split from partner... complicated mortgage

3430lee

All,

Im in a bit of a mess and need some help

Im splitting from my partner & i dont know how it all works!

I have a 50/50 mortgage with my partne (not married)

We owe 135,00 on a house that is probably now only worth around 115-120,000 due to fallin property prices.

We are four years into a TEN YEAR FIXED rate mortgage from HSBC

The fixed rate conditions state if payed back early i would be hit with a 6,000 bill

(aplogies my pound button is not working for some reason)

For the last four years i have been paying the 720 mortgage on my own, as she has been at university, so i know i am confortable with the payments

please can someone give me some advise on what should be done, what will hapen from now? will i simply be able to take over the mortgage as she doesnt want the house nor any monies paid, plus the price has fallen since buying anyway.

Will the bank allow me to do somthing like this

My salary is 27k pa

Your comments welcome please

thank you

Lee

opinions4u

Talk to the bank.

You are both jointly liable for the mortgage and continue to be so, regardless of who lives the house, until agreement between you both (performed legally by solicitors) and your lender changes this.

Gut reaction is that you won't be able to take on the mortgage in sole name - the income multiple is too high. But only your bank can answer this categorically.

Alternatives:

1) Both agree to let the property out. This may give you some income to help pay the mortgage (assuming the lender will allow this). Fingers crossed, in a couple of years, property values will have recovered a little - that's a long shot though.
2) Find a guarantor who can support a mortgage in your sole name. To be honest, 5 x income is a hell of a lot to meet out of your own salary.
3) Find the money to repay the negative equity and redemption fee and sell up. Your ex should contribute to this.
4) Fix the relationship and fall back in love again. Best option!

_Andy_

As above, you need to speak to HSBC. That said, I think it's unlikely they'd agree the mortgage in just your name as it's a salary multiple of 5 times.

3430lee

*** sorry mistake was made ***

I have actually paid off more then i thought

Remaining mortgage amount is 130,000

still sounds like im in the poop thou