Buy to Let - termination?

2520years

Hi all

I hope an expert can help.

Long story short:
Joint buy-to-let mortgage, let the property for a few years
Divorced so had to move in myself, told mortgage provider who weren’t fussed
7 years later ex-wife stirs things up and mortgage provider write (twice) asking what my intentions are

I can’t afford to move house and there isn’t much equity in the property (especially if it’s halved) - definitely less than £10k.

How much effort do you think the mortgage provider will put into this after 7 years?

Please can any with expertise advise?

Thanks

sal_III

Your post is extremely unclear.

Are you really divorced? How come you still have joint mortgage?

What do you mean by "told mortgage provider who weren!!!8217;t fussed"? Did you live in the property for 7 years as your main residence while paying BTL mortgage rates?

What do you mean by "ex-wife stirs things up and mortgage provider write (twice) asking what my intentions are"? Is she looking to get out of the mortgage?

What do you mean by "How much effort do you think the mortgage provider will put into this after 7 years?"

ACG

I think you are being a little pedantic here Sal.

sal_III wrote: »

Your post is extremely unclear.

Are you really divorced? How come you still have joint mortgage?
- You can have a Mortgage and be divorced. Plenty of threads on here confirm that.
What do you mean by "told mortgage provider who weren!!!8217;t fussed"? Did you live in the property for 7 years as your main residence while paying BTL mortgage rates?
- Im guessing he told them he moved in and they said ok.

What do you mean by "ex-wife stirs things up and mortgage provider write (twice) asking what my intentions are"? Is she looking to get out of the mortgage?
- My guess is she wants off the Mortgage and is trying to get the lender to do her "dirty work" and force our OPs hand.

What do you mean by "How much effort do you think the mortgage provider will put into this after 7 years?"
- Im guessing he means, are they likely to force him to move out or threaten to call in the loan.

If you are divorced, it is probably best to draw a line under it and sell up. Chances are once you take in to account any CGT liability from when it was let out, there will be even less equity in it.

Is remortgaging and paying off your ex an option? It saves on the estate agent fees and gets rid of her. The ex may be happy to forgo any equity in order to get her name off? Have you asked what it is she wants?

2520years

Thanks ACG. You're assessments are all correct. It's complicated so I was trying to keep to the basics.

3 years after we split she went down the IVA route - now she's trying to move to a new rented house and keeps being turned down (no surprise really) but blames it on the fact she's got our mortgage on her financial record, not the IVA.

I don't want her on the mortgage, but I'm currently paying £180pcm, which will rise to over £400pcm if I reapply in my own. (BTW I know these figures sound very low, but I am chronically ill and so can only work part-time)

To be honest I'd like to test the mortgage providers will, and stall them as much as possible. I'm not sure if that's possible though.

Thrugelmir

2520years wrote: »

To be honest I'd like to test the mortgage providers will, and stall them as much as possible. I'm not sure if that's possible though.

Sounds as if you'll be testing your ex's will as well.

2520years

I have no idea how I can afford >£400pcm on a part-time wage, so I!!!8217;ve got little choice.

sal_III

2520years wrote: »

I have no idea how I can afford >£400pcm on a part-time wage, so I!!!8217;ve got little choice.

Are you paying 1/2 of the mortgage now? I don't understand how £180pcm on a joint BTL mortgage will result £400+ for a solo residential mortgage.

Bear in mind that you might force your ex hand and go down the court route which will cost you both. Imagine how does she feels, paying for a mortgage for a property she neither lives in nor receives rent for.

2520years

sal_III wrote: »

Are you paying 1/2 of the mortgage now? I don't understand how £180pcm on a joint BTL mortgage will result £400+ for a solo residential mortgage.

Bear in mind that you might force your ex hand and go down the court route which will cost you both. Imagine how does she feels, paying for a mortgage for a property she neither lives in nor receives rent for.

Hi. No, I’ve paid the mortgage for the last 7 years, for a new kitchen and all the maintenance etc.

It’s interest only, which is why it’s so cheap. I know that’s not ideal, but it’s a lifesaver in my circumstances so I feel very lucky to have it.