Help with northern rock mortgage and break up

angeljay

I think this has been answered before but I can't find anything on it:

My ex partner left in october 2007, since then i have paid the mortgage myself until now. We purchased the house for 84k and took 100k in total, in June 2008 a house on same street went up for sale for 103k but not in as good condition as mine.

I have 75k IO and about 24K unsecured with northern rock on SVR, i want to get my ex off the house and mortgage and have my own independence but cannot seem to find anyway of doing this.

I have looked into getting a new fix with a family member but due to their mortgage the bank see it as a risk.

I have asked northern rock about porting to a cheaper property but i could end up in more debt paying fees etc when i sell this property.

Could i remortgage the secured part on my own and keep the unsecured part in both names?

Anyone have anymore ideas because i think i have tried them all!

Thanks,

mdhelp

I think you should maybe speak to a IFA or a mortgage broker. However, depending where you live a 103k property in June 08 may only be worth 90k ish today so i'd also get a couple of valuations done.

angeljay

I have spoken to a mortgage advisor, in the terms of getting a new mortgage in my name only or with both myself and my brother is a big no no....... i am unsure what to do now worried about what will happen when rates go up.....

Any idea what I should do please ?

starnac

hi angeljay.

i'm not an expert or anything but DH and myself have a mortgage with nr and i know friends who do too. you can opt to keep the unsecured part if you remortgage/sell the house. be careful though the interest rate on the unsecured part will rocket as it will be no longer tied to your mortgage rate and will be treated as a separate loan.

hope this helps

starnac

Gorgeous_George

I'd sell and spilt the peoceeds (cash or debt) with the ex. This provides you with a clean break for the former relationship.

Alternatively, speak to a solicitor and ask for an agreement with your ex that he/she will not come after you for any future equity in return for you paying the mortgage. After that, you can only try to pay off as much as possible and hope that you can get a valuation that enables you to get a mortgage on your own.

Please consider the first option and good luck!

GG