Delinking NRAM together mortgage after IVA completion.

Claireus7

Hi all,


I hope I am posting in the correct place (apologies if not)


I am looking for some advice on my NRAM together mortgage.
Me and my ex partner took out the mortgage in 2007 £102500 secured and £7500 unsecured. The relationship broke down a couple of years later and ex left the property in 2010 leaving me in a harsh situation of having 2 very young children and the mortgage to contend with on my own. He has little contact with us since and refused from the off to acknowledge any responsibility towards any of the debt.
I entered in to an IVA in Dec 2012 which is due to end this coming December. The unsecured together loan was included as one of my creditors, I have always paid the secured as normal with no defaults.


I am in a position now where I would like to look at re-mortgaging next year/asap (a sole mortgage)
I understand that this depends on building up my credit rating again so may take longer etc


My questions are as follows


1. Will I be able to re-mortgage just the secured part (delink the debts)? Obviously there will still be an outstanding amount on the unsecured but my obligation and responsibility towards this will be 'gone' so to speak when my iva completes. Will the unsecured debt just stay in ex's name or could this cause issues with me trying to re-mortgage?


2. Will I be able to re-mortgage (assuming I get accepted) without his permission? Or will he have to sign paperwork to approve the sale?


Many thanks in advance for reading.
Claire

Neutrinno

Hi Claire,

Firstly, don't worry about your credit rating/score. Once you have completed your IVA and it's been over 6 years since inception of the IVA then you would be in a good position to obtain credit or remortgage on the high-street again. Ensure your credit file is clear though which includes ensuring any old defaults that were included in your IVA are all correctly dated - dated before your IVA start date.

1. Yes, you will only be remortgaging the secured part. The unsecured part is no longer an obligation if it was included in your IVA, provided you complete your IVA satisfactory you will no longer be liable for this debt.

2. No, you will need his permission for him to come off the mortgage. You can't remortgage and take someone else off without their consent.

antrobus

Neutrinno wrote: »

...

2. No, you will need his permission for him to come off the mortgage. You can't remortgage and take someone else off without their consent.

OP will need ex partner's consent to come off the title to the property.

Ex partner may or may not expect to be paid for s chunk of the equity. Depending on who paid what etc, and whether or not NRAM will now be chasing them for the balance on the unsecured chunk.

It is NRAM who needs to release the ex partner from their obligations under mortgage, NRAM will, of course happily accept the money that arrives from the new lender. NRAM doesn't do lending anymore, Whether OP can find a new lender I do not know.

Claireus7

Thanks for your replies guys.


Of course I would rather keep the equity value in the property when I re-mortgage, however I understand that being jointly named on the mortgage, he is entitled to 'his share'.


So just to confirm, I need to have ex's permission to re-mortgage from Nram and also to be able to change the deeds.
Sorry for the extra questions, I am not quite sure where to start with everything. Obviously tracking the ex down is my first task. I assume I will need a solicitor to handle this side of things - is there a form or declaration that they can provide to cover all angles (and If I am lucky enough) for him to relinquish all claim to the property or equity funds? There is no way that he would deal with NRAM directly due to the outstanding amounts on the unsecured.


Many thanks.
Claire