Ex wife took out new mortgage product without consent

silvercar

The only reason I can think of to make a complaint is if you fear that your ex could try to increase lending in the future, or lengthen the term, without your consent. Even then it may be better complaining to your ex rather than the lender. The purpose would be to ensure she thinks twice before doing something without your consent in the future.

Whereas, it may be completely logical to fix at a lower rate than the SVR would be otherwise, she may have introduced early repayment charges if you wanted to sell up before the fixed rate expires. It is also out of order to commit to something that someone else is paying without consulting them. The correct procedure would have been for her to discuss with you that your deal was ending and you both agree that a fixed rate was the best of 2 evils. 

magpies79

I do find it strange because when I was going through my divorce I wanted to do a similar thing.

Ex wife wasn’t living in house no more and I wanted to sign for a new product with Halifax who the mortgage was already with as it would of made the payments cheaper but Halifax said to me because it was a joint mortgage they needed both of us to agree and sign upto the new deal as it was joint she didn’t sign so had to go onto SVR.

user1977

silvercar said:

It is also out of order to commit to something that someone else is paying without consulting them. 

True, though it's not clear what the OP thought was going to happen (or wanted to happen) - presumably they were just as aware as their ex of the end of the previous product.

london21

dunstonh said:

 A new mortgage product has been taken out (staying with the same lender) as our old one ran out. I was informed of this by email but did not sign anything. The new repayment fees are crippling as I am not earning what I used to. 

Often you do not sign anything with product transfers.

I find it odd that a lender would not enquire about current earnings when signing up to a new product. 

A product transfer doesn't need re-underwriting.  Its a continuation of an existing mortgage but on a revised deal.

 If I inform them of our new situation could they retract their mortgage offer?

Most lender's product transfers are better than new business deals.  So, why would you want to put  yourself in a worse situation?

With virgin money remortgage, even if a new rate is selected online they still require signing the offer before it starts but guess different lenders have different process. 

london21

cargrass said:

Hi, myself and my wife separated years ago. The mortgage for the property is in both our names. My employment circumstances have change since the original mortgage and I am no earning far less. A new mortgage product has been taken out (staying with the same lender) as our old one ran out. I was informed of this by email but did not sign anything. The new repayment fees are crippling as I am not earning what I used to. 

I find it odd that a lender would not enquire about current earnings when signing up to a new product. If I inform them of our new situation could they retract their mortgage offer?

Should have gotten your permission also, but when the product ended without doing anything would have cost you a lot more. 

The variable rate after fix ends is more expensive. 

dharm999

The OP hasn’t actually confirmed the new mortgage is a fixed rate, he just says a new product, which may well be the SMR, we don’t know for sure.  Surely,  depending on what the new product is, it seems odd to me that his ex wife can just sign up to a new mortgage product without his agreement.  When we renewed our mortgage, with the Halifax, both of us had to sign the paperwork for the renewed mortgage.

Hoenir

dharm999 said:

The OP hasn’t actually confirmed the new mortgage is a fixed rate, he just says a new product, which may well be the SMR, we don’t know for sure.  Surely,  depending on what the new product is, it seems odd to me that his ex wife can just sign up to a new mortgage product without his agreement.  When we renewed our mortgage, with the Halifax, both of us had to sign the paperwork for the renewed mortgage.

If no action is taken at the end of the term then the contractual default is the lender's variable rate. 

ElwoodBlues

I'd be more concerned with the length of the 'new mortgage product' that she's signed up to. If you're looking to divorce and separate finances any time soon the ERC involved could be more significant than the interest rate. Has she chosen a 2yr fix, 5yr, tracker, or something else?

My broker always wants to get approval from all the people on the mortgage before initiating a product transfer, but the actual lender only seems to need one person to go onto their online portal to sign it off.

[Deleted User]

@cargrass are you going to return to your thread, update us please.

Gcmarcal

cargrass said:

Hi, myself and my wife separated years ago. The mortgage for the property is in both our names. My employment circumstances have change since the original mortgage and I am no earning far less. A new mortgage product has been taken out (staying with the same lender) as our old one ran out. I was informed of this by email but did not sign anything. The new repayment fees are crippling as I am not earning what I used to. 

I find it odd that a lender would not enquire about current earnings when signing up to a new product. If I inform them of our new situation could they retract their mortgage offer?

Consider yourself lucky!  I am on the other side of the issue.  My 3 years deal finished on January 23 when the rates started going berserk. My ex-wife had gone to the bank and put a block not allowing me to change the mortgage deal. Even though the only party being benefited from it was the bank! 

I explained to her that, but she is still not budging and using this to blackmail me to try to buy her out of the mortgage.

The thing is that I have full custody of the children and she does not contribute anything ( Child Maintenance).

I could have locked my mortgage for another 5 years on a sub £800.00 monthly payment and now I am stuck on the bank tracker rate which costs me over £1000.00 per month! 

I told her that the more I pay interest less will be her part of the property buyout once I can afford it! But her actions are making me lose money as I am paying the mortgage in full.