Desperate mortgage help.....

Cornwall_Living

Hi.. I'm hoping someone will be able to help.

I've been divorced for a while, but am still on the mortgage of our old house.
I am now looking a buying again, but need to remove myself from this mortgage. My ex-wife and her new partner are happy for this, however Nat West will not put him on the mortgage.

The details are:
£250,000 house.
£38,000 left to pay
No arrears.

Ex-wife is in her first year of self-employment and her partner earns £18,900 pa.

I would have thought this would have been enough to cover the £38,000.

Does anyone have any suggestions?

Thanks in advance.
Ben

kingstreet

They will need to change lender or wait until she has at least a year's trading figures then change lender depending on what the issues are.

Mortgage_Adviser

They could have quiet some unsecured debts such as loans, credit cards and car finances beween them, so the affordability is affected.

ACG

When she has her first years figures (which could be next week), Natwest may be prepared to work with just one years figures. It does not fit standard criteria with them, but at a low LTV, an existing customer they may make an exception.

Failing that, it would need to be a new lender.

However, there are potentially lenders who will accept you with your name being on that property, but like anything the devil is in the detail. It might be worth having a chat with a broker.

Thrugelmir

Cornwall_Living wrote: »

I've been divorced for a while, but am still on the mortgage of our old house.

What was agreed in the financial consent order?