Re-Mortgage minefield

Hi Guys - first post on here - think I'm in the right place! Long story cut short - separated from OH 5 years ago, since then been paying the mortgage (offset) myself as I stayed in the house. I have not been financially able to take the mortgage on my own up until now - sadly Mum passed away last year and I now have a reasonable inheritance with which to make a large deposit on a new mortgage and only have a much reduced mortgage in my own name. Ex is coming upto the end of an IVA and wants to be free of his name on the mortgage and has signed forms to the current mortgage lender to give consent. He does not want any money out (don't think he can due to IVA??). Having spoken with current lenders and advised of the size of re-mortgage, they have insisted that (Its an off-set) I pay the 'deposit' into the pot prior to any new offer being made. Very concerned that this leaves me very exposed with regards to the ex then making a claim on the 'equity'. No one seems to be able to advise on this situation - tried legal and financial advisors and want to get this sorted ASAP and free from any more 'dealings' with Ex. Concerned that they want the 'overpayment' now so that there maybe financial penalties involved and thus they make more money from me. Don't really understand why they are insisting on the overpayment? surely a re-mortgage is a re-mortgage and no link to the existing? I do have the funds to completely clear the mortgage and then request the transfer of deeds into my name - but having read through previous threads want to keep back some 'emergency' funds for investment etc. Hope this is the right place for this - and someone can shed some light on the predicament -

Replies

  • ChelseaFChelseaF Forumite
    7 Posts
    So I have not perhaps posted into the correct thread? If this needs re-directing, please could someone advise or maybe it is one of those questions that no one has the answer to or able to offer any advice, really feel up against a wall with this one, the intention in the long (ish) term is to be mortgage free as soon as possible, but need the first steps to getting there first!!!
  • Watty1Watty1 Forumite
    3.9K Posts
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Forumite
    This board is really full of us waffling on joyfully about how to overpay our mortgages. I think the best board for you might be the Mortgages and Endowments board. Try posting over there :)
    Made it to mortgage free but what a muddle that became

    In the event the proverbial hits the fan then co-habitees are better stashing their cash than being mortgage free !!
  • ChelseaFChelseaF Forumite
    7 Posts
    Thankyou Watty 1 - I will meander on over there - then perhaps once sorted I can meander back on over here!!
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