Mortgage Advice

sparxxx80

HI everyone,

Wondering if any of you would be able to give me some advice. I will keep things to the point otherwise this could be a very long wall of text:

The Facts:

• I (M age 38) Married and moved in with my wife (F age 52) in 2014
• Wife owns house with ex-husband (Northern Rock/NRAM)
• Just before they divorced ex-husband changed mortgage to Interest Only which it still is today
• Upon divorce my wife and her ex-husband agreed that she would continue to pay mortgage and household bills (and remain in the house with the children) and he would take on all other debts (credit cards/loans)
• Since then ex-husband has taken out an IVA and all debts have fallen to wife
• Ex-husband is quite happy for his name to be taken off the mortgage
• We both have poor-average credit scores / no savings
• We have a combined income of £65k

The Questions:

• Im under the impression that you cannot 'change parties' on a mortgage and for us to change names we would need to re-apply for a new mortgage? Is this correct?
• If so would we be better off applying elsewhere?
• Would we even be able to get a mortgage?
• Can you recommend a good advisor that would be able to help us?

We basically just want to get out of the situation where my wife is still forced to have a financial link to her ex husband, which is also only paying interest only. My wife has never missed a mortgage payment on her own and with our combined incomes we would be able to cover the mortgage with relative ease, please can anyone help?

Thanks in advance

Thrugelmir

NRAM are not underwriting new business. Remortgaging to a new lender is your only option.

Having said the above. There's nothing to stop you overpaying the mortgage until such time as refinance.

What plans do you have to repay the mortgage debt?

When you say they agreed the division of assets when they divorced. Was this formalised with a financial consent order?

Arrange to meet a few local mortgage brokers. Nothing better than face to face meetings before deciding who to use.

sparxxx80

Thanks for the reply.

So there is no way we can just have a change of parties with NRAM and change the mortgage to a repayment one?

We actually dont have a plan to repay the mortgage debt - thats why we are trying to sort this now so we can change to repayment.

I do not believe it was formalised with a financial consent order. I will check with my wife when she comes home.

When speaking to brokers - what are we looking for? As in how do we know which ones we can trust?

Thanks

ACG

Im under the impression that you cannot 'change parties' on a mortgage and for us to change names we would need to re-apply for a new mortgage? Is this correct? - you would apply to change the names (new bank statements, credit checks etc).
If so would we be better off applying elsewhere? - Possibly.
Would we even be able to get a mortgage? - Possibly
Can you recommend a good advisor that would be able to help us? - Most experienced brokers should be able to tell you if it is possible or not.