Found 12th Oct 2008
Hi all,
Im needing to remortgage as i have just been to court ( thursday) to buy my ex out of our matrimonial home. Is the borrowing still 3.5x your income? and any ideas on good mortgage companies. Ive looked on the net and its driving me insane! I only want a quote for how much i can borrow and monthly payment it will be! But they keep asking for my address etc so they can RING ME! I dont want that yet until i get an idea.
Any info would be grand ta. I have 52 days to organise, arrange and complete this or i have to pay my ex interest! PLEH! lol

  1. Misc
  2. Mortgage
48 Comments

You could try here

bbc.co.uk/hom…tml

Although that will not give you a idea of the amount you can borrow. The best way to do that would be to go into a bank/building society.

no our mortgage is alot more than 3.5X i think it depends on your circumstance and lender tbh i think ours is closer to 5X BUT we had a big deposit we wouldnt have got it without,

surely a rough working is taking what u want to borrow then divide that by 300 (25yrs) then add on the interest at going rate thats what we did wernt far off!

but id be going out tomorrow to look if i were you they take a while to set up and apparently theres a credit crunch!!!

HTH

Original Poster

ohh cheers ive just done it and had the shock of my life! LOL
how do people afford to buy these days! and im only looking at a small amount compared to first time buyers these days! Im gonna have to live on bread and water OR go back up to 25yrs! ahhhhhhhh

Original Poster

will they make my payments lower lol

Banned

I'm pretty useless with money but i wish you all the best for your future x x

mortgage holders face the increased threat of bankcruptcy with reposessions at a all time high. the best option imo is to sell the house and buy one more affordable then go back for a bigger house when the 'recession' is over, could be a while mind.

Original Poster

Even with me remortaging to pay my ex out, still leaves me with 40k equity, thats based on the decrease in price as well. I bought it 2002 when prices were very low. So selling and buying again would be risky. I seriously wouldnt get a house like mine for what im needing to remortgage. Id prob get a flat! lol

Banned

have you thought of going to see a mortgage adviser, they can scan all companies, they did my mortgage, and they dont charge, well i dont recall paying, think the mortgage company who you choose pays them

pcnutta;3179464

Even with me remortaging to pay my ex out, still leaves me with 40k … Even with me remortaging to pay my ex out, still leaves me with 40k equity, thats based on the decrease in price as well. I bought it 2002 when prices were very low. So selling and buying again would be risky. I seriously wouldnt get a house like mine for what im needing to remortgage. Id prob get a flat! lol



Have you got quite a bit of room? Are you near a city or town? You could always think about letting a room out short term to a student at the local University to help with the extra cost.

sassie;3179480

have you thought of going to see a mortgage adviser, they can scan all … have you thought of going to see a mortgage adviser, they can scan all companies, they did my mortgage, and they dont charge, well i dont recall paying, think the mortgage company who you choose pays them



Thats right sassie.

pcnutta;3179464

Even with me remortaging to pay my ex out, still leaves me with 40k … Even with me remortaging to pay my ex out, still leaves me with 40k equity, thats based on the decrease in price as well. I bought it 2002 when prices were very low. So selling and buying again would be risky. I seriously wouldnt get a house like mine for what im needing to remortgage. Id prob get a flat! lol



Perhaps consider an interest only for a couple of years or getting in a lodger if you have spare room

Original Poster

Id love to rent out a room but id have to chuck my daughter out! HAHAH and shes not budging lol
Its pretty small house but in area which is perfect for the family. Ive just filled in form on supermarket,com and got someone ringing me tomorrow. Im not happy hes getting 24k when hes not put in nowhere near it!! ah well, its the way the cookie crumbles. Ya know maybe interest only be good idea for 2 yrs, whilst we get on our feet and get windows done etc...
thanks all xxx

pcnutta;3179545

Id love to rent out a room but id have to chuck my daughter out! HAHAH … Id love to rent out a room but id have to chuck my daughter out! HAHAH and shes not budging lolIts pretty small house but in area which is perfect for the family. Ive just filled in form on supermarket,com and got someone ringing me tomorrow. Im not happy hes getting 24k when hes not put in nowhere near it!! ah well, its the way the cookie crumbles. Ya know maybe interest only be good idea for 2 yrs, whilst we get on our feet and get windows done etc...thanks all xxx



All the best :thumbsup:

Is the borrowing still 3.5x your income?


up until recently they were lending 15x! it was that stupidity which led to the 'price boom' and subsequent 'credit crunch', the bankers are gleeing with the customers grieving.

Original Poster

ive based it on 3.5 our income but they was offering people silly deals.
Ive been working out payments and im so shocked how anyone could afford mortgages based on the high prices over the last yr.

pcnutta;3179545

Im not happy hes getting 24k when hes not put in nowhere near it!!



was it a joint purchase and is he getting paid based on the purchase price or current valuation ?

Original Poster

yeah join purchase and he wanted HALF of what it was valued at LAST YR when the prices was through the roof! But hes not paid his half , ive been paying 70% of the mortgage!!
we finally settled on 24k which in my eyes is still too high.He made the effort to turn up for court, shame he couldnt make that effort to turn up for his kids hey.

Banned

please tell me he isnt getting half of the equity if you have children

sassie;3179651

please tell me he isnt getting half of the equity if you have children



You know...I thought there was some law against this if your kids have to live with you? Is he not obliged to make sure that they will have a roof over their heads?

Sloth/Mod

Good luck getting it sorted. The whole lending market is a mess at the moment. Acceptance is down to 50% now as the banks are struggling for the money.

Banned

bellabonkers;3179671

You know...I thought there was some law against this if your kids have to … You know...I thought there was some law against this if your kids have to live with you? Is he not obliged to make sure that they will have a roof over their heads?



yes there is, thats why i asked, im assuming pcnutta isnt giving half, but just thought it worth a mention

Original Poster

yep, and this got to court. Hes only paid 30%, ive paid 70% im looking after the children. He pays NO maintence,hes paid no costs of repairs to the home in the 6yrs since we split. ( yep 6 yrs this has dragged on)
Then he had the nerve to demand 42k!!
He knows i want to stay in the house for security for the kids, keep them settled. So he used that. Wanna know something which is just messed up... kinda upset me.... but now i think its just sad!.... ready ...

Banned

so he is getting 50% of the equity?

Original Poster

more or less yep....

How can he get 50% of the equity and pay NO maintenance?

Original Poster

based on current market now yep

Original Poster

bellabonkers;3179721

How can he get 50% of the equity and pay NO maintenance?



i know, im gonna hit him with maintence now after this. I didnt touch any pension, shares he had Nothing.

pcnutta;3179632

yeah join purchase and he wanted HALF of what it was valued at LAST YR … yeah join purchase and he wanted HALF of what it was valued at LAST YR when the prices was through the roof! But hes not paid his half , ive been paying 70% of the mortgage!!we finally settled on 24k which in my eyes is still too high.He made the effort to turn up for court, shame he couldnt make that effort to turn up for his kids hey.



is your house worth 74k then ?, and considering you've been paying 70% of the mort' (was the deposit a split payment ?) together with the payout based on a 'valuation', seems like a very raw deal.

Banned

pcnutta;3179719

more or less yep....



then there is something wrong here, this should not happen when you have children together, if you dont mind me asking where you married? and now divorced? i know this cant happen because a friend of mine has just been through it, and although she nver had anything when she met him, and he is loaded, she had over half the house, the house he purchased and he pays her more in maintenance a week than she could earn working 24 hours a day, so something not right here

also another friend of a friend again went into her marriage with nothing and coming out wth more than half and her child isnt even her ex husbands (its her ex-ex husbands)


It very much sounds like you wanted rid, as by law he has to carry on maintaining your child till they have left full time education

Original Poster

heres all the facts,,,
bought house 61k in 2002, split up 2003.
I remained in house with kids paying 70% of mortgage and he paid 30% on condition he didnt have to pay maintence... he was supposed to pay half of all costs, repairs maintence on house.
Until a time when i could buy him out this would remain. Due to his failure in some payments i asked him to be bought out at the 30%... last yr.
House was valued at 130k last yr... he refused saying he wanted 50%. NO WAY...
It got to court on Thursday... house now valued at 110 ( not estate agent valuation, solicitor did this based on last yrs figure minus the 13% they have dropped?

50k left on mortgage... leaving 60k.. ( he wanted 42 mind! LOL)
so he wouldnt budge on 24k... so he gets just under 50%

BUT 110 was a low figure... house few doors away sold for alot more than that 3 mths ago...

Original Poster

I do feel like hes walked away laughing.... Im kinda gutted...

OK so now your buying him out he will have to pay maintenance though right?

Original Poster

yep,and i plan too.:)

Banned

im not sure why you allowed this to happen, but hope you get the mortgage you need

Original Poster

I felt like there were no other options apart from battling it out more in court and its drained me. I wasnt made to feel I could fight it and win.

'valuations' are a deceipt, the house should be valued at the price paid, a house valued at 100k today could tomorrow be worth 30k. you should get hold of a reputable property lawyer as it could save you alot of money.

Original Poster

Cant believe ive allowed him to come out smelling of roses... landing on his feet. Lesson learnt.
and a costly one. I should have been a biach and demanded half of everything of his.

Banned

pcnutta;3179870

I felt like there were no other options apart from battling it out more … I felt like there were no other options apart from battling it out more in court and its drained me. I wasnt made to feel I could fight it and win.



i am really sorry to hear that, and also disgusted to hear you obviously havent been represented very well, your solicitor should have sorted all this when you got divorced, if you werent married it still should have been sorted along time ago, and although he may have thought he was entitled to have the equity, he wasnt, get straight onto the CSA if you have 1 child you are entitled to 15% of his wage, the csa are known to be absolute pants, so do everything by letter, keep copies of everything
Post a comment
Avatar
@
    Text
    Top Discussions
    1. Which wall design do you like best?89
    2. word association Game74244939
    3. 5 Letter Scrabble Game52522901
    4. Add one, leave one game54415485

    See more discussions