Mortgage Possibilities

me449

Hi all, hope you're staying safe.
I have an issue that I'm hoping you kind folk will be able to advise me on. I'll try to summarise my situation but also provide enough detail.

My divorce was finalised nearly 3 years ago, the outcome being that the family home was to be sold, joint marital debts paid off and the proceeds split 85/15 in favour of my ex wife. This is what I requested to enable me to have a clean break and solely retain my pension. Since that time my ex has been obstructive wrt selling the property so I am back and forth to court dealing with this but that's another story. The joint marital debts are bundled up into a DMP and are solely in my name. The mortgage is in both names and my ex has allowed arrears of c4k to build up. Due to both of these elements my credit score is extremely poor. My credit report had defaults but they were spent in October last year. I have everything else in order in my credit file - electoral roll, small credit building credit cards, always pay bills on-time.
I've been renting for the last 8 years and really do want to buy somewhere, I'm concerned that as I get older (I'm 44 now) that the chances of getting a 'normal' mortgage are shrinking and I can clearly see myself in a position where if I am unable to purchase my own property I will then have to worry about rent in my retirement - not good.
In terms of my financial state at present:
c28k joint martial debt being paid via a debt management plan
c30k to me once the house sells
c70k salary
c300k final salary DB pension (this stopped in June last year, it was c380k but Covid!!)
c10k DC pension
c3k shares
When I looked into the possibility of getting a mortgage a couple of years ago I was told there would be no chance due mainly to the arrears (I could have gotten a bad credit mortgage if the arrears weren't there).
Is there any way, short of saving up the money in full, to be able to purchase a property based on my situation?

Your help is really appreciated

ACG

You need to get your name off the mortgage. 
The sooner that happens, the sooner the mortgage arrears stop. With those ongoing, you have no chance. 
If they are stopped, you would probably need to wait 12 months, even without this corona virus doing the rounds you would probably have to wait 12 months so it would tie in nicely if you can get your name off that mortgage. 

I think realistically you are probably going to need somewhere between 15-25% deposit, a lot will depend on how the market pans out once this corona thing settles down and whether we are in a proper recession or once brought on by corona. 

Thrugelmir

As long as you remain on the mortgage for the marital home this will impact your ability to obtain a mortgage in your own name. Focus on settling the DMP.  

me449

Thanks for the responses guys, I've been trying for nearly 3 years 

I guess just keep saving cash until I'm off the mortgage

ACG

Can you not take it to court and force the sale? 

me449

I've been back to court no less than 5 times since the final divorce hearing, there's a court order stating it needs to be sold, I've produced evidence throughout of her obstructing the sale - 47 viewing cancellations and 7 actual viewings over 8 months, an intimidating dog putting off buyers and taking the for sale sign down.

ACG

Can you not move back in? Make it awkward? 

me449

  
My god no, I'd rather set up a tent in the local park

[Deleted User]

ACG said:

Can you not move back in? Make it awkward? 

That would be prohibited under the divorce finances court order. The OP only has an interest in the property no longer a right of occupation.