Wife on ex partners mortgage

Thom1982

Hello,

I was wondering if I could get some advice please as I've searched online and found nothing so far.

Basically my Wife of a year is still on a joint mortgage with her ex partner (not married), both separated over 6 years ago. He has been living in the property since then and paying the mortgage on his own. Due to him having an IVA he has been told he wouldn't be able to take over the mortgage on his own.

My wife and I are now wanting to get our first house together and are concerned that our chances will be effected due to this. The reason that he has remained in the house is due to the kids staying with him each weekend and us not wanting him to move to a small bedsit/ his parents or somewhere else that wouldn't be suitable for kids to spend time with him at.

He has been in contact with the building society who have said that my wife still being on the older mortgage will not effect us when we apply for a new mortgage!

Could anyone explain if this is true?

Thanks in Advance.

benten69

Thom1982 wrote: »

He has been in contact with the building society who have said that my wife still being on the older mortgage will not effect us when we apply for a new mortgage!

Could anyone explain if this is true?

It will have an effect, as when the new lender does a credit check they will clearly see she has the old mortgage in her name that she is responsible for. Whether or not she is paying towards it is likely to be irrelevant, as on paper, it is still in her name, and she bears as much legal responsability to make sure payments are made as her ex.

Any bank looking at it might be concerned as to whether or not she will be able to afford to pay for a 2nd mortgage, but that also depends on your joint incomes, loan to value percentage you are looking to borrow, etc, etc.

It will 100% be taken into consideration when you apply for the new mortgage, but whether or not that stops you getting a new mortgage is something that really depends on your individual circumstances. I would speak to a professional "all of market" broker.

The broker will be able to get more information from you about your finances and in turn give better advice, but the bottom line is really with the lender themselves. Some are more fussy than others, some might dismiss your application all together because of it, others wont see it as much of an issue, but that is where the broker comes in, they will know which lenders are more or less likely to take you on under your circumstances.

AnotherJoe

Is your wife on the deeds of the house? If so, then you are going to have a 3% SDLT tax hit when you purchase together as she will be buying a second property.

As your wife is theoretically (well, actually) liable to pay the whole mortgage it will almost certainly affect your application unless you have a very understanding lender, because if the ex stopped paying she is next in line.

I think you most likely are going to have to bite the bullet and get her off the mortgage and if that means ex cant afford it, downsize. Otherwise its going to be a very expensive weekend cottage for the kids.

Thrugelmir

Thom1982 wrote: »

Basically my Wife of a year is still on a joint mortgage with her ex partner (not married), both separated over 6 years ago.

Rewind. Why?

The situation needs to be resolved.

AnotherJoe

Thrugelmir wrote: »

Rewind. Why?
.

See part three in the OP

The reason that he has remained in the house is due to the kids staying with him each weekend and us not wanting him to move to a small bedsit/ his parents or somewhere else that wouldn't be suitable for kids to spend time with him at.

Pa_Ja

To simply answer, Yes. Your wife's name being on the mortgage will greatly affect the affordability of your joint application.

Regardless of the nature of the separation, this issue must be resolved so you, your wife and family can all move on. It may seem selfish but you can't please everyone all the time.