complicated mortgage credit

ninjaguppy

Hi guys! Long story


separated from ex partner(not married) 9 years ago. We had a joint mortgage but as she had two kids I offered to leave and she could stay in the house so they would not be homeless and she would pay the mortgage which she could afford.


I had my own 2nd property on a buy to let which I moved back into. Now this is where it gets tricky as I applied to get the buy to let swapped to repayment and was refused. Checked my credit and she has been missing payments regularly for the last year basically knackering my credit.


I contacted her and was like !!!!!!. She was like doesn't matter because in 10 years my mum will pay it all off and ill be ok. Problem is I need to remortgage and I cant with credit and her attitude so I will lose my home and she will sit in the house not paying the mortgage.


What can I do? Its been terrible stress. 2 mortgages and nowhere to live and she wont cooperate and of course cant buy me out as credit has gone to hell.....What should I do I am lost sometimes I think I should throw myself in the river and let insurance pay it all off.....I earn good money and never miss a bill.

[Deleted User]

If your BTL mortgage is interest only, why not make overpayments, effectively making it repayment?

ninjaguppy

I have been doing but it expires and needs re-mortgaging and they wont as I now have crap credit. I never miss a payment and I don't want to lose my home...

glentoran99

ninjaguppy wrote: »

I have been doing but it expires and needs re-mortgaging and they wont as I now have crap credit. I never miss a payment and I don't want to lose my home...

I presume your deal is just ending, you don't need to remortgage, the mortgage will continue

[Deleted User]

Carry on paying, until your circumstances improve and you can remortgage.

Superscrooge

ninjaguppy wrote: »

I have been doing but it expires and needs re-mortgaging and they wont as I now have crap credit. I never miss a payment and I don't want to lose my home...

You are going through a tough time so you have my sympathy.

I'm assuming from your post that your fixed rate deal is coming to an end and you are unable to remortgage onto another fix?

Your mortgage will still continue. But it will be at the standard variable rate.

You say you are earning good money. If you can make overpayments as previously suggested, your LTV will improve and you should be able to get a decent fixed rate in 12 months time,

ninjaguppy

no as it was a buy to let it expires in October. And the full amount is payable the plan was to transfer onto repayment and carry on overpaying as I am now living there but her behavior has put pay to that!!


I was not aware of her missed payments at all or I would have paid them!

kindofagilr

ninjaguppy wrote: »

.What should I do I am lost sometimes I think I should throw myself in the river and let insurance pay it all off.....I earn good money and never miss a bill.

If you really feel like that, please call Samaritans 116123

sivs

I am confused... Are you saying your mortgage term is over?

If not and it is only the fixed deal - can you not get a retention deal? Most providers do not credit check you for this so the missed payments should not be an issue.

If not then the only open I see is yo get your property on the market _ I would also contact your mortgage company as they could extend term of your mortgage.

National_Debtline

Hi there,


I would suggest speaking to an independent mortgage broker about possible options to re-mortgage and what you could do over the next 9months or so to help improve the situation. You can also write to the lender and ask if they will informally allow the mortgage to carry on beyond the expiry date, which is completely at their discretion but worth a try (especially if you can explain it all in a letter).

ninjaguppy wrote: »

I contacted her and was like !!!!!!. She was like doesn't matter because in 10 years my mum will pay it all off and ill be ok. Problem is I need to remortgage and I cant with credit and her attitude so I will lose my home and she will sit in the house not paying the mortgage.

Please be aware that if she is in arrears with this property and isn't dealing with the arrears then they can repossess. The lender is very unlikely to wait 10years with no monthly payment and nothing to the arrears. As you are still named on this house you can get involved with this problem and ask the lender to write to you at your new address. You can also ask for more details about how much is owed, how much the monthly payments are, how much (if any) is being paid to the arrears, whether or not they are going through court etc. This may help you - depending on the situation.


How much equity is in the property? I appreciate it would be a last resort but if there is nothing else you could consider selling it and banking the money until your credit file improves and then trying to get back on the property ladder.

Laura
@natdebtline

ninjaguppy

I have put my home up for sale and I have been to solicitors with a view to forcing a sale through court if necessary. It seems madness she would rather go to court and lose all equity in fees and split when I offered her to sell it and she could keep all the equity and not split 50/50.


Shame I will lose my home but I will have to rent for a couple of years till it blows over a bit so to speak on my credit file....very upsetting and no doubt more stress to come with legal fees and court appearances.