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DarenJ

2nd Charge on a mortgage

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I'm a 2nd charge on a £172,000 mortgage, my Ex wife lives in the property valued at about £185,000 with our 3 children youngest being 14. The property is in her sole name. She is about to re-marry, between her new partner and herself they can't raise enough money to remortgage. He has his own business and only takes a small salary for tax reasons, she earns very little but they pay the mortgage every month. He has recently come into about £90,000 and i understood they were going to try and reduce the mortgage and remortgage on what left, this hasn't happened. I would like to buy a house and start over myself but find i'm responsible for the £172,000.

 

any advice would be great.

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When you say you are a 2nd charge, do you mean that this is a joint 1st charge mortgage with both you and your wife named as joint borrowers ?

 

You say that she is now your ex-wife, this would suggest that divorce proceedings have concluded.. What was agreed to happen to the house...

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Hi,

 

the 1st charge as i understand it is the Abbey and my name is the only other on the mortgage, i agreed to transfer the house to her which has been done foolishly!. With regards to anything else regarding the mortgage i can't see anything in the divorce settlement. So as i understand it i can't do much until my youngest has left full time education or until he is 18. I was hoping that i might be able to force their hand seeing as they are now getting married.

 

any thoughts?

 

thanks for your help.

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