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split what next?
strobe_2
Posts: 3 Newbie
hi there
my girlfriend and i have recently split up. we bought the house less than 12 months ago. borrowing 96k. put down a deposit of 8k (mine with contract stating the 1st 8k or 8% of house is mine.)
what is my next step. i could afford the current repayments(£502 p/m) on my own.
i just don't know what to do.
do i need to get a new mortgage?
do i "take over" the existing mortgage?
my girlfriend and i have recently split up. we bought the house less than 12 months ago. borrowing 96k. put down a deposit of 8k (mine with contract stating the 1st 8k or 8% of house is mine.)
what is my next step. i could afford the current repayments(£502 p/m) on my own.
i just don't know what to do.
do i need to get a new mortgage?
do i "take over" the existing mortgage?
0
Comments
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I think you really need to sit down and weigh each of the options open to you.
I think that your ex- gf's name can be taken off the name of the mortgage and the deeds but don't know if there is a charge for this....also I don't know if your mortgage provider would be agreeable for your to take on the mortage soley.....would they consider for instance that you were over stretching yourself?
Do you have any equity in the house? If so, does your agreement mean that unless there is £8,000 worth of equity your ex-gf won't be going after any of the equity? How friendly is the split - I know that sounds a stupid question but you know what I mean!
The next step is very much down to what you want to do (after all do you even want to stay in the house?), what the mortgage provider will allow you to do so have a chat with them and see what options are open to you and to a lesser extent what your ex-gf expects to happen as well.2014 Target;
To overpay CC by £1,000.
Overpayment to date : £310
2nd Purse Challenge:
£15.88 saved to date0 -
Hi, it depends on wheather you're tied to your current lender and if your income will support the mortgage payments on your own (As you've only been it the property less than 1 year I'm guessing you're tied in). First of all, you should get an upto date valuation and then establish wheather your girlfriend will sign over her share of the property to you. Does she want anything in return? Once you know this you should ask your current lender if they will let you take over the mortgage (it's known as a tranfer of equity). Then you can decide if you should sell or keep the property.
If you're not tied, you should then decided wheather to keep the mortgage with your current lender or remortgage elsewhere.
HTHI am a Mortgage Adviser.However any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.0 -
Sorry, crossed post.
Yes there usually is a charge for a transfer of equity as you will need to appoint a solicitor. Typically around £200/£250 + VATI am a Mortgage Adviser.However any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it.0 -
ex-gf works at solicitors so no fees applied by them on any transfer. split is reasonably amicable. and yes i would like to stay in the house. have spoken to lender and they are going to get back to me. i also have a potential guarantour if necessary.
any easy way to work out what equity we have?0
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