Morgage minefield

ChelseaF

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>

ACG

His name coming off the mortgage does not mean you have to alter the mortgage. So you can send the money to your solicitor who can then pay it to the lender on completion of his name coming off?

Is the lender Woolwich/Barclays?
If so then you set up a new savings account (as you can link 5 I think) and just put the saving pot in an account in your name only.

ChelseaF

The mortgage company will not just take his name off - I have to re-mortgage in my name alone, I have advised of the deposit to be put down enabling me to have a mortgage a quarter of the value it is now - they will not make any new offers unless the overpayment of the deposit amount is made against the current mortgage in both names - couldn't explain why just that this was how it had to be!! recommended legal advice, after contacting a solicitor they said this was unusual but couldn't really help - financial advisor said the same and that I would not get another mortgage with the situation as it is!!!!!! I really need this sorting before his IVA completes due to any potential shortfalls he might have and frustratingly I have the money sat in my account and I need it working for me!!

ACG

That does not sound right to me.
I realise that probably does not help, but either one of us has it wrong or there is some information missing somewhere.

ChelseaF

nothing missing!!! We were not married - had no other financial ties other than the mortgage, which I have paid for the past 5 years. He actually started this ball rolling prior to losing my Mum as it is classed as a liability with regards the IVA and he was told that was pretty much what should happen - we both signed the forms agreeing for the mortgage to be in my name only - transfer of deeds etc and Bobs your Uncle!! Further conversations with the Mortgage Co have resulted in the almost stalemate situation as above - no one I have spoken to can understand why they are requesting the overpayment prior to any new offer etc. its frustrating to say the least!

ThePants999

If your mortgage company is being silly, move. I mean, if you're having to re-mortgage anyway, then might as well take this opportunity to get the best rate on the market, and as a side effect you won't be subject to this lender's lack of common sense.

ChelseaF

Think that the best option, ThePants999, however financial advisor chap I spoke to said no one else will offer a mortgage with the situation as it is???!!!!!!!! Perhaps not picked the most helpful folks to pick up the phone to for help me thinks!