Question for a Mortgage Broker divorce settelments .....
Discussion
A friend of mine was left by her husband last year and they are about to finalise a financial settlement and she will need to remortgage. She is worrying about this to the point of making herself ill so I would like some advice if at all possible.
She has the Marital home and is staying their with her son, she was the main bread winner so has continued paying the mortgage. He makes no contribution to the household or his son. He also left her with the marital credit card debts totaling around £40k. From talking to her the cost of the credit cards is crippling her and she isn't reducing this debt. Equity in the house is circa 70K on a property value at £185K
The husband is pushing for a lump sum of half the equity and a fat slice of her pension, less half the marital debts so he may end up with very little, but if he wont relinquish his claim on her pension she will need to pay him off.
She hasn't missed a mortgage payment but has picked up a CCJ for a small amount which has been settled and earns a basic salary of £65K and bonuses have taken this to over £100k in the last 3 years. I am convinced she should have no problem obtaining a mortgage despite the CCJ but will need a good broker??
Any thoughts on the above as I am aware there are a few good mortgage guys on here but she is too scared to apply for fear of hearing no.
I thought I'd ask before I try to get her to a mortgage broker when I next see her.
Many thanks
She has the Marital home and is staying their with her son, she was the main bread winner so has continued paying the mortgage. He makes no contribution to the household or his son. He also left her with the marital credit card debts totaling around £40k. From talking to her the cost of the credit cards is crippling her and she isn't reducing this debt. Equity in the house is circa 70K on a property value at £185K
The husband is pushing for a lump sum of half the equity and a fat slice of her pension, less half the marital debts so he may end up with very little, but if he wont relinquish his claim on her pension she will need to pay him off.
She hasn't missed a mortgage payment but has picked up a CCJ for a small amount which has been settled and earns a basic salary of £65K and bonuses have taken this to over £100k in the last 3 years. I am convinced she should have no problem obtaining a mortgage despite the CCJ but will need a good broker??
Any thoughts on the above as I am aware there are a few good mortgage guys on here but she is too scared to apply for fear of hearing no.
I thought I'd ask before I try to get her to a mortgage broker when I next see her.
Many thanks
I'm a Mortgage Broker. A good one I'd hope!
I've read your post but I still can't quite decipher what she is wanting to do? Remortgage to clear all of the CC's? Pay off the CC's AND pay off the Husband?
The key to this is going to be how the CCJ is reflected on her credit file (it may not be recorded if she cleared it within 30 days) and the LTV.
PM me if you'd like?
I've read your post but I still can't quite decipher what she is wanting to do? Remortgage to clear all of the CC's? Pay off the CC's AND pay off the Husband?
The key to this is going to be how the CCJ is reflected on her credit file (it may not be recorded if she cleared it within 30 days) and the LTV.
PM me if you'd like?
Bit of a Unit said:
In an ideal world, remortgage and pay off the husband and the CCs.
I will call her and get a little more detail. Thanks for the replies
The max she will be able to go to will be 90%, which on a £185k property would be £166,000.I will call her and get a little more detail. Thanks for the replies
This leaves £11.5k to give to the hubby if she is to clear the £40k CC's.
This is the best case scenario, as this will be classed as Debt Consolidation you may even be limited to 85% or less depending on the lender.
The CCJ status may push the LTV offered down further too.....
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