Help to get Rid!!

beecher

NR's SVR is 4.79%. Looks like you have a mortgage plus secured loan and I think it'd be closer to £560 if you were paying a repayment mortgage. If rates go up to 8% you're looking at £780/month for repayment, £700 for interest only and that's looking at a 28 year term.

However that makes it look as if the mortgage is still on a fixed rate and isn't on the SVR as it makes out that current payments are £604/month.

Tamazapan

Ive come up with an option of that if he takes on the loan that is is the £10k unsecured loan I will take on the house and the morgage!! I Will then be in a better position to remorgage and get a fixed tern on a repayment basis correct??

beecher

You need your LTV to be lower as it is at 100% even taking the loan off. So you'd need to find about 10k to be able to move lender.

If you do that then you'd be looking at a mortgage of £85000 or so - is your salary high enough to remortgage at that level? It'd cost about £550/month at 6% over 25 years.

Tamazapan

Whats LTV??

I get £19,969 a year and about a £1,500 bouns in March every year!!

But if its out of negative equity then Northern Rock will look at the change of parties as at the moment they wont do this!!

beecher

Tamazapan wrote: »

Whats LTV??

I get £19,969 a year and about a £1,500 bouns in March every year!!

But if its out of negative equity then Northern Rock will look at the change of parties as at the moment they wont do this!!

Loan to Value. To remortgage it has to be a maximum of 90% so you'd need to find 10k. The salary multiple is a bit high and you really need to think carefully about how you'd afford it when rates go up. Could you rent out a room perhaps? Have you checked your credit file too?

I suppose first step is to see if your ex will take on the loan and leave the mortgage to you - it'd be quite generous of him really since he'd essentially be taking on all of the negative equity.

Tamazapan

The loan was to pay off all his DEBIT!! so we could live together and not stress each month!! and he wants out currently we have £15k negitive equity if we sell at lower amont then fees so he might as well cut his losses take on the loan and go!! Ohr do you think im being too harsh??

beecher

Tamazapan wrote: »

The loan was to pay off all his DEBIT!! so we could live together and not stress each month!! and he wants out currently we have £15k negitive equity if we sell at lower amont then fees so he might as well cut his losses take on the loan and go!! Ohr do you think im being too harsh??

I don't think you're being too harsh, but you need to find out if he'll accept it or not. People can be really irrational when it comes to break ups and who gets what - particularly if they have people around them egging them on to get what they feel they're entitled to. Hopefully he'll be reasonable, but best to approach him before you contact NR about it.

Tamazapan

lol he didt get a choice in any of the furniture etc in the house when i moved out i took it all cos i PAID for it all!! That was part off our arguments all the time i tried so hard to better our selves and have nice things and he wasnt interested. So the Harveys courner couch, the 52in Samsung Tv, the washer, dishwasher, etc etc all moved with me!!!

He wants a new start with his gf and loan is month is £53.50 hardley going to stop him doing that and would give him the break he desbritly wants!!

We are still talking to each other and both just want it sorting and the door on our relationship closed and the future one open!!

Mrs_Bumble

Do you have any loan committments at all, credit cards? As these will be deducted from your income.

The actual mortgage balance of £94K against a value of £104K is just over 90%LTV but I don't think NR are lending up to 90% at the moment but you will have to ask them, I would also be surprised if they would release him from the liability at the moment as it would be a big stretch to allow you to take on the mortgage in your sole name.

As Beecher says it would also be a huge committment to take on the whole mortgage by yourself.

I would check what is feasible in theory with NR before you sit down with your ex, have all the facts.

beecher

Tamazapan wrote: »

He wants a new start with his gf and loan is month is £53.50 hardley going to stop him doing that and would give him the break he desbritly wants!!

Not me you have convince - £53.50/month for 20 plus years adds up. Good you're still talking to each other - make sure you get professional advice about it all and definitely look at the figures I've quoted regarding higher interest rates. Best of luck