Posted on 26 June 2012 by maria
the house deeds is on my name,but have 3 joint mortgages with my soon to be ex husband.the mortagages have been in arears in the past but have been cleared since feb this year due to rent from tannants that are living there.i want to hand the house over to him and take my name off the mortgage so he needs a buy to let mortgage in his name only, but hes finding it differcult to get it due to the past arrers please can you help.
In the current economic and lending climate I do not think your husband will be able to secure a mortgage in his sole name. Mortgage arrears are one of the worst items to have showing on your credit report and until you have at least 12 months and probably more like 24 months clear payment record lenders are not going to want to take on the risk.
Whilst I appreciate that you wish to transfer the property and the mortgages to your husband, I think you had best make arrangements to ensure that the mortgage gets paid even when there are no tenants in the property. This way you will be in a position to review the situation and you husband will stand a better chance of securing a mortgage.
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