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  • FIRST POST
    • RockChickSam
    • By RockChickSam 3rd Mar 18, 1:15 PM
    • 3Posts
    • 1Thanks
    RockChickSam
    ADVICE NEEDED: Remortgage, debt, money for ex
    • #1
    • 3rd Mar 18, 1:15 PM
    ADVICE NEEDED: Remortgage, debt, money for ex 3rd Mar 18 at 1:15 PM
    I am writing this as I have no idea what to do.

    Me and my ex-husband
    separated 7yrs ago and at that point I had a separation agreement drawn up. He was owed £30k from the house and I managed to add £10k to the mortgage for him to sign the house over to me, with me owing him the remaining £20k if certain conditions were met.

    Since then, I have been trying to pay for the house single handed and I've needed to use credit cards to top up the fact that I don't quite earn enough.

    My boyfriend has moved in, which has triggered the £20K being paid to my ex-husband. I have now lost my tax credits and my boyfriend doesnít have the best paid job so we are no better off, if not slightly worse.

    We have spoken to my mortgage company regarding adding the boyfriend onto the mortgage to borrow the £20k needed to pay my ex-husband, along with an extra few thousand for maintenance work needed for the house. Due to my level of debt, the mortgage company wonít even lend us my current mortgage level; £14K less than my current mortgage value.

    If my ex-husband took me to court I would be forced to sell my home and I can only afford a 1 or 2 bedroom flat, compared to the large 4 bedroom house I currently own.

    I havenít been able to get any advice about my credit cards and overdraft because I am up to date with all my payments, but I am worried of doing anything that will make getting the mortgage more difficult.

    Would really appreciate any advice anyone has? The only solution I can think of is that the boyfriend moves out and I go back to claiming working tax credits, which will be less under the Universal Credits system.

    Thank you
Page 1
    • YHM
    • By YHM 3rd Mar 18, 2:01 PM
    • 516 Posts
    • 192 Thanks
    YHM
    • #2
    • 3rd Mar 18, 2:01 PM
    • #2
    • 3rd Mar 18, 2:01 PM
    Just because your existing lender won't provide you the funds, doesn't mean other mortgage lenders won't consider it. Find a good broker and let them look across the market for you to see if there are other lender options for you
    I am a Mortgage Broker.

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice
    • Thrugelmir
    • By Thrugelmir 3rd Mar 18, 2:39 PM
    • 58,449 Posts
    • 51,823 Thanks
    Thrugelmir
    • #3
    • 3rd Mar 18, 2:39 PM
    • #3
    • 3rd Mar 18, 2:39 PM
    I would be forced to sell my home and I can only afford a 1 or 2 bedroom flat, compared to the large 4 bedroom house I currently own.
    Originally posted by RockChickSam
    Why not downsize and buy a property jointly with new partner. Then you could get your personal finances into order. What size property do you actually require?

    If you are struggling now. Then the future potentially looks very bleak. As there'll be even more pressure on your household income. Increases in general rates and interest rates being 2 particular issues.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • RockChickSam
    • By RockChickSam 5th Mar 18, 9:02 PM
    • 3 Posts
    • 1 Thanks
    RockChickSam
    • #4
    • 5th Mar 18, 9:02 PM
    • #4
    • 5th Mar 18, 9:02 PM
    Why not downsize and buy a property jointly with new partner. Then you could get your personal finances into order. What size property do you actually require?

    If you are struggling now. Then the future potentially looks very bleak. As there'll be even more pressure on your household income. Increases in general rates and interest rates being 2 particular issues.
    Originally posted by Thrugelmir

    Thank you for your post.


    With my current mortgage company, my boyfriend and I can only borrow £80K. The house needs maintenance work doing so would never get full value for the property so I would assume I'd maybe have £110 to use on a property and you can't get a house here for that.


    I just don't think selling is an option and my children don't want to move
    • RockChickSam
    • By RockChickSam 5th Mar 18, 9:52 PM
    • 3 Posts
    • 1 Thanks
    RockChickSam
    • #5
    • 5th Mar 18, 9:52 PM
    • #5
    • 5th Mar 18, 9:52 PM
    Just because your existing lender won't provide you the funds, doesn't mean other mortgage lenders won't consider it. Find a good broker and let them look across the market for you to see if there are other lender options for you
    Originally posted by YHM

    Thank you for your post.


    I need to keep my mortgage payments as close to what they currently are.


    I'll speak to a local mortgage broker tomorrow.
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