help from a broker please

happe

I am in a bit of a complicated situation and need some advice please.

I live in what was the matrimonial home. The mortgage is solely in the name of my ex. Ownership should have been transferred to me (subject to a charge for his 40%) but this never happened.

The original mortgage is interest only (ex cashed in and spent the endowment) and is due to be repaid in January when the 25 years is up.

We have agreed a value on the house of £220,000. The bank wants £57,000 and his share comes to around £59,000 meaning I need to fund £116,000.

Here's where my problems start:

I have some adverse credit in the form of a couple of ccjs both less than £400 (yes i know im stupid) and the bank that the mortgage is with now will not lend to me with ccjs so I need to find another lender.
I do have a partner who earns enough on his own to borrow £116,000 and he will be a FTB so could get a good deal we think.

The bank has said basically we will be purchasing the house from my ex for £116,000 but Im sure I have read that this cannot be done.

I know we are going to need a broker for this and if any of you work in the Essex area id be pleased to hear from you but just wanted to know if I have any chance of keeping my home after all these years or should I just put it up for sale now?

Thank you for your help x

ACG

At 50% LTV I would be very confident there would be a lender for this, easier said than done but I do not think you should be worrying about losing your home based on what you have said.

Dave Ham who is a member on here is a broker based in Essex or around that neck of the woods.

happe

Thank you very much x I will search out Dave Ham asap x

happe

Just thought I would update this. I contacted Dave Ham who kindly put me onto one of his colleagues Paul. I explained the whole story, sent off a fact finding questionnaire. It soon became clear that I had some issues that couldn't be placed but Paul had spoken to his contacts and he managed to get an Dip for my partner. This despite him having no credit history and me gifting him £125,000 worth of equity and continuing to live in the property with him.
We received the formal offer this morning, it's with Natwest at 1.56% so we are extremely relieved and happy and of course very very grateful to Paul at Simply Finance.