remortgage nightmare need HELP!!!!!!!!!

lyleb

my fixed rate term is coming to an end and am faced with a problem my mortgage, i currently hold my mortgage with an ex partner we have agreed a small fee for me to buy her out of the mortgage 5k, but my advisor has said that my interest only mortgage was at 95% but says i aint going to be able to get another 95 and 85% is the only thing i will be able to get hold of but my wage does not allow me to borrow the 142k needed but obvioulsy i am taking my ex off and hopefully putting my father on, but he says i will need to make up the difference between the 85% and 95% but that cash i am unable to get hold of and so he says that is my only option but there must be alot of other options out there so if anyone has any ideas PLEASE HELP!!!!!!!! much appreciated lyle

sammyjammy

I was going to say that your post is very difficult to read, it consists of one single sentence but actually it doesn't even do that as you haven't put a full stop on the end!

Anyway... you need to give more info for people to help, income details, house value etc

dunstonh

but there must be alot of other options out there so if anyone has any ideas

1 - Sell the property and buy one you can afford
2 - Rob a bank
3 - start saving and drag it out (problem is that house prices are dropping faster than you can probably save).
4 - get your father to reduce your debt.

In the current market, you have two things working against you. 1) its interest only and 2) you dont have the equity or capital to give you equity.

Interest only without a repayment vehicle suggests affordability issues and little or no equity is not good lending. Forget what has gone before. This is now.

beecher

The other problem you have is that the value will have gone down and so if you started off with 95% LTV you won't have that now, therefore you'd need to get a hold of even more money.

dimbo61

What happens to your mortgage at the end of the fix ?
Does it revert to the lenders SVR ? and what is the SVR ?
Your Ex cannot come off the mortgage without selling the property.
You could borrow the £5k off your dad to pay your EX and get a solictor to draw up a legal document to say you have ( bought her out ) but she cannot be taken off the mortgage ( she is still jointly responsible for the mortgage and there is no equity in the property.
Carry on paying the IO mortgage and overpay if you can because you do not want the house repossed !! GOOD LUCK

Soot2006

IF you & your father are approved to take over the mortgage from you & your ex, then you ex should be buying HER way out of the house rather than expecting to receive money to leave you will all the debt? Don't fall for this - sell the house and you can both pay back the shortfall together.