Split Up with Girlfriend - Joint Mortgage

poppy10_2

Yep, you need to sell up and get out of this ASAP - the solution your wife is proposing leaves you in a very vulnerable position.

Ditto

Seeing as you only bought the house 4 months ago, is the split only a temporary thing with your girlfriend?
Maybe the enormity of moving in together has caused her to question herself, maybe the fact she is losing her freedom etc has given her cold feet?
Obviously we do not know the reason for the breakup, but maybe you will get back together, so don't be too hasty in any decision making.

Batchy

good luck... I wouldnt wish this on my worst enemy.

PS just cause your current mortgage provider wont give you a revised 90% mortgage it doesnt mean another company wont.

Have to consider Legal Fee's, and early redemption thou.

But you'd have to consider both if you was selling anyway.

complicated situation... personally I would sit tight and wait... if you wait till your initial period on the mortgage finishes, then you can remortgage in your own name potentially and the mortgage market might have free'd up. In mean time make sure your credit record is spot on, concentrate on paying credit cards if you have any... and look for good deals on 90LTV's.

House prices are due to go up significantly... get it in writing with the help of CAB, that her interest is 3k and at the next opportunity you will remove from mortgage. If you get on well with her, im sure it will be ok. House prices IMO wont increase nor fall significantly over next 2 years, so it matters not, apart from being financially linked for extended period, but as long as YOU pay its not a problem, hopefully she trusts you and doesn't need to get another mortgage any time soon otherwise it could throw a cat amongst pidgeons... :-)

Orlando_Virgin

Thanks all for your input, it really helps me consider all angles.

We got a 5 year fixed rate with Britannia 90% LTV and basically as for getting my name only on the mortgage there are only really two options. Find the money to get more equity in the property to take it over on my own or get my parents as guarantors.

The only other option is to put it on the market and try and sell and even then it could take a very long time to sell it I guess and obviously prove costly. She doesn't seem to mind staying on the mortgage for as long as it takes but I don't think she has thought that through. I can afford to run the house on my own but obviously legally and through the lenders she would still be on the mortgage, so I would pay everything but she would legally own half.

I need to have a good chat with my parents when they get back from visiting relatives and see what we can work out. As for getting back together is concerned unfortunately thats not going to happen, its the first thing we talked about.

Orlando_Virgin

poppy10 wrote: »

Yep, you need to sell up and get out of this ASAP - the solution your wife is proposing leaves you in a very vulnerable position.

How does this leave me in a vulnerable position genuinely asking? If you listen to my ex girlfriend you'd think I'd be the one in the best position!

Batchy

I think poster is trying to say that it will stretch youas now only 1 income on property, and she will also have a little bit of POWER over you. She could move back in ... for example... since her name is on the mortgage, and she doesn't like your new gf, so could force her out, just to !!!! you off... :-( ?

but obviously depending on her financial position you could screw her over by just not paying, and leaving her in potential bankruptcy situation... ie repossession. So she might end up paying on two properties in the future, IF she doesn't agree to sell when necessary, etc, etc, etc... possibilites are endless, as there are no children, you are empowered, as YOU can afford to pay for it... ON YOUR OWN.

It works both ways, your both empowered, and both at risk... depends if your looking at the glass half full or not.

Personally, look at it from the point of view, you wouldnt have got the house on your own... since she helped with deposit and her earning power went towards a positive decision for you too with mortgage company. As you have found out, you wouldnt be able to own it on your own, so its all good at the moment.

DKLS

Orlando_Virgin wrote: »

How does this leave me in a vulnerable position genuinely asking? If you listen to my ex girlfriend you'd think I'd be the one in the best position!

Its all very well if things stay amicable, but from experience I know they can go from amicable to bunny boiler in a nano second and make your life a living hell.

Do not agree to anything til you have explored every option available, there is some great advice from other posters.

zzzLazyDaisy

If you have just taken a five year fix, you need to check what the redemption penalties are for ended the mortgage early. Whether you decide to sell, or to remortgage into your sole name, either option is likely to trigger the penalty.

Charterhouse

Hello,

This happened to my girlfriend and I about 2 years ago, the market was much better then so it was probably a little less stresssful but I can tell you what you need to do.

Either she will need to stay on the mortgage or you will need to find a new guarantor to take her place, as clearly Britannia are not comfortable with you being the sole mortgagee. However this is not so bad as it sounds. If you pay her the 3k deposit back, she should be prepared to sign a document that confirms that you are tenants in common in the ratio 99.99% (yourself) and 0.01% (her). Get this done by a solicitor or PM me and I can send you a form which should suffice (my ex in question is a lawyer).

My advice with dealing with the ongoing situation is stay amicable and open but make sure you get everything in writing on email so that if there are any issues (my ex ended up owing me cash that I had to write off in the end) they are clearly spelled out and recorded in the event of the horrible situation of needing to take her to court.

Good luck.

Orlando_Virgin

Charterhouse wrote: »

Hello,

This happened to my girlfriend and I about 2 years ago, the market was much better then so it was probably a little less stresssful but I can tell you what you need to do.

Either she will need to stay on the mortgage or you will need to find a new guarantor to take her place, as clearly Britannia are not comfortable with you being the sole mortgagee. However this is not so bad as it sounds. If you pay her the 3k deposit back, she should be prepared to sign a document that confirms that you are tenants in common in the ratio 99.99% (yourself) and 0.01% (her). Get this done by a solicitor or PM me and I can send you a form which should suffice (my ex in question is a lawyer).

My advice with dealing with the ongoing situation is stay amicable and open but make sure you get everything in writing on email so that if there are any issues (my ex ended up owing me cash that I had to write off in the end) they are clearly spelled out and recorded in the event of the horrible situation of needing to take her to court.

Good luck.

Thanks all your advice has all been really, really helpful, especially the quoted post. I am trying my best to keep it amicable as I really don't want bitterness etc. clouding our judgement, obviously we both hoped it would work out WAY better than this but there you go.

I will speak to my parents and show them this post as an option. I think that it would be possibly the quickest way of sorting things if she wishes to do that.

Either way thanks for some really constructive advice I will keep you all posted. I think the right thing to do for now is ring my ex, tell her I'm discussing things over with my parents and what we are discussing obviously then take it from there. Most of all is trying to keep things level headed I guess.