Mortgage NR

chemgirl1

My partner and I have moved into his house that he owns jointly with his ex-girlfriend. The house was brought for £175K and is probably worth now aroun £160K. She currently pays nothing towards the property but if the property was to increase in value she would be entitled to half of any equity. Is there any way that we can prove to NR that we are the ones paying for the mortgage (we tried a change of parties and it was declined).

Any help would be really appreciated!

Thanks,:o

chemgirl1

sorry, i meant to say that its a fixed rate 100% mortgage Interest only (ending 2011 with around £5K fee).

TheaNeedsHelp

You seem to be in a similar situation to me. NR have just rejected my change of parties form to remove my ex from the mortgage.....I have posted and will let you know what advice people leave...

chemgirl1

we dont want to sell the house and even if we wanted to overpay on the mortgage (to be repayment) we can't as she would be entitled to half, is there a way of proving that the mortgage is being paid by us and nothing from her? Also, morally should we be sending her a letter saying she has to pay half as she would be entitled to equity?

Cannon_Fodder

Talk to a solicitor. You can get agreements waiving rights, I believe.

She needs to understand that it is the current negative equity that she is liable for, not just the prospect of future possible gains.

If the two of them do not reach a compromise, he could opt to walk away and leave her facing half the shortfall...with ruined credit history, which would be to no-ones benefit.

You should keep bank statements, if it comes to proving who paid what.

It could be for reasons of insufficient income that they won't change from joint. Not unusual.

You just need a private agreement on how to treat things until that can be resolved.

dimbo61

As you are on interest only I assume the mortgage you are paying is cheaper than renting somewhere so carry on paying the mortgage and build up your savings in a seperate bank/building society in your name.
If the housing market has recovered by 2011 then sell the place and show the mortgage statements to any solictor who writes saying EX wants a share !
she can have her share as soon as she pays 50% of mortgage payments.
GOOD LUCK but get legal advice and stop her using property to get secured loan on.