Are there any risks in talking to my mortgage provider?

[Eatingjamwithtwospoons]

Hi

My DH left the family earlier this year. I have just about got myself on track financially (increased my working hours etc) but I am carrying a lot of personal debt. Most is actually DH's debt but in my name and I will need to pay it (I mention this as I mean it's not that my lifestyle puts me into debt - I live within my means).

But in an ideal world I would like more disposable money. So I would like to add £40k to my mortgage to pay off the debt.

Debt payments are around £1k. Obviously the extra mortgage (over 18 years) would be far less.

But I worry about approaching the bank. First Direct. Might they look into my finances and realise that I'm "just managing" and withdraw the mortgage? Might they not like that the mortgage is still in joint names?

Any advice?

Hi OP,
Are you tied in to a promotional rate on your mortgage at the moment e.g. 2 years or 5 years at x% etc. If so there would be likely to be early repayment charges to alter the mortgage.

You would need to be able to get the mortgage on your income alone now so would the borrowing exceed 4 ish times of your income? If so it is probably a no go. (If your ex is on the mortgage they will also need to be willing to come off it/give up ownership). For affordability you would also need to show that you can afford the new mortgage after all your other expenses.

Some lenders won't lend for debt consolidation so it might be worth seeing a whole of market mortgage broker. Make sure you understand how and when they charge their fee e.g. in commission from the lender or only on successful completion of getting you a mortgage.

Good luck!

Looking back at you OP you womt be able to takr further borrowing on a joint mortgage without the other party being part of the application as it reduces their equity and increases their debt too.

If the mortgage is in joint names, you'd need your husbands permission. Would he give it?

First Direct are generally one of the "good" banks, but they are likely to consider affordability if you apply to increase your mortgage, and so it'll depend whether you earn enough for the new mortgage amount. They may take into account that you intend to pay off the debt with the amount, and therefore wouldn't have those outgoings. Your DH's position would also be evaluated.

DH is still severally and jointly liable for the mortgage debt, regardless of whether he is paying anything - is he? Do you have DC? Is he making payments for them?

PP are correct that DH would have to agree for the remortgage to enable you to release equity to pay off debt. Is he likely to do this? It would be better as that way it's BOTH of you who have that debt, not just you.

Are you likely to get divorced? Apologies if this is upsetting but it is all relevant. I wouldn't do any of this ahead of a proper financial settlement as part of a divorce.

Have you had any legal advice?