/ Mortgage advice needed
Can anyone recommend me an independent mortgage advisor in Sheffield? I am in an unusual but hopefully not unheard of financial position following my divorce. Cheers
Try r/UKpersonalfinance subreddit on Reddit beforehand, folks most helpful on there, prior to shelling out any money with an advisor
Grab the money and run. If you don't, it's all downhill from there.
Bit late for that
I tried Reddit but without much luck so I'll try asking my question here:
My ex has stayed in the family home following the divorce. Due to her income being much lower than mine, it is still a joint mortgage. There are several triggers for this tie to her ending; but worst case scenario for me is having to wait 9 years for my equity from the house and coming off the joint mortgage. The financial order gives her sole occupancy in the house until the point of sale and the joint mortgage ending and indemnifies me against having to pay the joint mortgage. My borrowing potential is currently about £140k but the joint mortgage is about £90k. Do the terms of the financial order mean I am likely to be able to borrow another £140k now or is £50k likely to be my limit until the joint mortgage ends?
Is it 90k left to pay on the joint mortgage or was that the total amount? Could make a difference. A few years ago I was in a similar position. I dont recall that the outsdanding amount on my marital mormortg was an issue, just my out goings, which of course included that mortgage payment. The hardest thing was to convince the bank that they need not take her bulls into account when working out my outgoings, which they finally accepted. It's worthwhile speaking to a broker, but as I recall mortgages from some banks are not available via brokers. I can't remember all of which ones, but that was certainly the case with HSBC, who I ended up taking my mortgage with. The nearest deal the broker could find was a Chinese bank, and even the broker admitted that they were a nightmare to deal with. Hope that helps.
The mortgage payments on the jointly owned property are not an outgoing of mine. The financial order obliges my ex to pay the mortgage. I am paying through the nose to rent at the moment so affordability for repayments shouldn't be an issue. My question is about borrowing potential. Am I likely to be able to borrow the same amount I would be able to if I wasn't already party to a joint mortgage given that I am not responsible for paying off that mortgage?
As I said, HSBC cared more about my outgoings than any "mortgage potential". At the time I was paying half the old mortgage. Also they tried to suggest that I was responsible for her bills, but I wasn't and eventually they accepted that.
I should add that this was back in 2012, things could have changed since then.
Thanks,that sounds promising
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