell to get him off the mortgage tied to the property. However the house is slightly in negative equity. After the divorce my savings have been wiped out. Anyone had luck raising the funds for the deposit or getting a straight remortgage?

Any help or advice is much appreciated!

HappyMJ

It's not a first time buyer mortgage you are looking for as you already own a share in a property. It's just a normal mortgage you need.

You will need income rather than deposit. The equity (despite there being none) can be the deposit.

If you have the income to support the mortgage repayments then you can get a mortgage but as you are in negative equity you will need the assistance of a broker who can help maybe by helping you get an unsecured loan to pay the shortfall.

If you have children then personally I would not sell and a court won't force you to sell if you are making the payments. The ex will have to wait.

ACG

As your in negative equity and have no spare money to bring thebalance down your only real option is to stay with your current lender.

You would need to ask them to do a transfer of equity and put the mortgage in your name only. It would be viewed as a new application and you alone would need to pass the lenders affordability assessment.

Thrugelmir

savie wrote: »

Also my ex is putting pressure on me to buy the house quick or sell to get him off the mortgage tied to the property. However the house is slightly in negative equity. After the divorce my savings have been wiped out.

Then it maybe in both your interests to maintain the current arrangement. Is the mortgage on a repayment basis?

Floxxie

Ok so you are divorced but have you got a Consent Order agreeing to the financial division of assets? If so, what does it state about the house?

savie

Thank you everyone for your replies - yes its a repayment mortgage. Unfortunately the divorce didn't include division of the house as we were in negative equity the solicitors advised to do that later or come to an amicable agreement, which it was up until my ex now has a new partner.

dimbo61

Have you got kids together?