Mortgage after divorce

Thomasmcg76

Hi folks,
I'm looking for some advice. I moved out of the marital home 5 years ago and have since divorced. We have been unable to settle the financial arrangements and have not went to court to do so. There are no assets except the house which has very little equity. My ex wife rents out the house and I do not contribute to the mortgage,. All mortgage payments are up to date. My credit rating is good.
Can I apply for a mortgage on a new home with a reasonable chance of success?
Thanks
Thomas

foxy-stoat

Thomasmcg76 wrote: »

Hi folks,
I'm looking for some advice. I moved out of the marital home 5 years ago and have since divorced. We have been unable to settle the financial arrangements and have not went to court to do so. There are no assets except the house which has very little equity. My ex wife rents out the house and I do not contribute to the mortgage,. All mortgage payments are up to date. My credit rating is good.
Can I apply for a mortgage on a new home with a reasonable chance of success?
Thanks
Thomas

Of course you can apply - with the information you have given, no one will know if you have any chance of success though.

Good lucks

Thomasmcg76

I suppose what I am asking is, as I technically already have a mortgage, would any lender be willing to give me another?
Please excuse my naivety, I have very limited experience in this field.
Thanks

AnotherJoe

Thomasmcg76 wrote: »

I suppose what I am asking is, as I technically already have a mortgage, would any lender be willing to give me another?
Please excuse my naivety, I have very limited experience in this field.
Thanks

Its a financial issue. Some people have plenty of money and can afford two houses, others cant. Since you give zero financial info as FS said there's no way to know, however from a lenders POV, if your ex stopped making payments, you'd be on the hook for that mortgage as well as theirs. Do you reckon you can afford to pay two mortgages? So, hazarding a guess, "if you need to ask the price, you cant afford it".

Its key that you make a full and clean break. Can you just sign over all equity in the old house to your ex? If she is getting rental income from it that might be possible even if she cant afford the mortgage on her income. As a BTL the sums may work out.

You need to make a clean break. Get on the case.

Thomasmcg76

Thanks Joe, I will. Ex has stopped all communication though, even through lawyers. Was hoping not to go down the courts route but it is hampering me moving on with things.
Cheers

foxy-stoat

So what are the numbers?

Salary
Unsecured debt
Secured debt
Deposit
Purchase price

Thats a start.....

The issue with still being on the mortgage on the first property will need sorting out sooner or later as anything you do now would be effected if your ex stopped paying the mortgage and you suddenly had 2 mortgages to pay...also are you technically a landlord?

AnotherJoe

Thomasmcg76 wrote: »

Thanks Joe, I will. Ex has stopped all communication though, even through lawyers. Was hoping not to go down the courts route but it is hampering me moving on with things.
Cheers

A threat (via a solicitor) to take court action to sell unless she agrees to take over all payments by taking out her own mortgage, with the carrot of you relinquishing all equity, is probably your next step then (pointing out she would likely be liable for the court costs)
Next step is actually doing that.
Good luck.

Thomasmcg76

I guess I am technically a landlord although I was not involved in the process at all and have never received anything from the rental.
Have already threatened court action so I guess following that through is the only option.