Divorce mortgage problem

Lizziemint_99

Can anyone offer any advice please? I am in the process of going through a divorce and my ex husband has agreed to sign over the house to me. I have applied to take the mortgage on byself on salary of £28,000 (plus unsocial hours pay approx £3600pa), mortage value is £137,000. Not surprisingly my application was turned down.

Good friends of mine offered to come onto the mortgage as name only to enable me to keep it. This was approved. I have no problem making the mortgage payments on my salary. However, since this my friends have seen a property they wish to buy and need to take out a considerable mortgage themselves. They are still keen to help me and have offered to loan me the cash to cover the defecit in what the bank will give me in mortgage and the mortgage ammount outstanding. This is incredibly kind of them, but i am quite uncomfortable about borrowing so much money from friends. I am tied into my current mortgage for 18months, at the end of this period I intended to apply for a 'key worker mortgage', in order to take my friends off my mortgage. Does anyone know of any similar schemes or have any suggestions as to how i can keep my house and my existing mortgage going?

Any advice would be much appreciated, i am in a bit of a pickle. I cannot afford to sell, up, there is no equity in the property and have no savings to put down as a deposit for a new place. I do not want to come off the property ladder. Any suggestions, help!

Cannon_Fodder

Not exactly the most beneficial divorce settlement, to be left holding the mortgage...

Mixing money and friendship is a sure fire way to have no friends...

Suppose you lost your job - not impossible as cuts are predicted to hit the public sector - you might lose your house to repossession and have nothing to give to your friends for a long time...

I thought that Key Worker was usually for FTBs...? Or if you could demonstrate a need for a different property. Worth double-checking the eligibility? http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/HomeBuyingSchemes/DG_4001345

Going for shared ownership may alleviate your outgoings, while having a smaller share of equity to commit to, whilst still remaining on the ladder - although its more a treadmill, really...

Get a lodger...? To help build up funds for a deposit/re-mortgage.