natg83 Posted March 7, 2011 Share Posted March 7, 2011 Good morning SF. Im in a bit of a pickle and was wondering if anyone has been in a similar situation that can advise me what to do or anyone I can get in touch with to help. 5 years ago I bought a flat with my fiancé. It was a new build, and at the time to keep costs low until we got on our feet a bit we took the mortgage ‘interest only’ with a view to changing it to repayment after a year when the fixed period was over. Very soon after we moved in, the relationship broke down and I moved out. The situation is that 4 years on, he has been keeping the mortgage payments and bill payments up, and we are still very amicable. I no longer want my name on the mortgage, obviously, but he cannot get a mortgage on his income alone (although hes not struggling AT ALL keeping the payments up, which seems ridiculous, but). If we put the flat on the market we wouldn't get even close to what we paid for it, so that's not really an option either. And because we're 'interest only' the balance isnt reducing so we cant even just sit it out. Like I said, we’re very amicable and id really hate having to get solicitors etc involved, I'm just looking for a solution that could suit us both. Any advice would be greatly appreciated. x Link to comment Share on other sites More sharing options...
katy1981 Posted March 7, 2011 Share Posted March 7, 2011 Good morning SF. Im in a bit of a pickle and was wondering if anyone has been in a similar situation that can advise me what to do or anyone I can get in touch with to help. 5 years ago I bought a flat with my fiancé. It was a new build, and at the time to keep costs low until we got on our feet a bit we took the mortgage ‘interest only’ with a view to changing it to repayment after a year when the fixed period was over. Very soon after we moved in, the relationship broke down and I moved out. The situation is that 4 years on, he has been keeping the mortgage payments and bill payments up, and we are still very amicable. I no longer want my name on the mortgage, obviously, but he cannot get a mortgage on his income alone (although hes not struggling AT ALL keeping the payments up, which seems ridiculous, but). If we put the flat on the market we wouldn't get even close to what we paid for it, so that's not really an option either. And because we're 'interest only' the balance isnt reducing so we cant even just sit it out. Like I said, we’re very amicable and id really hate having to get solicitors etc involved, I'm just looking for a solution that could suit us both. Any advice would be greatly appreciated. x you should ask the morgage company about taking you off the morgage and deeds (this may cost you to do it) and they may just let him continue with the morgage regardless of his income? im not an expert in this area but its worth a try. if not you may have to no option but to either stay on it or sell it and cut your losses. either way id change to morgage type now before you do anything else then deal with you getting taken off it. Link to comment Share on other sites More sharing options...
*Turbo* Posted March 7, 2011 Share Posted March 7, 2011 you should ask the morgage company about taking you off the morgage and deeds (this may cost you to do it) and they may just let him continue with the morgage regardless of his income? im not an expert in this area but its worth a try. if not you may have to no option but to either stay on it or sell it and cut your losses. either way id change to morgage type now before you do anything else then deal with you getting taken off it. its likely their own mortgage provider wont take her name off the mortgage as he, based on income calculations will not be able to take it on his own. Is he now with someone? maybe they could get a mortgage between themselves? if you did sell and in negative equity then any outstanding owed would be between yourselves. basic example mortgage 120k sold price 100k 10k debts between you to lender. Might be better than current situation Link to comment Share on other sites More sharing options...
natg83 Posted March 7, 2011 Author Share Posted March 7, 2011 Thanks Turbo and Katy. Yeah we contacted the current lender and without myself on it, they will only finance him up to 85K. Theres £117k balance. And no, unfortunately he isnt with anyone else. We did consider selling at a lower price but it would be such a struggle to pay in effect, a loan for the difference, on top of our existing outgoings too.Im only just managing living on my own as it is. There must be other people who've had the same problem, I just wondered if there was anything at all we could do... Link to comment Share on other sites More sharing options...
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