I have lived at my address for a while now and am looking to get onto the mortgage that my wife has on the house that we live in reasons are below. My wife won the house in her divorce battle as she is the main carer of their child. But becuase at the time the house was in negitative equtitly they could not sign the house over to her fully (his name is on it but has no rights and cannot be chased if it goes in arrears). The judge ruled in my wifes favour and thats what happened. It was all agreed and signed. The house is now in a little positive equitily and the ex is hassling us to sort it. He wants my wife to apply to take his name of it. He knows that Im on a IVA (He deiceded to look me up when he was working). My wife is worried that the affordabilty will not grant her the full house and I will be turned down. He has threaten to take her to court because he has not lived in the house or paid anything to the mortgage for 5 years and yet his name is still on there.
Is there any way I can go onto the mortgage. It will benefit the IVA if I default on payments as I will have a asset, I only have a little while to go on the IVA (18 months). My payments are now up to date after a rocky time (The ex decided to quit his job and stopped paying child maintance just as we was to have our new baby so I had to tke a payment break then reduce payments so that meant an extra year). I will complete my IVA 100% I pay half the mortgage anyway to my Wife so it isn't going to change my outgoings or commitments especially to the IVA.
Please can you let me know if you can help. I do not think he can do anything because the judge did not say a time frame and he wants off so that he can get a mortgage, butin truth it would be better if his name is off it and mine on it and then we could all move on.
I also do not know what the bank will say but thought I would ask you first.
It would be extremely difficult to get your name on the mortgage as this would be a purchase and as such I know of no lenders who would give you a mortgage. The only possible option would be to speak to the bank who holds the mortgage and they may be able to help especially if the existing mortgage is up to date.
Ultimately I doubt if there is much the ex can do anyway other than moan because if your wife cannot get a mortgage in her sole name but has maintained all the payments then it is unlikely she has breached any order of the court.
Hi. No you will not, in all probability, get added to the mortgage and doing so will destroy your partners credit rating by association. There will also be the question of the property then being brought into the IVA for equity release towards the end, which might add another 12 months to your IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The ex cannot demand this ... the fact he has failed in his part of the proceedings in as far as maintenance has stopped I would suggest he backs off and waits until you can be added to the mortgage once yoyr completion certificate is finished.
As others have said entering into a financial association with your partner will destroy her credit rating at this time and may further delay in 18 months time.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !