Hello. I have had a Consent Order drafted and asked my ex to populate a D81. She is staying in the FMH home and I''m staying on the covenent until I return to the UK next year where I plan to get a mortage so I can get equal shared access to our children. She is aware of this and has agreed to it.
Heres the question part. If she is able to afford the mortgage without my financial support will the mortgage provider be content just to have her name on the mortgage. The provider is Santander.
If not does anyone know of a provider that will give a second mortgage even though I''d be ''in name only'' on the FMH mortgage.
The lender will normally treat any application to take your name off in a similar way to a new maortge application in her sole name. If the mortgage is more than she could borrow in her own right, thy *may* be willing to consent to your name being removed if she can show that she can afford the repayments. A lot of lenders will consider this only after she has ben able to show a minimum of 6 months of her paying the mortgaeg without help.
Does your order say that she is to ''use her best endevours'' to get you released from the mortgage? If not, she is n''t under any obligation to try to get your name taken off.
If it does, then if she is turned down to start with then you can ask her to make further nquiries after (say) 6 or 12 months.
I would suggest that you speak to an independent mortgage advisor about your options re: a second mortgage. I think al ot would depend on your income, size of deposit, amount of equity in the FMH etc, as these all affect what lenders are willing to lend you. It will be seen as a higher risk so you are liekly to be looking at more expensive mortgages and will probably need a bigger deposit than if you had no other mortgages.