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  • FIRST POST
    • Claire_lou
    • By Claire_lou 9th Oct 17, 6:23 PM
    • 14Posts
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    Claire_lou
    Can I rent a flat for myself whilst I have a mortgage?
    • #1
    • 9th Oct 17, 6:23 PM
    Can I rent a flat for myself whilst I have a mortgage? 9th Oct 17 at 6:23 PM
    Long story very short.... myself and my partner are separating and I am looking to move out of our home we both own with a mortgage in both our names.

    I have no interest in staying as I cannot afford the house alone. He wants to stay and is looking into his options.

    My question is will I be able to rent a property myself before my name has been taken off of our mortgage or will any decision take the mortgage into account and perhaps leave me high and dry?
Page 1
    • reliva
    • By reliva 9th Oct 17, 6:29 PM
    • 4 Posts
    • 5 Thanks
    reliva
    • #2
    • 9th Oct 17, 6:29 PM
    • #2
    • 9th Oct 17, 6:29 PM
    I don't think the landlord will be bothered or able to see you have a mortgage, they just run a credit check I believe. The only thing to watch out for, which happened when I separated from my partner, is that you're both wholly responsible for the mortgage. So if he stops paying, you'll be wholly responsible for 100%. That happened to me for a while so I couldn't afford to rent elsewhere for a period of time.

    I think it would only affect you if you were applying to get another mortgage.
    • 00ec25
    • By 00ec25 9th Oct 17, 6:38 PM
    • 5,590 Posts
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    00ec25
    • #3
    • 9th Oct 17, 6:38 PM
    • #3
    • 9th Oct 17, 6:38 PM
    legally, as you realise, you remain liable for the whole of the mortgage payment for as long as you remain party to the mortgage.

    so do you intend to stop paying anything towards the mortgage or not? Are you married and thus needing a divorce and (legal) "financial settlement", or if not married, what is your ex's attitude to the "shared" financial situation and how it will be untangled and split between you - obviously you must have at least some claim to the property given you are on (and have been contributing to??) the mortgage

    as for renting the vast majority of agents or LL undertakling a credit check will ask for info on your income, will check if your credit report lists and defaults/CCJ (they cannot get any more info than that from such a report) and may, or may not, ask you for a list of your expenditure to identify what you suspect, that on paper your net income after mortgage would not cover paying rent as well. How may LL/agents ever go to that level of detail is guesswork.

    on a practical level however, can you actually afford both or not? If not, then dealing with a potentially disgruntled ex now facing doubled mortgage payments may be the least of your worries
    • Claire_lou
    • By Claire_lou 9th Oct 17, 7:06 PM
    • 14 Posts
    • 2 Thanks
    Claire_lou
    • #4
    • 9th Oct 17, 7:06 PM
    • #4
    • 9th Oct 17, 7:06 PM
    Hopefully thats the case....

    Ref the existing house, we will go down the legal route and Ive told him I want my name off regardless so will sort that side. Just need to know what my options are in terms of getting a place so we can officially separate
    • Claire_lou
    • By Claire_lou 9th Oct 17, 7:09 PM
    • 14 Posts
    • 2 Thanks
    Claire_lou
    • #5
    • 9th Oct 17, 7:09 PM
    • #5
    • 9th Oct 17, 7:09 PM
    We arent married. I told him that either he takes in the mortgage in full (ie my name off) or we sell it. He wants to stay in the house so its up to him to either make that happen or we sell

    I am happy to get a place but I wont commit to doing that till I know whats happening with the house
    • BrassicWoman
    • By BrassicWoman 9th Oct 17, 7:14 PM
    • 1,381 Posts
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    BrassicWoman
    • #6
    • 9th Oct 17, 7:14 PM
    • #6
    • 9th Oct 17, 7:14 PM
    many stories on here of the moved out partner being stuck because the still there partner won't sell or remove name from mortgage.

    Think very carefully - I'd want it sorted before I packed my bags, to make sure there was an incentive.
    Downsized and mortgage free
    Dec 17 grocery challenge 89.65/ 120
    • xylophone
    • By xylophone 9th Oct 17, 7:21 PM
    • 23,695 Posts
    • 13,810 Thanks
    xylophone
    • #7
    • 9th Oct 17, 7:21 PM
    • #7
    • 9th Oct 17, 7:21 PM
    It might be wiser to stay put until he has bought you out.
    • Lauraliz
    • By Lauraliz 9th Oct 17, 7:32 PM
    • 15 Posts
    • 6 Thanks
    Lauraliz
    • #8
    • 9th Oct 17, 7:32 PM
    • #8
    • 9th Oct 17, 7:32 PM
    My partner had a similar problem took 5 years to get the house sold anda lot of money spent on paying the mortgage along the way.
    You need to get it sorted before you move, there will be plenty of advice for a transfer of equity on here I am sure.
    • Claire_lou
    • By Claire_lou 9th Oct 17, 8:34 PM
    • 14 Posts
    • 2 Thanks
    Claire_lou
    • #9
    • 9th Oct 17, 8:34 PM
    • #9
    • 9th Oct 17, 8:34 PM
    Thankfully weve only been in the house two years so there is very little equity so hed likely give me half what there is (which is what Id expect) before getting taken off of the mortgage.
    • theartfullodger
    • By theartfullodger 9th Oct 17, 8:43 PM
    • 9,127 Posts
    • 12,092 Thanks
    theartfullodger
    Aye, no problem: I know someone who owns two properties but rents where he lives.
    • BrassicWoman
    • By BrassicWoman 10th Oct 17, 7:07 AM
    • 1,381 Posts
    • 5,851 Thanks
    BrassicWoman
    Thankfully weve only been in the house two years so there is very little equity so hed likely give me half what there is (which is what Id expect) before getting taken off of the mortgage.
    Originally posted by Claire_lou
    - if his salary is high enough without you
    - if he can be bothered
    Downsized and mortgage free
    Dec 17 grocery challenge 89.65/ 120
    • Coconut01
    • By Coconut01 10th Oct 17, 7:38 AM
    • 59 Posts
    • 36 Thanks
    Coconut01
    I'm currently renting while my name is still on a mortgage with my ex wife. I'm not sure how much they check into affordability when you rent. Obviously while you're still on the mortgage you're liable should your ex stop paying the mortgage for any reason, I'd also recommend sorting it out as soon as you can so you can both move on.
    • saajan_12
    • By saajan_12 10th Oct 17, 8:18 AM
    • 1,010 Posts
    • 678 Thanks
    saajan_12
    Thankfully weve only been in the house two years so there is very little equity so hed likely give me half what there is (which is what Id expect) before getting taken off of the mortgage.
    Originally posted by Claire_lou
    Which means there's a sizeable mortgage which he'd need to remortgage under his name alone - can he pass affordability alone?
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