Second Mortgage

What is a Self-Certification Mortgage?

A Self-Certification mortgage is a mortgage designed for people who are unable to provide proof of income. This type of mortgage was originally designed for the self employed who historically experienced difficulty obtaining a loan with ‘high street’ lenders due to not having audited accounts available.

If you are unable to show your earnings due to being self-employed, a seasonal wage earner, or anyone with irregular earnings such as a contract worker or commission-based employee, or in salaried employment with a supplementary source of income, an unsalaried company director, or varying other reasons – a Self-Certification mortgage could be the best option for you. Read the rest of this entry »

Can you sell your house with a joint mortgage with you ex partner on it?

Suppose you are going through a divorce and your ex lives somewhere else and hasn’t paid anything towards the mortgage from quiet sometime. And now you can’t pay the whole mortgage and want to sell your house.

In most places, this will be difficult. The ex must agree to the sale and the mortgage company must be paid off. Depending on your state, there may be certain ways to do this, but you really need the services of an attorney. Read the rest of this entry »

If you want to get a joint mortgage and you have a good credit rating but your partner does not, will this mean that a lender would not consider you?

It depends exactly how bad your partner’s credit history is, and how much money they currently owe.

They might ignore a few late payments but will deduct any monthly repayments from their contribution to lending multiplier, lowering the amount you can borrow as a couple. Read the rest of this entry »

Can an Ex Hurt Your Credit?

There are a lot of people out there that don’t believe that a spouse’s credit can affect theirs. But it can.

A loan applicant may look great — good income, history of savings and strong employment — but the credit report looks a little off. There are some late pays, even a charge off, on a few accounts. A little code indicates that the applicant’s spouse has the credit problem, not the applicant. Read the rest of this entry »

This is the most common issue amongst married couples. So how to resolve it, if it is not going well?

Suppose you have split from your partner. You have a joint mortgage but s/he hasn’t been making her/his share of the mortgage payments for the last 6 months. S/he also moved out of the property 6 months ago.

And not you are in the process of having him/her released from the mortgage. The property hasn’t gone up in value. If you ex refuses consent to be released from the mortgage, when the property does come of value, is s/he still entitled to 50% of the profit, even though you can prove s/he hasnt made any contribution to the mortgage and the fact that you continued mortgage payments (not s/his) have resulted in the profit in the first place? Read the rest of this entry »