Split up with boyfriend with mortgage

shortbreads · 21 November 2017 at 3:53PM

So I bought a house last December with my fiance, we split up recently and since then I have moved out and he has taken on the bills and half the mortgage, while both of us have been paying half of our life insurance that we had together.

I'm just wondering what the best way forward is with this?
I'm looking for elsewhere to rent, which is proving pricey but I'm reluctant to sell when I feel the property will be worth more eventually.

We put down 5% on the deposit with the government lending us 20%, after 5 years the mortgage repayments go up due to the government help to buy scheme and us having to pay back the 20% on top of the current payment.

So basically what I'm asking is, what is the best thing to do? Sell now, Try to Rent the house out or continue to pay until just before the mortgage payments go up?

AnotherJoe · 21 November 2017 at 4:02PM

This forum is littered with tales of woe from people stuck in sImilar positions five and ten years down the line arguing over who owes who what amd getting legal at great cost.

Get out of the joint arrangement. Sell it either to one of you if you can afford it by yourself or to someone else.

David_White · 21 November 2017 at 4:18PM

I agree with the above, whilst things may well be amicable now this can deteriorate quickly when money is involved.

The cleanest thing to do would be to either sell the property or your ex partner take on the mortgage themselves and buy you out if applicable.

kingstreet · 21 November 2017 at 4:25PM

You can't let a HTB property.

As DW said, sale or transfer of equity to partner appear the only options.

BTW in year six, you make fee payments on top of the mortgage they are not included in it.

dimbo61 · 21 November 2017 at 5:39PM

So what did you and your EX sign up too?
Fixed deal for 2/3/5 years ? ERC,s to pay if you sell up early.
Depending on which part of the country they may be NO equity or very little.
Costs to sell the property

RedFraggle · 21 November 2017 at 9:44PM

I would also get out now as further down the line things get messy. Me reasonable, agree something between you, get a solicitor to sort it if need be but cut your losses and both move on with your lives.

Sarastro · 21 November 2017 at 11:46PM

Agree - get out now and don't consider joint arrangements.

Split up with boyfriend with mortgage

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