my lender will not allow me to take my name off the mortgage because my x wife has taken out a debt managment how can i get a mortgage

Asked by paul40c

1 Answer

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Answered by Darren Smith, IFA in Basingstoke, HAMPSHIRE
it may still be possible to take a new mortgage but you will need to serve a notice of correction to your credit file confirming your split from the ex wife as you will still be financially linked through the former marriage and indeed on the current mortgage.

the NOC will give you chance to put a statement on your credit file about the situation and a lender might consider its contents when you apply for finance.

a lender cannot be compelled to remove you from the mortgage as you are both jointly and severally liable, ie you are not liable for "your half" you are liable for the whole amount.

so if the lender cant get the money from your ex they would be mad to release you from the debt if you are still earning (looking at it from a lenders point of view)

clearly i can tell its frustrating for you but this is a risk of mortgages that your previous mortgage adviser and solicitor should have made you aware of. | 04.13.11 @ 19:16
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$commenter.renderDisplayableName() — {comment} | 11.24.17 @ 04:02
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Answered by

Darren Smith
Darren Smith, IFA in Basingstoke, HAMPSHIRE

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