I found this site today so thought I give it a try! In December 1988 I brought a property in joint names with my now ex-wife for #53,000. My ex and myself split in late 1996, I remained in the property and by the start of 1997 I was unable to afford the mortgage by myself. Our original mortgage was in two a main amount and a top up amount. We were taken to court and repossessed, I moved out in October 97 and the property was sold in November for #23,000. Since moving out I have not heard anything what so ever from the Mortgage Company. I have written to them with my new address (a copy of which I have). Im now in a new relationship and would like to buy a new property but I am worried that if I start applying for a new mortgage they will start chasing me for the outstanding #30,000. Any thoughts? I am able to still get credit cards so is it on my records? Is repossession counted as a county court judgement? There was a mortgage guarantee paid at the start of the mortgage. The mortgage was an endowment. Today I found out that although I now longer pay anything into it, it is still worth #4,300, I was unaware that the policy is still open! I was under the impression that when I was repressed the endowment policy would go to the mortgage company. I am divorced form my ex-wife but she has now got two children (not my children), in a council house, and only works part time. If the Mortgagee Company start to chase me for the outstanding #30,000, will it be split equally between us? Or is it as I think that they will stand a better chance of getting the money from me and therefor chase me more than here?

Any thoughts would be greatly appreciated

Dave Cox

-- DAve Cox (dave@cox146.freeserve.co.uk), October 13, 2000

Answers

The CML possession register usually has details of homes that have been repossessed along with the borrowers details date of repo, address where mortgage was taken out etc. You may or may not be on this list and it is this info that will be checked when you apply for a mortgage. There is a lot going on at the moment about the new six year limitation rule so it may be worth you looking into this. Getting a new mortgage may be a bit tricky as most lenders will want to know what settlement arrangements you have with your old lender, it might be worth contacting a broker for an 'informal chat about your options', there are some good ones listed on this page. Alternitively, if you have a new partner, you could always ask her to take out the mortgage in her name.

-- Jo (chrisbrad@zoom.co.uk), December 16, 2000.