Bad credit / buy-to-let mortgage / ex

Fantastic_Mr_Fox

Hello

My ex and I had some buy to let properties. During the divorce my ex got one, I got one. We split amicably so didn’t notify the mortgage lender.

My ex is now in serious arrears on their property which has destroyed my credit rating and I am trying to get a personal mortgage. 

My mortgage advisor and lawyer are trying to move the property to just my ex.

When this happens will this be removed from my credit file?

pramsay13

Fantastic_Mr_Fox said:

Hello

My ex and I had some buy to let properties. During the divorce my ex got one, I got one. We split amicably so didn’t notify the mortgage lender.

My ex is now in serious arrears on their property which has destroyed my credit rating and I am trying to get a personal mortgage. 

My mortgage advisor and lawyer are trying to move the property to just my ex.

When this happens will this be removed from my credit file?

It is unlikely that changing the property from both your names to that of just your ex will go easily or smoothly, if at all. There is no incentive for the mortgage company to agree to it and if they start chasing the debt, they will pick the path of least resistance, i.e. you.

Hoenir

Fantastic_Mr_Fox said:

My mortgage advisor and lawyer are trying to move the property to just my ex.

There's zero incentive for your ex to do anything unfortunately. The legal formalities should have been dealt with when you divorced. Presumably your ex is still part owner of the other BTL property as well. 

Nasqueron

Sell one or both of the B2L - joint finance, married, it's joint debt and will not be removed just because it's moved to his name, just makes this better long term