Help - single income on mortgage

jellybeanbaker

Hi

Can someone offer advice, my ex-fiance has left me, he says he doesn't want any equity from the house. We took the mortgage out in Dec 05 so we have only been in the house just over 2 yrs. I've phoned the mortgage co to ask what info they need to take him off and they said my income must cover the £112K left on the mortgage, which it doesn't, but I can afford the mortgage payment of £659 per month plus all the bills. My dad has said that he will put his name down on the mortgage so I don't lose the house, can he do this???

Conrad

Your Dad going on wont work with most lenders as they will think he wont be dwelling there, and this fact is percieved as high risk (a person is apparantly more likely to be repossessed where they dont dwell in the property and therefore have a lower emmotional stake).

One lender I know does not request an income figure per se. A good broker will be able to explore such an option.

_Andy_

jellybeanbaker wrote: »

Hi

Can someone offer advice, my ex-fiance has left me, he says he doesn't want any equity from the house. We took the mortgage out in Dec 05 so we have only been in the house just over 2 yrs. I've phoned the mortgage co to ask what info they need to take him off and they said my income must cover the £112K left on the mortgage, which it doesn't, but I can afford the mortgage payment of £659 per month plus all the bills. My dad has said that he will put his name down on the mortgage so I don't lose the house, can he do this???

Hi

What is your income at the moment?

Gorgeous_George

It is very good of your ex to walk out without any equity :suspicious: How much equity is there? Given the state of the market, it may be that there is no, or little, equity or it may be, or may become negative equity.

As always, I recommend that you consider selling up and making a clean break. That way, the true market value is found and both parties pay their fair share of the break-up. Once this is sorted, you are free to buy another house, perhaps with a new OH and (with prices falling) possibly at a much lower price than your current home.

Your dad should not be considering taking on a mortgage - such a move is fraught with dangers - unless, of course, he is immensely wealthy and can afford to offer the same support to any other children that he may have.

GG

benbenandme

I did this when my ex left me too, my mortgage was with Abbey and they let my dad come on my mortgage as guarantor (sp?) Speak to your lender and see what they say

jellybeanbaker

I've read the T&C of my mortgage and they do accept guarantors but I will be speaking to them when I have removed my ex from the deeds of the house.

There is no equity in the house, we lost 2K on the drop in house prices last month. Plus he owes me 3.5K on money I loaned him for his car.

Income 1561 pcm