HELP! Will I be able to get a mortgage?

hewhoknows1973

Hi all,

My first post so a big hello to everyone.

I currently have a mortgage with my ex-wife on our former family home, she is still living their with the children. I do not contribute to the mortgage at all and haven't done for over 18 months and have an indemnity policy stating I do not contribute to the mortgage nor will ever have to. She pays for everything as she lives there an I dont.

My question is, what would be my position when looking to get a mortgage on a home for myself?

Would mortgage companies take into account I have an indemnity policy covering me for the mortgage I am currently named on that I dont pay for?

Hope the above makes some sort of sense and thanks for any comments.

Wh05apk

I have never heard of an indemnity policy for this, but whilst you are named on another mortgage, your income would need to be sufficient to cover both mortgages.

hewhoknows1973

Its part of a divorce and is written by the solicitor. This is the only way my ex-wife can keep the house. Basically says that she will continue to pay the mortgage as part of the divorce and I any responsibility for meeting mortgage payments is removed from me unless the mortgage falls into arrears. If that happens I would then make payments and she would have to pay me via a court order.

HappyMJ

hewhoknows1973 wrote: »

Its part of a divorce and is written by the solicitor. This is the only way my ex-wife can keep the house. Basically says that she will continue to pay the mortgage as part of the divorce and I any responsibility for meeting mortgage payments is removed from me unless the mortgage falls into arrears. If that happens I would then make payments and she would have to pay me via a court order.

That's not a policy...that's just an agreement. You are responsible for the payments if the mortgage falls into arrears so although you don't make them now the potential liability for them will be taken into account in an affordability calculation. You could get her to pay you via court order but what if she has nothing? You get nothing.

hewhoknows1973

How does this affect my potential to get a mortgage on a property either by myself or with a new partner?

Contemptuous

hewhoknows1973 wrote: »

How does this affect my potential to get a mortgage on a property either by myself or with a new partner?

You (either solely or with a new partner) will need to be earning enough to afford both mortgages.

Jhoney_2

See post 2.

You are still legally liable for the mortgage where your ex and your children live. The fact that you neither live there or pay towards it makes no difference to your liability for it.

Therefore, if that mortgage is 100k and e.g your earnings allow you to borrow 300k, you may get up to 200k for a new property (subject to MMR rules, your financial background re loans, debts etc)

Floxxie

Were there any time stipulations for your wife to remortgage or is it just 'to use her best endeavours' to remove you from the mortgage?