Splitting up 5 months after buying house

beverleyt

I bought a house with my partner 5 months ago on a shared equity - we got a 75% mortgage and Persimmon paid the 25% which we have 10 years to pay back. The house was £135,000. We both pay half towards the mortgage and its in both our names.

Things are just going from bad to worse with us and I want to split.

What is the best thing to do? I'm on just over £16,000 and have a 14 year old daughter to another partner. I would like to take on the mortgage on my own but what is the possibility of that? If we put it up for sale then we could be living together for years before we sold.

What kind of money would I have to give him if I did stay there on my own?

Thanks for your help

tek-monkey

I'm afraid on 16k you'll have problems, I'm on 22k and had issues borrowing 79k.

DVardysShadow

What kind of money would I have to give him if I did stay there on my own?

Very little I should think. Neither of you seem to have put any money in.

At £16000, you will be hard pressed to hold up a £100000 mortgage - ideally you would want a clean break to avoid problems later. Bear in mind too that interest rates could go up. Perhaps you need to look at CSA, benefits and any other way of upping your income.

beverleyt

I could probably just do it as the mortgage at the mo is only £420 a month and I was paying more than that when I rented a flat. I do also get CB, Child Tax and money from my daughter's ex but would the mortgage company take this into account?

BeenieCat

I would be concerned about your daughter's money stopping in less than 2 years if she doesn't stay in full time education.

G_M

What kind of money would I have to give him if I did stay there on my own?

Well, virtually nothing, as he has contributed, what... 5 months of 50% mortgage repayment? Can't be much.

The issue is taking on the full mortgage and Persimmon loan on your salary. Can't see it happening.

Having children/taking out joint mortgages with partners are both huge commitments. When things go wrong the consequences are therefore huge too.

neas

only 420 quid amonth thats not bad..... will your income rise to cover a 700-800 quid mortgage in 2-3 years time when your fixed rate ends?

Thats how people get caught out with houses... 'I can afford it now'... yes you can because interest rates are low atm.. and will not stay low forever..

beverleyt

The mortgage we are on is a tracker for 3 years but yes I know it could go up.

Well it looks like we either sell and cut our losses or live together like this....

Thanks for your help everyone

beverleyt

G_M wrote: »

The issue is taking on the full mortgage and Persimmon loan on your salary. Can't see it happening.

The 25% doesnt have to be paid back until we sell in which we have up to 10 years to do. They then take 25% of whatever we sell the house for.

poppysarah

So was the house 135 but you've only got 75% of this on a mortgage?

And in 10 years you pay it (25% of value) back whether you sell up or not?

pawpurrs

Can he buy you out or is he not interested?