Removing partner from mortgage without funds to remortgage

AntsMc

Due to an impending marriage break up I am trying to remove my wife from our joint mortgage.
To do this I am trying to re-mortgage the house to free the equity and give her, her share.

The main problem is that, my wife has been dealing with my finances and I've been left with a poor credit rating of about 295, so can't get the re-mortgage approved from my bank.

I also have car finance which I'm now not going to be able to afford and can't return. I'm waiting for a settlement figure, which I'm sure I can't afford either.

Could anyone here suggest a lender that might help me release the equity or help with a debt consolidation solution of some sort.

Any advise other than wait for my rating to improve would be greatly appreciated, thanks

davilown

AntsMc wrote: »

Due to an impending marriage break up I am trying to remove my wife from our joint mortgage.
To do this I am trying to re-mortgage the house to free the equity and give her, her share.

The main problem is that, my wife has been dealing with my finances and I've been left with a poor credit rating of about 295, so can't get the re-mortgage approved from my bank.

I also have car finance which I'm now not going to be able to afford and can't return. I'm waiting for a settlement figure, which I'm sure I can't afford either.

Could anyone here suggest a lender that might help me release the equity or help with a debt consolidation solution of some sort.

Any advise other than wait for my rating to improve would be greatly appreciated, thanks

Sorry mate, but it sounds like you can't afford the house so nobody will lend to you. Sell up, use the equity to pay down what you owe and start again.

kingstreet

Talk to an independent mortgage broker and see if you have any options.

Ignore the "credit score" nonsense too. It's meaningless. If you are paying for it, stop. All lenders look at is the raw data from your credit file and other application data to calculate their own scores.

C_Mababejive

How will your ex partners slice of the equity be settled?

AntsMc

Thanks guys, I've spoke to a broker, but they only seem to deal with highstreet lenders and to be honest the situation seems like a lot of hassle for them.

C_Mababejive wrote: »

How will your ex partners slice of the equity be settled?

She doesn't want the house so the idea was to remortgage and give her the equity, while I keep the house.

amnblog

AntsMc wrote: »

Thanks guys, I've spoke to a broker, but they only seem to deal with highstreet lenders and to be honest the situation seems like a lot of hassle for them.

Then you are not speaking to the right broker - engage a bad credit specialist.

AntsMc

amnblog wrote: »

Then you are not speaking to the right broker - engage a bad credit specialist.

I didn't know there was such a thing, I'm just going to google it and see who I find, thanks

prowla

I think they can't take one person off the mortgage, but rather have to set up a new one, and that requires you to have the checks.

Some of it is down to the government's new rules, to stop the reckless lending which led up to the financial crash.

AntsMc

yeah, that's what the main problem is Prowla
that and the fact that I can't get the equity I need to buy her out

Annisele

How much do you earn, how much do you owe now, and how much extra are you trying to borrow?

If you earn, say, £20k, and you're trying to borrow £250k, then it's an absolute non-starter no matter the state of your credit record. Different figures, then maybe.

AntsMc

I earn about 28000
the current mortgage is 67000 and the bank valued the house at 95000
I'm looking to remortgage to 77000, that give me 10k for my wife

my original mortgage broker said it wouldn't be a problem, but then dropped me like a hot potato