Mortgage Advice after Relationship Split?

EmmaLou82

Hi,

I have recently split with my boyfriend, with who I had bought a house (with a joint mortgage) three years ago. The split is amicable, he has moved out but is paying half the mortgage, while I am living in the house paying the other half of the mortgage together with all the bills. We also have the house up for sale. The problem is, in these times of the credit crunch, that the house just isn't selling, and my ex is finding it stressful having to pay half the mortgage while not living in the house, as it means he is having to live with his parents and can't afford his own place until the house sells.

I am now wondering whether I should take on the house myself, leaving my ex free of the mortgage payments, and leaving me still on the property ladder. The question is, can I do that? And how? I think my ex partner would be happy to just be 'taken off' the mortgage (ie with no money from me, as we have no equity in the house anyway), but can we do this? Is there some legal way of just removing my ex from the mortgage? I'm concerned that the mortgage company may force me to take out a new mortgage on my own. Which, if that was the case, would not be an option I don't think, because I'm in a fixed rate deal with northern rock, who aren't offering any new mortgage deals anyway.

What would happen if we just stayed both on the mortgage, but I paid the whole mortgage? Is that a very bad idea, legal wise?!

It's all very confusing! I'd really appreciate any advice on this. Thanks!

getmore4less

Drop the price if it is not selling

silvercar

Ask your lender if you can do transfer of equity. This would keep you on the same mortgage deal but release your ex from the mortgage obligations and the property.

Whether they allow it or not depends on whether they feel you earn enough to pay the mortgage alone.

EmmaLou82

We can't drop the price beyond what we already have, due to us having large exit fees from the mortgage and estate agents fees etc. Not that the price seems to be making a huge difference, its just so hard for people to get mortgages at all in the current climate!

Will contact the mortgage lender about a transfer of equity, thanks for that info, I wasn't sure whether there was a way to stay on the same deal but with just me paying.

getmore4less

whats the mortage current asking price and your single salary.

That will give people an idea if the transfer will be possible.

EmmaLou82

The amount remaining on the mortgage is £101,500. The house was up for £120K, has been dropped to £115K. My single salary at the moment is £24K but am only on a fixed contract until July, after which point I will hopefully be moving onto a new contract which will be in the region of £29K. My current mortgage repayments are £657 (I'm on fixed rate until Aug 2010).

Robert_Sterling_3

If you default on the mortgage your Ex is also liable.
The lender will not take his name off the loan.