help 2 buy struggle

marokomor12

Hi,
i went through countless posts to look for some advice but didn't really get an answer. My situation is:
- bought a house for 215k with H2b (20% EL) 2.5 years ago with my wife
-got divorced soon after but her name remains on mortgage as bank wouldn't allow myself to remortgage (6 months ago). Bank isn't aware of divorce (my ex-wife is aware of situation:) )
-i'd love to keep the house somehow but with my income (26k/year) i'm not able to keep up with payments according to bank (even though i've been doing this for 2 years but can't blame them as they're not aware of situation)
-i've got extra weekend job but it's cash to hand so i can't put in on my application
- main concern is paying off equity loan in 2.5 years, won't be able to save for even half of it.

Is there even a small chance that i could sort it out by myself without my APR going up on next remortgage in my sole name? And is there any chance in my situation to remortage with equity loan? By the time it'd be around 200k that'd have to go on remortgage in my sole name...

I'm trying to sort it out without a need of selling the house and not going into some desperate relationship and putting new person's name on mortgage:)

Appreciate any advice

csgohan4

customer retention products are an option where no credit check is done, but you will not be able to take equity out of the house though. IF you can't get equity out of the building, you will need start paying off interest on the loan as well.

If your struggling to pay the mortgage, consider if you really want to continue with the current house as it will only get worse with the interest being added for the H2B portion

On a side note, if your divorced, you need to ensure things are clean from a financial point of view and not leave it. If she wants some of that equity, it will likely make things more unaffordable for you 

Retired_Mortgage_Adviser

At the end of the current fix, you should be able to switch products online and stay with the current lender without any affordability checks, etc. If it's a mainstream/high-street lender, you likely will have access to decent rates.

Slightly offtopic, is your ex a joint owner? Is she entitled to a chunk of the equity that you're working 2 jobs to build?

Thrugelmir

Are the financial matters relating to your divorce resolved? 

marokomor12

Thing is i couldn't get consent order as that'd have to go through bank which i didn't want to inform at current situation. So she is a joint owner and her name is on mortgage. We live on good terms but who knows what's gonna happen so the only thing i've done is asked to her to sign some simple papers that she wouldn't look for any compensation when it comes to a matter of the house. I bet it can be easily rejected by any lawyer in the future but seemed like the only option i had.
I'd love to get rid of her from papers but i also needed her for remortgage... 
Let's say i'm aware that selling the house would solve those problems and prevent from getting into more trouble but i just wanted to check if maybe there is some miracle solution where i end up as sole owner.