Remortgaging after a break up?

A reader is planning to remortgage after a relationship breakdown, but is worried about previous credit problems standing against him.

Peter O'Donovan, mortgage manager at Bestinvest (Consultants) part of our team of Independent Financial Advisers (IFAs) from unbiased.co.uk, offers a helping hand.

Wayne from Ruislip asks:

I have an existing mortgage with the Halifax and have had it for several years, I am now in the process of taking my partner's name of as she left me and doesn't want anything to do with it.

But I'm wondering, if a little bit of financial trouble last year has given me a bad credit rating and if it will affect my chances of getting it transferred to my name solely.

My income is sufficient and provable to cover these payments.

Peter O'Donovan, at Bestinvest (Consultants) responds:

Without knowing the extent of the “bad credit” it is difficult to say exactly what Halifax may do.

You can get a copy of your own credit file online from Experian or Equifax which will at least let you know how your credit rating stands.

It will also point to problem areas and you may be able to resolve them and maybe get them removed from the report. If the difficulties can be explained (circumstances relating to the separation perhaps) then Halifax may well be happy to take a view especially if you had a clean record before then.

Their main question is can you afford to take the mortgage on yourself and if the answer is yes then you are half way there.

Be up front and honest with them to any questions they may put to you. At worst it will delay taking your ex-partner off the deeds but still keep them liable for the mortgage so it is in their best interest to assist if part of the problem was due to them.

If you have a personal finance question for our team of Independent Financial Advisers (IFAs) from unbiased.co.uk, go to the myfinances.co.uk Ask the Mortgage Expert section.

Click here to Find an IFA.