Stuck with joint mortgage

simonts

Anyone able to offer any help.

I am in the bind of being stuck with a mortgage with GMAC with my now ex and unable to find a mortgage on my own income.

I agreed to release her from the mortgage as soon as reasonably possible but to this date have been unable to do this.

What would happen if I went to the mortgage providor and said i needed her name taken off? what if she demanded it removed?

Typically I was about a week late in getting a mortgage agreed then the doom mongers hit with the market and everything went far too tight for my status.

Officially I earn £25k but have £600 a month extra come in each month from 'side jobs' but there are no payslips etc for this lol.

I have been paying the mortgage solo since october last year and could prove this if necessary. Could I make some sort of special written appeal to GMAC to continue the mortgage in just my name?

silvercar

What would happen if I went to the mortgage providor and said i needed her name taken off?

They would consider whether your income and credit status was sufficient to support the mortgage on your own. No harm in asking. You could start paying your side income into your bank account, so you can show it exists. Your other option is to remortgage with a different lender. If your credit rating is good this is a possibility.

what if she demanded it removed?

From whom? She can't demand anything from the lender. She can demand that you sort things, but if you have no way of doing so there is little she can do. She could go to court and get a judge to order you to sell the property. This may or may not succeed.

Does she want some equity out of the property? Has it dropped in value? If so, she may consider making a payment to reduce the mortgage which would make it more likely you could afford it on your own.

neverdespairgirl

simonts wrote: »

Officially I earn £25k but have £600 a month extra come in each month from 'side jobs' but there are no payslips etc for this lol.

The extra £7,200 could come in handy - you could surely use your tax return from last tax year to show that you earned this money?

herbiesjp

What is the mortgage amount?
What is the property value?
Do you have a good credit history?
Do you have any other debts in the background?

simonts

herbiesjp wrote: »

What is the mortgage amount?
What is the property value?
Do you have a good credit history?
Do you have any other debts in the background?

Mortgage 130k
House around £150k
Fair
Yes about £15k

Ex was already paid £5k to remove her interest in the property. I have a signed solicitor letter and pre signed transfer form for deed

herbiesjp

If the extra money you have is verifable in some shape or form then it could be used for mortgage purposes.

The £15k in debt will mean you will have to find a lender that will offer you decent income multiples/affordability calculations based on your credit score with them

Your best bet would be to talk to a whole of market mortgage adviser and discuss in detail

Troubled_Joe

But you can't effect the transfer without either the lender consenting to you taking on the mortgage?

Have you sought legal advice on this?

easyfinance

Oh dear ... dear ...

The bad think is that you allready paid her 5k. Because of such a big loan to value they won't release her. You could try to find another lender(you will have to pay early repayment charge .. maybe £2000), but I believe that being with Gmac smells a bit a nonconforming loan and close to 90% loan to value you won't find another one.

So keep paying it ... until the weather changes ... and you don't have to pay early repayment charge ....

UK007BullDog

As you are probably not paying tax on your extra income you should conside doing so. However your income might still not be enough to support the mortgage officially, no matter if you actually do manage.

As mentioned the lender will have to agree to this. So first point of call would be to ask the lender.

She cannot demand anything, except with a court order to get you to sell. But if you were to go into neg equity I bet the judge would not enforce it. But it seems she was happy with the £5K you gave her and has removed herself from the property via your solicitor. However if she ever wants to buy another property she might have difficulties as her name is still on your mortgage.