Will I get a mortgage

Barpeeler

Hi

I'm currently named on a mortgage with my ex-wife, she makes all the payments and is fully up to date, she will be taking me off very soon hopefully but in the meantime will this stop me getting a new mortgage with my new partner?

Mathew

No doubt it will influence the decision all the time your on it! Whether you get another one depends on lots of other variables - have you asked them !?

Barpeeler

I've not asked anyone yet as still waiting to get my preferred deposit together, just wondering if I need to put any pressure on her to speed up the process or sell the house completely? There is a small equity on the property but I won't see anything from that

Thrugelmir

At the moment you have a liability for another mortgage. So yes it will impact affordability. Your ex needs to resolve the issue of the existing mortgage.

Mathew

All the time you are liable for another mortgage it will havean inevitable impact on other lending. The smallest debt can have a suprising impact on what lenders will be prepared to lend!

Barpeeler

Thanks for the replys, hopefully I will be removed very soon!

lafemme51

Barpeeler wrote: »

Thanks for the replys, hopefully I will be removed very soon!

You are only allowed one residential mortgage so until your name is off the mortgage with your ex you will not be able to apply for a mortgage.

Also it can show on credit file for 12 weeks after a mortgage has been discharged/transfer has taken place so you will need to evidence the Transfer document (signed and dated) when applying to new lender otherwise they will see your old mortgage on credit check.

Barpeeler

Thank you lafemme51

kingstreet

lafemme51 wrote: »

You are only allowed one residential mortgage so until your name is off the mortgage with your ex you will not be able to apply for a mortgage

Not true.

Some lenders may not allow more than one, but that is their policy decision, not a rule/law for the whole market.

If what you say about 12 weeks is true, how do homeowners move house?

mrginge

lafemme51 wrote: »

You are only allowed one residential mortgage so until your name is off the mortgage with your ex you will not be able to apply for a mortgage.

Also it can show on credit file for 12 weeks after a mortgage has been discharged/transfer has taken place so you will need to evidence the Transfer document (signed and dated) when applying to new lender otherwise they will see your old mortgage on credit check.

Looks like someone is getting into the christmas sprit a bit early this year.
_party_ :beer: :xmassign: