Mortgage but still on ex's mortgage.

get_me_outta_this_mess

Hi,

Looking for a little advice... me and an ex partner had a mortgage together and we have split up a few years ago. Neither of us bothered with sorting out the mortgage (stupid i know, i was happy as she was paying the bills and mortgage and she was happy as she had somewhere to live. Now time has gone on and inevitably I am now in the position to buy my own place, i have spoke to the ex and said i don't want anything from the house just my name of the mortgage, she is looking into this with her new partner so i am not too worried. In the interim i would like to look into buying a new place, my question i am after advice on. Could i look into getting a mortgage offer as if i am in a chain waiting for my name to come off the old one? Or something to that effect?

Not sure if this makes sense but any advice would be great.

Alter_ego

Can ex afford a mortgage in her own name?

Thrugelmir

The existing mortgage would be considered a liability and therefore impact affordability calculations. Lenders aren't going to second guess what's going to happen. Therefore you need to find resolution as quickly as possible. By wanting none of the equity that certainly helps matters. Was the original mortgage on an interest only or repayment basis.

get_me_outta_this_mess

Hi, thanks for prompt replies, she can afford it on her own comfortably and has been paying it for past 7 years! (feel free to scold me for leaving it so long to sort out). It is a repayment mortgage also and after speaking to her she has said the balance is about £50k, i think they are planning to put down a deposit of between 10k-30k to get a new mortgage so not worried about that.

Also on my credit report the mortgage doesnt show up, is this common or not, i know the company it used to be with went bust and got brought by someone else, but i would have still thought it should be there.

Thrugelmir

get_me_outta_this_mess wrote: »

Also on my credit report the mortgage doesnt show up, is this common or not, i know the company it used to be with went bust and got brought by someone else, but i would have still thought it should be there.

Whether it appears or not. You would still need to declare the existing mortgage on your application form. Failure to do so is paramount to fraud. For the sake of a few weeks. Not worth the downside risk.

get_me_outta_this_mess

Yeah was always going to declare it, i guess the best option is just to see the bank explain situation and maybe put a little polite pressure on the ex to sort it out. I thought this was what i would have to do just wanted a bit of confirmation on best way to go about it. Have found a place i like but if i need wait and miss out so be it, will be a great relief when finally off the old mortgage. Appreciate all replies! Cheers!

Debtslayer

Sounds like you are on good speaking terms with your ex?
Although I surprised she hasn't wanted your name off mortgage before as she's been paying it for 7 years.
Does she know you're in a position to be looking for your own home now? If not then explain you need this sorted asap, I'm sure she will also want it all done quickly too as you're not asking for anything from the property

Pixie5740

You will want your name off the mortgage and deeds before you complete the purchase of the new property otherwise you will be liable for the higher rate of SDLT.

kingstreet

Like any other credit commitment which won't exist after completion of the new mortgage/purchase, you enter the existing mortgage and hit the 'to be repaid on or before completion' box and brief your solicitor accordingly.

get_me_outta_this_mess

Once again thanks all for the advice, has really helped clear my mind and plan the next move. This place is flippin amazing!

dimbo61

Your EX needs to get this sorted ASAP
Now is a very good time to remortgage the property into her name or her and new partner.
Some very good mortgage deals out there and unless she/her partner have a poor credit score ( credit card debts, loans, Arrears on the mortgage ? ) they may well get a good deal.
Does she work ? Full time ?
Without getting this sorted now I doubt you will get another mortgage