Remortgaging after divorce

Dragonrider

Hello, I'm looking for some advice on remortgaging.

I divorced 3 years ago, 1 year into a 5 year fix with NatWest at 2.69%. I'm now at the end of the 4th year, and have a 1% ERC. My LTV is less than 50%.

My ex agreed to stay on the mortgage until I could afford it by myself, and I have been overpaying to bring tbe balance down.

As of this month, I've had a pay rise and my childcare costs have come down - having done a few online calculators I think I'm now at the point where I would pass affordability checks by myself.

NatWest has a competitive rate at 0.99%, and when I do the sums it would be worth paying the ERC plus arrangement fee for a new mortgage to get that kind of percentage drop.

However, we never told NatWest that we were divorcing, and I'm worried that I might get viewed negatively for not declaring that. The financial settlement from the divorce states that I am getting the house, and that my ex will be taken off the mortgage as soon as I can afford it, but doesn't give a timescale.

Does anyone have any advice as to whether I should submit a remortgage application directly to NatWest, or whether I should go to a broker who would look across the whole market? My income includes tax credits, child benefit and child maintenance as well as my salary so I realise I'm not completely straightforward.

Many thanks,
Dragonrider

Thrugelmir

Speak to a broker.  The security of a home for your children is paramount. Your husband will just have to wait a little longer if necccessary. 

dimbo61

Why not carry on as you are ?
Your EX must have been aware that you had taken out a 5 year fix ?
Waiting another year means No ERC, 
You will have made another 12 months mortgage payments and IF you can afford too any overpayments.
Do not tell your EX you have been overpaying.
Maybe use a broker to search the market next year for the best deals in the WHOLE mortgage market.

Thrugelmir

dimbo61 said:

Do not tell your EX you have been overpaying.

The OP has been granted the property in the divorce settlement, in their interest to bring the debt down. 

dimbo61

While I totally agree with you Thrugelmir it's none of the posters EX business how much they owe or what overpayments they have made.
Good luck in getting a new mortgage deal and starting afresh 
If you use a broker he/she can set up a new mortgage deal with the Best lender for your circumstances to start at the end of your Fix.
Your Ex will be happy they are no longer on the mortgage.