Mortgage query...

[spanna196]

Hi everyone,

New today on here and wondering if anyone can clarify the advice I've been given regarding mortgages.

I separated from my ex two and a half years ago after cohabiting for 9 years. We have joint ownership on the title deeds which have a severed tenancy. The court recently awarded me a 57% to 43% share of the equity due to money he owed to the joint mortgage. We have 2 children aged 10 and 2. We have an order for postponement of sale for the next 16 to 18 years until our youngest reaches his majority. He sees neither child by choice.

My ideal solution was for him to sign over his share of the equity to me in trust for the children and that it would revert to them on my death along with my share. He refused this.

He wants me to get a mortgage for the property in my sole name to release him so that he can increase the new mortgage he has taken out on his new house with his affair buddy. He earns over 100k per year, I earn part time teacher wage of 13.5k.

An IFA has just told me that I would would be able to get a sole mortgage with the tax credits and CSA money for the amount required of 106k but they will not do this as the title deeds are in joint names and this means that the lender would want the mortgage in joint names. Is this the case?

:tinysmile_aha_t:

Thanks Anna

[IanM]

Re: Mortgage query...

I think you need to get a new financial adviser.

Your IFA is telling you you can get a sole mortgage but then saying the lender wants the mortgage in joint names, Why? Have you put your ex-partners name on the application for the new mortgage? Doesn't sound like you have so why would the mortgage need to be in joint names?

On the other hand i would not even contemplate taking out a mortgage to release funds to your ex. Keep paying your current mortgage and keep records for when you do eventually sell the house so that your ex will get even less than what he is expecting, if he doesn't contribute his 43% of the mortgage payments he will not be entitled to 43% upon sale!

[Hosker]

Re: Mortgage query...

I agree with IanM.

That is some inaccurate financial advice.

The issue may be affordability with new MMR rules, if you are able to meet the lenders criteria. I see no reason in why you can not remove the Ex.

You can re-mortgage at any time in your sole name and in doing so removing your ex from the title and mortgage. Doing so will also help dis-associate yourself s from each others credit files.
@IanM a share of equity is not same as share of mortgage payments. Two separate issues, the court has awarded say 43% to him. That is either stuck in the property or when re-mortgaged released and paid to him.

EDIT: Sorry this is a realy old post.