Mortgage worry after relationship split.

chartnell

Hello all. Any tips or advice on the following gratefully received.

After 7 years my partner decided she wasn't happy, and has left the house we have a joint mortgage on, which we bought 3 years ago.

Her parents 'gave' her £15k as the deposit. And she obviously wants this back.

Trouble is, like many others, there will be little, if any equity in the house, as it stands at the minute. The mortgage is for £135k and the value of the house (saleable value, not actual mortgageable value) is around £145K.

Another worry is, taking her name off the mortgage, while I could afford the repayments on my own, as it is my intention to stop on at the house, if possible - will the mortage company just take her name off, or will it be a new application, incurring fees?

I haven't got the £15k to give her back, and I don't want to get a loan as this will increase my monthly outgoings, which I really don't want to do.

What are my options here? I know I should probably speak to the mortgage lender, and possibly a solicitor, but just wondered if there was anyone on here that had been in a similar situation, and had any advice.

Help! - I'm sick with worry!

Cheers

beecher

The mortgage company will only let you take on the mortgage if your salary can cover a mortgage of £135k, ie you'd have to be earning close to £40k. Your ex is responsible for the mortgage and can't just opt out of it, and will have to take the hit on the equity. She has no automatic right to £15k.

I'd get professional advice and advice your ex to do the same as she needs to hear the reality from someone other than yourself.