Removing partner from mortgage without funds to remortgage

AntsMc

I've had a look online for 'adverse lenders' but it's getting a bit scary now as I've never heard of any of the companies.
Could anyone give a heads up to companies they've used or heard good reports on ?
Not sure if your allowed to name companies on the forum, just thought I'd ask

Thrugelmir

prowla wrote: »

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

When couples separate it's more often or not the case that the new mortgage isn't affordable. Nothing to do with new rules. People have to accept that they need to drop down the property ladder and start over again.

AntsMc

Thrugelmir wrote: »

When couples separate it's more often or not the case that the new mortgage isn't affordable. Nothing to do with new rules. People have to accept that they need to drop down the property ladder and start over again.

Dropping down the ladder would still require another mortgage so unfortunately doesn't really help, I see what you mean though.

Thrugelmir

AntsMc wrote: »

Dropping down the ladder would still require another mortgage so unfortunately doesn't really help, I see what you mean though.

You mentioned unaffordable car finance. Then selling the property will give you an opportunity to address your own financial issues too.

AntsMc

Yes your probably right.
It'd be tricky trying to sell, but might have to in the end.

Barpeeler

Going through something similar myself, been very dragged out and still not over so I would suggest just cut your losses and have a clean break from your ex partner

themull1

Thrugelmir wrote: »

When couples separate it's more often or not the case that the new mortgage isn't affordable. Nothing to do with new rules. People have to accept that they need to drop down the property ladder and start over again.

Obviously depends on the mortgage thats left when a couple separates. I didnt drop down the property ladder.

Thrugelmir

themull1 wrote: »

Obviously depends on the mortgage thats left when a couple separates. I didnt drop down the property ladder.

Many factors come into play. Those that start with high LTV mortgages are most at risk. As takes many years to build a sizable amount of equity.

prowla

Thrugelmir wrote: »

When couples separate it's more often or not the case that the new mortgage isn't affordable. Nothing to do with new rules. People have to accept that they need to drop down the property ladder and start over again.

It is to do with the new rules.
I've recently been through the process, and the mortgage company agreed no problem.
But there were a couple of hold-ups and the process stalled for a few months.
When I went again, the new rules had kicked in and the checks were more stringent.

(Of course, the other may be true too...)

Thrugelmir

prowla wrote: »

It is to do with the new rules.

Which rules are you referring to?