| Mortgage advice 18:00 - Jan 20 with 4472 views | DeepBlueSea |
Some advice would be appreciated.
I have the deposit and salary to buy somewhere around the Suffolk area, but I’m currently still on my ex-wife’s mortgage and deeds for our old house. Although I pay nothing towards it, and don’t live there, it seems this is an impediment to me buying somewhere myself (until my ex sells).
Anyone know any possible way round this? Would a lender even know that I was on another mortgage / on house deeds. Any crafty way round?
Thanks in advance! |  | | |  |
| Mortgage advice on 18:08 - Jan 20 with 4401 views | Herbivore |
They'll do a credit check which will show up any mortgsges, loans and credit cards that you're on. Can your ex get a mortgage in her own name on the old property so that you are no longer on it? Otherwise it might be tricky to get around unless you could show you could afford the payments on both mortgages. |  |
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| Mortgage advice on 18:09 - Jan 20 with 4406 views | UB9Blue |
Not entirely sure about your position but in theory you can have multiple mortgages assuming you satisfy affordability rules (Buy to Let, Holiday homes etc).
Problem could be that the second homes attract higher stamp duty which would put up your costs and BTL,/Holiday home mortgages are more expensive and carry conditions/restrictions on use | | | |
| Mortgage advice on 18:18 - Jan 20 with 4364 views | hampstead_blue |
I'd swerve a crafty move. It could well come back and bite you in the future.
You need to speak to an experienced mortgage specialist.
Best thing is the right thing. Everything is traceable and ignorance is not a defence. |  |
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| Mortgage advice on 18:31 - Jan 20 with 4319 views | Oxford_Blue |
Transfer legal ownership to your wife? | | | |
| Mortgage advice on 18:40 - Jan 20 with 4299 views | gordon |
From the perspective of a lender, the question is whether you would be legally liable for the other mortgage in the instance that your ex became unable to continue making mortgage payments. The answer presumably is yes, and so the sensible advice would be to come to an agreement with your ex regarding the mortgage and property. |  | | |
| Mortgage advice on 18:48 - Jan 20 with 4270 views | sparks |
| Mortgage advice on 18:40 - Jan 20 by gordon |
From the perspective of a lender, the question is whether you would be legally liable for the other mortgage in the instance that your ex became unable to continue making mortgage payments. The answer presumably is yes, and so the sensible advice would be to come to an agreement with your ex regarding the mortgage and property. |
Indeed. The only way (other than having capacity for a second mortgage) is to have her remortgage in her own name, or have the mortgage company agree to let you out of the mortgage (for whcih they would need to be very comfortable with wife's ability to pay and / or equity in the property). These thigns are usually considered and adressed at the time of drawing up the financial settlement between divorcing spouses... |  |
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| Mortgage advice on 21:34 - May 17 with 3613 views | Max23B0 |
I have a friend that was in such a situation and he transferred the legal ownership of the mortgage to his wife and after that, he took another loan, as he wanted to buy a new car on his name. As I remember he applied for the loan on https://credit-10.com/no/forbrukslanspesialisten-logg-inn/ and received money pretty easily without any problems. You should do the same. However, I think you will need the consent of the mortgage and the help of a professional in this field. I am sorry I don't know a lot of details regarding the legal part. [Post edited 18 May 2020 11:56]
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| Mortgage advice on 21:44 - May 17 with 3594 views | southnorfolkblue |
| Mortgage advice on 21:34 - May 17 by Max23B0 |
I have a friend that was in such a situation and he transferred the legal ownership of the mortgage to his wife and after that, he took another loan, as he wanted to buy a new car on his name. As I remember he applied for the loan on https://credit-10.com/no/forbrukslanspesialisten-logg-inn/ and received money pretty easily without any problems. You should do the same. However, I think you will need the consent of the mortgage and the help of a professional in this field. I am sorry I don't know a lot of details regarding the legal part. [Post edited 18 May 2020 11:56]
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That will need the consent of the mortgage. Given the current economic climate they might not be too keen to reduce their security, because at present they have 2 people that they can go after if the mortgage defaults.
OP needs specialist advice. | |
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| Mortgage advice on 22:10 - May 17 with 3533 views | Moriarty |
If you’re on the the mortgage I presume you are jointly and severally liable. In other words, the bank can come after you if payments cease.
You need to get a letter of release from the bank. They might not give you that unless your wife shows ability to repay on her own.
Don’t play silly games with the bank.
Good luck getting it sorted. |  |
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| Mortgage advice on 22:33 - May 17 with 3506 views | Keno |
PM Osborne one nil
He’s a good mortgage guy and will help you out |  |
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| Mortgage advice on 22:58 - May 17 with 3485 views | Pinewoodblue |
Do you have any equity in the property when sold?
If you do you have an interest,as well as a liability. |  |
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| Mortgage advice on 00:29 - May 18 with 3451 views | Blue12345 |
Your new house would be classed as a second property and you will pay substantially more stamp duty. ( i believe 5% - 8% ? ). So it is worth getting this sorted out for that alone. Also it will show on a credit check. If I was you I would go through a mortgage broker and they will advise. They also have good comms with lenders and can have access to preferential rates. | | | |
| Mortgage advice on 13:04 - May 18 with 3293 views | OsborneOneNil |
| Mortgage advice on 00:29 - May 18 by Blue12345 |
Your new house would be classed as a second property and you will pay substantially more stamp duty. ( i believe 5% - 8% ? ). So it is worth getting this sorted out for that alone. Also it will show on a credit check. If I was you I would go through a mortgage broker and they will advise. They also have good comms with lenders and can have access to preferential rates. |
It's an additional 3%. |  | | |
| Mortgage advice on 13:06 - May 18 with 3289 views | OsborneOneNil |
| Mortgage advice on 22:33 - May 17 by Keno |
PM Osborne one nil
He’s a good mortgage guy and will help you out |
Cheers Keno. I've PM'd him offering my help. | | | |
| Mortgage advice on 13:06 - May 18 with 3288 views | sparks |
| Mortgage advice on 13:04 - May 18 by OsborneOneNil |
It's an additional 3%. |
If two adults are living apart- I am not convinced you pay that anyway. | |
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| Mortgage advice on 14:12 - May 18 with 3241 views | sparks |
You might have to go and make your case to the relevant authorities. I dont know- but am surprised to have never seen it crop up in things I have seen. Its very common for people to be stuck on the mortgage for years. | |
| The presence of those seeking the truth is infinitely to be preferred to the presence of those who think they've found it.
(Sir Terry Pratchett) | | Poll: | Is Fred drunk this morning? |
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| Mortgage advice on 14:36 - May 18 with 3206 views | OsborneOneNil |
| Mortgage advice on 14:12 - May 18 by sparks |
You might have to go and make your case to the relevant authorities. I dont know- but am surprised to have never seen it crop up in things I have seen. Its very common for people to be stuck on the mortgage for years. |
Yes, very common. And it's an issue. | | | |
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