Changing within NatWest mortgage

Shortypie

Hi,

My fixed term deal with NatWest (5 years at 4.99%) ends in December. I think I can in theory get a deal with them which will shave £300 pcm off my payments. But how involved will the process be as my circumstances have seriously changed since he. (Joint mortgage, now divorced, I’ve been paying the repayments for the part 2 years, I’ve also had to drop my hours and therefore my income). Am I naive to hope that since I’ve never defaulted etc as because it’s still with NatWest that it will be a simple as few clicks online? Or will I need payslips, bank statements etc for me and the ex all over again? Because that is going to be tricky.

TIA

ACG

We have done a few product switches with natwest. It is quite easy, log on, choose a product that is available, sign some forms and send them back.

I think for individuals it is done through the post where as with brokers it can be done via email but I think the process will generally be the same.

Shortypie

So the ex will have to sign too I imagine, fun times 😂 but better than if we have to show income etc. I mean, I’m paying now so I’ll be able to pay if it’s cheaper.

ACG

You should probably try to get that sorted sooner rather than later.
There are plenty of posts on here where people put their head in the sand only for one party to want to sell the property and want £xxxxx from the sale of the property.

Shortypie

I have our 3 under 18 dependent children living with me, I’m the primary Carer (actually sole care at present) and I’ve been advised by a solicitor that he would be unable to force a sale as I’m unable to buy, until the youngest is 18 anyway. So hopefully that won’t be a problem. In fact at one point he just wanted his name taken off it but pretty sure I would have had to apply for the mortgage in my own right, which I’d never get approved for.

ACG

When the youngest is 18, the ex could be entitled to 50% of the equity.
So if you are paying the mortgage on your own, you may find you lose part of that down the line.

Thrugelmir

Did you not finalise a financial consent order when you divorced? This should have laid the division of assets and made due provision for the welfare of the children. In your ex's interests to keep the outgoings as low as possible on the mortgage.

Shortypie

Thrugelmir, well this is where it’s confusing: he arranged for the divorce, through some online solicitors, I got some papers to sign and ticked the boxes re finances and children (as had he), but next thing I knew I got the decree nisi, then the decree absolute not long after! I’ve long wondered whether it’s actually legal!

I separately applied to court for a childcare order, with no representation. Neither of us can afford to pay solicitors fees to make arrangements about the house at the moment, I just had to take over paying the mortgage or it wouldn’t have got paid.

How is it in his interests to keep the outgoings as low as possible? If anything he’d love me to have to struggle tbh.

Shortypie

ACG yes I’m aware, the youngest is 8 so I’ve got a whole before that happens, however I think he should be entitled to at least 40% as he can’t afford to buy on the open market on his own either, and no matter what’s happened between us (or how much of a muppet he’s being) I don’t think it would be fair of me to have too much, we always tried to split bills evenly etc.