Change of borrower with mortgage.

Devons_best

Hello! Does anyone have any experience or advice for change of borrower with a mortgage company after divorce? My divorce has just gone through, my solicitor is dealing with change of property ownership with land registry (which was agreed by the mortgage company).

I have been getting conflicting information from my mortgage providor having phoned them several times. I have just left a fixed term contract (they said no way for mortgage with fixed term contract) as it was a maternity cover and not renewed. I used to run my own business so have gone back to doing that but have a 2 year gap of tax return income.

At first I was told I would need Tax returns to prove my income 2 years but ideally 3, possibly getting away with 1. In effect applying for a new mortgage and all the nightmare that goes with that.

This tax year will have income from 7 months only due to when my job ended but will clearly give an idea of my income especially when compared with my tax returns prior to taking the paid employment contract.

The most recent call about an different enquiry told me that there was an actual 'change of borrower' department and it would be a matter of them just looking at my bank records for last few months and credit checks thereby establishing the affordability. This sounds almost too easy and unlikely that they have a whole 'change of borrower' department!? Has anyone heard of this? It seems strange that it wasn't mentioned on earlier calls.

If it is a case of looking at bank records and checking affordability though is it better to try and do as soon as possible? - I have good money coming in at the moment (deposits) and it would be a weight of my mind to sort it out. Or should I wait and make sure I am in a stronger position (pay off debts, get some savings behind me. stop paying my solicitor £200 a month!!!) I've already paid a chunk of debts off when the divorce went through so that should reflect in my credit check in a month or so.

My temptation is to do it as quickly as possible because there presumably would be nothing to stop me trying again in another few months if for some reason they wouldn't allow it now? A condition of my divorce and taking on the mortgage and debts is to get my ex released from the debt as quickly as reasonably possible. I can sort the debt no problem but want to do the mortgage first as I don't want the extra credit checks showing on my record until after the mortgage has gone through

Any advice I would really appreciate it.

According to mortgage calculators the loan amount would be what my mortgage is now but I assume that total figure is based on a 25 year period and I have 15 years left on mortgage so don't want to start again!

eddddy

I think you're being told the same thing each time you phone - but in different levels of detail.

Before letting you take over the mortgage, they will check affordability (by looking at your tax returns; incomings and outgoings on your accounts etc).

It sounds like it will be done by the 'change of borrower' team - but they will probably use the same criteria as if you are a new customer.

If you want to repay your mortgage in 15 years instead of 25 years, the monthly repayments will be higher. So a 25 year mortgage may be 'affordable', but not a 15 year mortgage. (Most mortgage calculators should show you this.)