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Our property investment expert is Jeni Browne, Sales Director at
Mortgages for Business
www.mortgagesforbusiness.co.uk/
Tel: 0345 345 6788
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Question
Separation: Husband won’t pay his share of the mortgage
I bought a house with my husband three years ago but we have recently separated. He has moved out of the home and has just told me he will refuse to pay his share of the mortgage.
We both pay our share via our own bank accounts, so I guess the mortgage lender won’t just allow him to cancel this. But, I know he has money problems and therefore there is a danger he could default.
I would most certainly struggle to make the payments by myself. I hope we can sell the property and split the proceeds but obviously we still need to pay the mortgage until the sale is completed. What can I do?
Answer
I am so sorry to hear this – at what must be a very stressful time for you, this must be incredibly difficult.
My advice to you is to pick up the phone and speak to your lender and see how they can help you. Mortgage lenders are required to treat you fairly and, in my experience, having an open dialogue with them when you are experiencing difficulties will mean that they are able to help and work with you.
It may be that they can work out a way to bring the payments down (for example putting the mortgage onto interest-only for a period of time) which will help to ease the pressure.
Please do not hold off doing this. I would also suggest you try and obtain some legal advice to understand your husband’s obligations and how they can be enforced. I wish you luck.
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Question
Neighbour disputes – will it impact our mortgage?
My husband and I have just found our dream house! The catch: there is a dispute ongoing between the current owners and a neighbouring property.
As far as we understand, the argument is over the boundary and we are happy, if we move in, to come to a mutual agreement over this. We have our hearts set on this house and are happy to make a compromise.
However, we wondered whether this dispute would impact a mortgage lender’s decision? We have heard problems with rights of way and invasive plants can be a negative influence, but can a row with a neighbour put them off?
Answer
So this would not be an issue in terms of the lender being prepared to offer you a mortgage. However, if this flagged as an issue during the solicitor’s work, it may be that they raise it with the lender who could then decide they are uncomfortable with the dispute.
I guess it would really depend on what the nature of the dispute is… neighbours have been arguing over boundaries and all those things that come into it (trees, fences, wall positioning etc) for decades, so there is a strong chance that this really won’t be an issue.
But, it would be worth finding out exactly what the problem is and then speaking to a solicitor to get their thoughts as to whether it would affect the mortgage and also whether it is, indeed, resolvable.
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Question
Brexit: When is the best time to take out a mortgage?
I am looking at buying my first home this year. I have the required deposit but I have been holding off until the Brexit situation became more settled.
My conundrum is, should I make my move now and apply for a mortgage, or should I wait until later in the year when things have properly settled down?
I realise you can’t predict the future, but I wondered what mortgage experts advised clients who were having a ‘wobble’ over the economy to do!
Answer
I think that you are absolutely right – you cannot predict the future. But you can, to some extent, control your own. If you are hoping to buy your first home and the right one comes up, I would suggest you go for it rather than waiting for the economy to settle down. Being really candid, we aren’t likely to be entirely settled for several years or possibly longer.
What I can tell you is that the property market is making a notable upturn and mortgage pricing is very low, so now would be an excellent time to secure a property in case the prices start to climb (as is being widely predicted).
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Question
What’s the going rate for a mortgage broker?
I have been considering using a mortgage broker to get a remortgage on my three-bedroom property. I am approaching the end of a two-year initial rate with Barclays, which I purchased as a first-time buyer. I will speak to Barclays and ask what they can offer but I am also keen to see what else is out there.
When I took out my initial rate, I went straight to Barclays so I have no experience of using a broker. Therefore, I wondered if you could advise me on how much I should be paying for their services and also how and when this money will be paid?
Should I check for any qualifications? Also will I need to meet them face-to-face or can I go through the process using the phone/email?
Answer
Broker fees vary from nothing up to 1.5% of the amount which you are borrowing. For you, I certainly would not expect you to pay more than a few hundred pounds.
I think speaking to a qualified, whole-of-market broker is a great idea, but check that they are not going to charge you anything for presenting you with options.
The fee should be payable when you get a full mortgage offer, should you decide to proceed with their recommendation.
So, you will benefit from checking how the Barclays offering sits alongside third-party options, but you will only pay for the advice if there is something better which, when factoring all costs, including the broker fee, will cost you less than staying with Barclays.
Most brokers these days can easily work with you via phone and email; indeed, we transact with approximately 90% of our clients this way.
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