Ex Wife went Bankrupt joint mortgage etc
Cogsy_neil
Forumite 11 Posts
Hi all,
Not sure if anyone can help me with this or not or whether Im in the right place! So my Ex-wife went bankrupt due to massive gambling debts (£140K+) we have a joint mortgage with NatWest and a secured loan through Precise, I have managed to buy back her share of the property through working like mad over the last year so the OR does not have any charge over my property, however the property is owned in joint names and I would like to get her off the mortgage and the secured loan and have the property put entirely into my name.
Sounds straightforward but it isnt really, when I left the house to rent last year for 6 months she was only paying half the mortgage and none of the secured loan, I was paying my rent so could not afford to pay my rent and the mortgage and secured loan, infact the only way I could afford to move out was to to a DMP with Stepchange which Im currently still paying.
What I am worried about is NatWest and potentially Precise not letting me put the mortgage into my name only due to the fact I have a DMP, despite the fact I have been paying the mortgage and secure loan for the last year, I have cleared the arrears on the secured loan this month and as I had been able to maintain payments to NatWest for a year they have capitalized my arrears so that they are added to the mortgage and I am no longer in arrears with them.
Im just wondering what my chances are really, of them letting me do this, I know its a joint mortgage so if she comes off then effectively its more of a risk to NatWest and Precise as they only have one person to come after for the debt, but she lost her job so works part-time earning not much and is a discharged Bankrupt so I dont really see her as 'good' security anyway but I know the Banks wont look like that.
If they do say no despite the fact I can afford it as Ive proved over the last year then I am potentially stuck with her on the mortgage until some time that the DMP comes off my creditfile and I can remortgage elsewhere. The good thing is we get on fine and she isnt desperate to come off the mortgage at all but I would like to protect the fact that I have had to effectively buy out her share of the house (£30k) but the deeds still have her name on it.
Any advice is greatly appreciated and if Im in the wrong place here please let me know, just wasnt sure where to post.
Not sure if anyone can help me with this or not or whether Im in the right place! So my Ex-wife went bankrupt due to massive gambling debts (£140K+) we have a joint mortgage with NatWest and a secured loan through Precise, I have managed to buy back her share of the property through working like mad over the last year so the OR does not have any charge over my property, however the property is owned in joint names and I would like to get her off the mortgage and the secured loan and have the property put entirely into my name.
Sounds straightforward but it isnt really, when I left the house to rent last year for 6 months she was only paying half the mortgage and none of the secured loan, I was paying my rent so could not afford to pay my rent and the mortgage and secured loan, infact the only way I could afford to move out was to to a DMP with Stepchange which Im currently still paying.
What I am worried about is NatWest and potentially Precise not letting me put the mortgage into my name only due to the fact I have a DMP, despite the fact I have been paying the mortgage and secure loan for the last year, I have cleared the arrears on the secured loan this month and as I had been able to maintain payments to NatWest for a year they have capitalized my arrears so that they are added to the mortgage and I am no longer in arrears with them.
Im just wondering what my chances are really, of them letting me do this, I know its a joint mortgage so if she comes off then effectively its more of a risk to NatWest and Precise as they only have one person to come after for the debt, but she lost her job so works part-time earning not much and is a discharged Bankrupt so I dont really see her as 'good' security anyway but I know the Banks wont look like that.
If they do say no despite the fact I can afford it as Ive proved over the last year then I am potentially stuck with her on the mortgage until some time that the DMP comes off my creditfile and I can remortgage elsewhere. The good thing is we get on fine and she isnt desperate to come off the mortgage at all but I would like to protect the fact that I have had to effectively buy out her share of the house (£30k) but the deeds still have her name on it.
Any advice is greatly appreciated and if Im in the wrong place here please let me know, just wasnt sure where to post.
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Being in a DMP now will restrict options to non-mainstream lenders. For sub-prime lenders usually the DMP has to be running satisfactorily for a minimum of 12 months, but I've not looked to see how the criteria has changed due to Covid.
Affordability isn't based on being able to pay the mortgage, it's also about being able to still pay it if rates increase by about 7% over the current rate charged by the lender plus all your other outgoings.
Normally people ask on the mortgage board, I'm not sure if @sourcrates can move your thread over.
Either way, that has nothing to do with the OP's situation and there is no indication that either party has intentionally acted to detriment of the other. In this case the situation has arisen as a result of BR and, no matter what your intentions, it is often the case that you cannot protect those with whom you have a financial association or shared assets from being impacted by your BR.