OK so heres the thing. I separated from my ex wife 9 years ago, and when we split I agreed to pay the deposit on a house for her and the children to live in and I would rent as I wanted the children to have some stability - I never lived in the house, and she has always paid the mortgage herself from her own income and the maintenance I pay her. I took on all of our debts (in my name but jointly accumulated) which ended up in my having to go down the IVA route - I just couldnt cope with the debts, child maintenance and rent/bills on my own place. Thats in the past now though and I am nearly out the other side with just 8 months to go before my 6 years is up - I have been cleaning up my credit files, and I have noticed that for some reason the mortgage on her house doesnt appear on either my experian or my equifax reports, but it DOES appear on my callcredit report, although strangely most of my other debts/defaults DONT appear on call credit. I will be looking to get a mortgage when my IVA drops off in Feb, so question is, which credit report do most lenders use as I dont want the fact that my name is on a mortgage on a house that my ex (and her new partner) live in to damage my chances of getting a mortgage myself. I asked her some time ago to look into getting my name removed but the lender said she would have to prove affordability in her own right despite the fact she has been paying the mortgage from her own account for 9 years, so she just left it at that. As a separate issue, I have noticed that the outstanding mortgage amount showing on call credit is slightly more than the amount she paid for the house, even though a 10% deposit was put down, so I am wondering whether she has got a further advance at some point without telling me - could she have done this without my signature without fraudulently signing my name? After having waited 6 years to get myself free of debt and a clean credit file, I feel really exposed that something out of my hands could mess up my credit record again if she ever defaults on her house, especially if she is taking further advances to fund her and her partners lifestyle. They are off on holiday to Thailand tomorrow - I came back from a week in presthaven sands holiday park last week - therein lies the difference..
Sorry, just read that back, and I didnt make it clear that when I paid the deposit on the house, I agreed to put my name on the mortgage too, as she wouldnt have been able to get a mortgage in her own name at the time as she wasnt working.
Best to have a chat with Ryan and / or Shaun for the ins and outs, but, on first glance, I would imagine that you being on the mortgage for the ex's house will impact upon your ability to get another mortgage, as, although she has been paying, if she stops paying, for whatever reason, you are liable, and the new lender would weigh that against your affordability.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Foggy, yes but if a Lender used Experian or Equifax then they wouldnt even see the mortgage is what I was getting at. Also if she stops paying, the Lender couldnt force me to pay surely? They could ask I suppose, but there is no way I would pay. To be harsh about it, I have got my own rented property, if they re-possess hers thats not my problem, it's hers and her partners. My main concern would be the impact on my credit record of course. The children are now almost at university age, and less of a concern now than they were 9 years ago.
The mortgage liability would have been disclosed in your IVA and you would be protected if your ex defaulted even if the IVA was over. However missed mortgage payments and repossession would certainly damage your credit file but on the flipside if she keeps the mortgage clean this can be a help.
If the balance has increased there are other possibilities in addition to a further advance. There could be arrears or she could have had a payment holiday which again could adversely affect your credit file. As and when you do look for a mortgage you should use a specialist broker as this could be quite complicated.
I see what you are getting at UpToMyNeckInIt -- however, even if they use Experian or Equifax mortgage lenders also have, I believe, their own combined database and so the other mortgage might well show up there anyway.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
