Mortgage question

[Roblox]

Thought I'd check in case anyone can help/might know the answer.

When the ex and I separated/divorced the ex remained in the family home under a mesher order. This allows her to to live at the house for a period of time with a sale triggered by various events. The latest trigger point being youngest turning 18.

Anyway my question is the mortgage fixed rate period ends in May. Ex has gone via an IFA but is advising she's having trouble getting a new fixed rate deal. The sale trigger point is likely to be in 2026 for reasons I don't want to go into but what surprises me is the mortgage company won't just offer a new fixed rate 2 year deal.

She is in a bit of a mess financially, of her own doing, but has paid the mortgage the past three years.

 

[Ash]

I'm not up on the current financial market with mortgages etc, but considering the fuel rise hike and economy after the pandemic, it wouldn't surprise me if fixed rate deals weren't around right now. What she could do is remortgage at interest only to reduce the monthly payments. Means it's not being paid off of course, but it's still an investment in a seller's market. Actually now would be a good time to sell! Not enough houses to buy and they not only sell instantly but have people bidding on a house as there are so few to buy. (My Dad's old house was sold recently). So although she doesn't have to sell till 2026, presumably she could if she wanted.

Is she asking you to help out with the mortgage by any chance? As you say it's her own doing but you're probably worried about the kids. And I don't suppose she'd be worrying about you if you suddenly had financial problems.

Just had a quick google. The Coventry Building Society are doing fixed rate mortgages (found them to be one of the safe big building societies - and reputable - when I used to have savings! They didn't go under during the financial crisis and were solid).

 

[Roblox]

Thanks for reply.

I've spoken to the mortgage company and received a very different answer to what ex was saying.

 

[Ash]

Interesting! So you think she's making excuses for some reason? (Saying mortgage is going up and she needs more money possibly?)

 

[Unknown83]

I work in finance and I can tell she's bending the truth. If she wastes time going to an IFA when she doesn't have sufficient mortgage capacity, then they are bound to say "sorry, no." I'm assuming the reason you have a Mesher Order is because she depends on your mortgage capacity so if she goes off on her own speaking to IFAs it's pretty obvious she won't get anywhere.

Your existing mortgage company though will happily offer new terms for a fixed rate deal. Banks want customers on fixed rate deals because they can securitise the loans, package them and sell the risk to investors safe in the knowledge that you're locked into the deal providing a steady income flow for a defined period.