Help... Left in the cold by ex.....

Harrisoncarter

my ex has left me (greener grass) and i remain in the home, he is still paying the mortgage but i fear not for long. what are my options to stay in my beautiful home, i am 50 and work full time but do not earn enough to pay the existing mortgage, it still has 23yrs left to run and i am looking at staying here until i can get back on my feet (say 5yrs). is there a way i can take it over and pay a fixed amount until the market picks up and i can downgrade?

he has a repossession against him on his previous house, this happened after we took this mortgage on, but i dont have any credit problems to my knowledge but i know my age is against me.

can anyone advise me please, i dont want to lose another home because of him (i sold my last one to buy this one).

regards
Aud

unite79

How much mortgage do you have, how much is the house worth, what do you earn!

Harrisoncarter

thanks for reply,
mortgage is 130,000
value approx 180,000 - 190,000
earn 16,500

unite79

Its not good news I'm afraid - You wil not be able to take over the mortgage on your own.
Is your current mortgage in joint names, could you convert it to Interest only to make payments manageable for you!

Harrisoncarter

yes it is in joint names, he is younger than me so it was based on him working for the next 25 years, interest only has been suggested to me, i just wondered if there was anying else i could do that would take him off the mortgage, i am worried he may try borrowing money against the house without me knowing.

how does interest only work? do i have to get him to agree to it too? is there anything to sign? and how long can i be on interest only?

my other worry is that my existing lender (Redstone) may not like it if i tell them that my partner has left, they may want some assurances as to how i am going to repay the mortgage. i have not told them i am on my own.

NAR

As it is in joint names he will have to agree to any change in mortgage arrangements. If he decides to stop contributing and won't let you pay interest only (which you will struggle with if interest rates go up again) you may well be forced to sell I'm afraid.

Harrisoncarter

thank you for your help, it seems i may have to face the fact that i will lose my home again becuase of this man, i will look into interest only and hope he agrees, otherwise its sell sell sell.......

many, many thanks
aud

SouthCoast

he has a repossession against him on his previous house,

If he has a shortfall on his mortgage debt, you need to see a solicitor urgently to protect your interest in the equity of your current property.

silvercar

Are you going to receive maintenanace from him? If so, some lenders will include the maintenance in any income calculations.

He is as jointly liable for the mortgage payments as you are. Remind him of this.

To protect your interests you should get a note put on the (electronic) deeds that you have a right to the home and he can't raise finance against it. A solicitor can easily sort that out for you; presumeably you will consult a solicitor to ensure you get your settlement reflects that you sold a property to finance this one.