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Taking my ex-wife off the mortgage. Advice needed


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Hi,

I'm looking at ways to grow my portfolio.

I presently have 3 BTL properties, bought off plan through a property club (Instant Access), about 12 years ago. Of the 3 properties, my ex wife is on the mortgage and deeds of 2 of them. Because the equity failed to grow as IA assured me they would, One is still about £30k in negative equity, while the other is probably £30k positive. The ex just wants off the mortgages and deeds! The lender wont remove the ex unless the LTV is at 75% or better. Any advice on how to achieve this would be appreciated. At the moment I'm considering selling the better one to put the equity onto the other one. Would like to know what other options I have!

I've recently been on a Kevin Green Wealth seminar but wasn't impressed with his 'repo rescue' approach to 'under market value' property, so didn't opt for the £2,100 +vat for the 3 day course!

I've recently met a guy who is doing a £30k course with Legacy. He pointed me to this site, singing its praises!

Looking forward to viewing some (all) of the videos / courses!!

I'm a builder by trade so properties that require refurbishing are right up my street! (excuse the pun!)

Jim

 

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Morning Jim, 

 

Thanks for all the info above. It's interesting to hear about the Kevin Green and Legacy courses. I went to a Legacy weekend course and luckily didn't get sucked into one of there 20k+ courses. All the info they are selling is information the property hub gives away for free on the educational courses as well as the podcasts. I tell people this whenever I hear someone talking about courses or are thinking about doing one. 

 

 

With regards to how to get your wife taken off the mortgage deeds, I think @Stuart Phillips would be a great person to give advice on this, as he knows the ins and outs of most mortgage situations. 

 

I hope that helps. 

 

Cheers

 

Phil

 

 

 

 

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Thanks, @Phil Brown

 

Hi Jim, sorry I only tend to lurk in the mortgage advice section!

 

Firstly, I have to say that paying such huge sums for a course seems excessive when a good broker should be able to give you most that advice for free. That said, I've not watched any of these so I don't know whats discussed or recommended.

 

Some of these risky strategies look great on paper, but lenders these days are cautious and will know if it is well under market value, or if there's a property club involved. They are actively looking for the distress or lack of transparency, so you have to tread carefully. One of the problems with property clubs is that they acquire large developments that are struggling and package them up as BTL investments, passing them onto the market discretely so investors think they are getting a bargain, but may actually be paying over the odds. If they put 30 flats in the same block on Rightmove in one go you would trade them all against each other and there would be a race to the bottom on price. As such most lenders won't accept applications from property clubs, for this reason, it is too opaque.

 

As for getting your wife off the mortgages, I would hope that the equity in one might be enough to raise sufficient funds to pay down the other to get it under the 75%. If not there are 80% and 85% lenders that might bridge any gap.

 

When you remortgage you do so in a sole name, and the conveyancer will do a transfer of equity on completion, releasing your wife from the deed. You probably pay a premium of about £100 for this extra work from the solicitors at most.

043_logo_final_03.png.0cdf828351f81e6097208048ac2d018d.pngStuart Phillips

Independent, Whole of Market Mortgage Broker

AALTO Mortgages Ltd

Web  www.aaltomortgages.com

Email  sales@aaltomortgages.com

Call  020 7183 1101

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Thanks Phil for the redirection!

Stuart, I've had a close friend of mine, who's a Mortgage & finance man, look at having my ex removed but has failed to come up with anything! I would like to think he's looked at the 85% lenders too! I'll have a chat with him and find out if he has. Which lenders go to 85%???

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