Relationship over- joint mortgage- my options?

WifeofDJFLP

Hi

to cut a long story short I have a joint mortgage with my now ex-partner

(Halifax, repayment 5 year fixed, 20 years, 17 left £58,776 outstanding £463 pcm house value approx £210,000)

I am in a financial postition to take the morgage on as it stands but would prefer to consolidate some outstanding credit cards etc to make a fresh start.

Sadly the bulk of my income is from tax credits, though I am employed (only part time) and I have 3 defaults registered against me for a total of £2000 (which I should probably have dealt with but didn't)

I do have youth on my side, being only 34 I could probably extend the term of my mortgage.

I am seeing the mortagage advisor at the bank this afternoon so would like to have some information on my options, if any before I go.

I think there is a chance my ex would just cut his losses if I offered to avail him of the burden of paying the mortgage (which he has promsed to do for the time being but i still have access to some of his CC accounts as I used to pay all the bills and he's defaulting all over the place and borrowing money from dodgy sources) and I would feel much more secure knowing he couldn't secure loans on the house and it would be great to be able to call it my house instead of the house, I might even do a symbolic lock change!

So any advice?

TIA
ex-WifeofDJFLP
xxx

beecher2

Are you sure your ex would walk away from the equity? Surely he's due £75,000 and it sounds like he needs it from what you say. The Halifax will need to know for sure that he's agreeing to walk away with nothing - they will also need to see a break down of your income. The defaults won't help your position much either.

If your ex does want half of his share, your income would have to be enough to cope with a mortgage of over £130,000.

Joe_Bloggs

Their is a lot of equity in the property. There is no need to make any hasty decisions. Perhaps advice should be sought by both parties as beecher2 says.
J_B

iamana1ias

WifeofDJFLP wrote: »

house value approx £210,000

how has it gone up 30+% (£50k) since April?

WifeofDJFLP

iamana1ias wrote: »

how has it gone up 30+% (£50k) since April?

Hi

I'm not sure what you're getting at but I assume you've gone back and read my previous posts. So instead of just getting the advice I was hoping for, I'll attempt to justify my comments.

TBH I have no idea what I thought the value of the house was in April but 210000 is a safe bet for now. I live in an area where the recession doesn't seem to matter, never has. House prices here are scary and houses are still selling within a fortnight. (it's a kind of very up-market seadide resort I suppose!)

I hope you're satisfied with my answer and can offer some advice soon instead of trawling my posts for innacuracies.

Thanks for the other replies too. Yes there is a great deal of equity in the house and no I don't know for certain that he would walk away (it'd be the first decent thing he's done in months if he did). I have spoken to my solicitor so I know that I don't have to go anywhere for a while (youngest child is 4), I just can't cope with the inevitable month where he decides he hasn't got enough to pay the mortgage after all.

He has always been awful with money, we wouldn't have the house if it'd been up to him- I organised everything, made sure all bills were paid etc, he hasn't got a clue. He has his own (rented) place now but as long as we have this tenuous arrangement, I don't feel like I have aplace for me and the kids.

Again, thanks for the advice.

ex-WifeofDJFLP
xxx

beecher2

WifeofDJFLP wrote: »

Hi

I
Thanks for the other replies too. Yes there is a great deal of equity in the house and no I don't know for certain that he would walk away (it'd be the first decent thing he's done in months if he did). I have spoken to my solicitor so I know that I don't have to go anywhere for a while (youngest child is 4), I just can't cope with the inevitable month where he decides he hasn't got enough to pay the mortgage after all.

He has always been awful with money, we wouldn't have the house if it'd been up to him- I organised everything, made sure all bills were paid etc, he hasn't got a clue. He has his own (rented) place now but as long as we have this tenuous arrangement, I don't feel like I have aplace for me and the kids.

Again, thanks for the advice.

ex-WifeofDJFLP
xxx

Sounds unlikely that you'll be able to take on the mortgage from what you've said. I understand why you feel so vulnerable, but just make sure you're 100% honest with the bank and don't lead them to believe your ex would walk away from the equity.

Is downsizing an option - selling up, squaring up with your ex, and buying something cheaper, or renting until you're on your feet and build up your credit rating. You wouldn't be where you are now, but at least everything would be under your control and you'd have a new start.

Senior_Paper_Monitor

This is complicated situation and there is insufficient information to give definitive answers - professional advice (not the bank) would be recommended.

Be aware that if your ex has money problems/debts which he cannot service (as you seem to indicate) he will not be able to 'give away' his equity to you. In the process of doing so he would be required to 'sign a statement of solvency' (which is an undertaking that he can meet all liabilities without that equity) which he may or may not be able to do legally - signing it when unable to do so is a serious offence.

The whole scenario has 'danger' stamped all over it - professional advice (an experienced mortage broker or IFA) is needed.

WifeofDJFLP

Thanks SPM

I suspected the bank might not be the best place to go!

Oh god as if life wasn't difficult enough being dumped, unexpectedly with 3 children!

xxx