#MortgageWorksUK #BuyToLet #Divorce #Remortgage #Property #FinancialOrder
Hey everyone! 👋 So here’s the situation – my partner’s trying to re-mortgage their property to a Buy-To-Let after a divorce, but it seems like a major roadblock has appeared in the form of The Mortgage Works. They’re refusing to approve the application because his ex-wife is still living in the property, even though the court-approved financial order states otherwise. 🏠💸
What would you do in this situation? Any similar experiences or advice to share? Here are some possible solutions I have in mind:
– Seek legal advice to enforce the financial order and ensure The Mortgage Works complies
– Look into other lenders who may be more flexible with the situation
– Communicate openly and try to negotiate a solution with The Mortgage Works
Let’s brainstorm together and help each other out! 💭💡 #FinancialAdvice #PropertyOwnership #DivorceProblems
Just going to have to wait until she finds a place to live and move out in her own time, then you can re-mortgage. It’s a fairly standard criteria that Family members aren’t tenants as landlords are less likely to remove them if something goes wrong. There maybe a specialist lender out there who could help, speak to a specialist mortgage broker.
>The financial order specifically says that she must vacate the property immediately once he re-mortgages.
What’s the wording on that? Does it have to be remortgaged to a BTL or would a standard residential mortgage count?
Oops, the way I see it there are 2 options
Wait for her to move out
Remortgage with a residential mortgage and later change to BTL.
Try a broker.
When I bought my current house, I was buying for me with just me on the mortgage and moving my partner in. Some banks won’t touch that all, some will want your partner to waive a claim to the property, some may be fine… A decent broker should know which are which.
Have you tried specialist BTL lenders who might be more flexible with circumstances?
The financial order is giving your partner assets to the value of the house, not actually the house unless he can afford it on his own.
It looks like he may have to sell the house to realise the asset value and release the ex from the mortgage, and re-invest the equity into another property.