Mortgage Penalty Loopholes??

r_n_carpenter

Hi

Last October I brought a house with my now ex-girlfriend. It tunred out she was having doubts even when we were signing the paperwork!!

Anyhow, there is a mortgage penalty on the Halifax Mortgage until October 2011. I have, however, just put the hosue on the market, and will be moving into rented accomodation.

Are there any loopholes or tips anyone can give me.

My ex-girlfriend moved back into her old flat which she had been renting out, and that already has a mortgage with HSBC

Thanks

Richard

theartfullodger

(Not being flippant...)

Tip1: Read documents before you sign them: If not sure what they mean take advice...

Tip2: When gambling with (probably) the biggest financial deal of your natural-so-far, take advice and consider the consequences if various things go wrong...

Painful lesson...

Hope it works out...

Lodger

_Andy_

In answer to the OP, no, there are no loopholes, you will need to pay back the ERC in full.

kmmr

Check out the sticky on ERC's.

r_n_carpenter

Thanks all. This is my 5th mortgage, so was well aware of the penalty, and read the small print in detail - just didn't bank on the girlfriend 'screwing me' over!!

So was just looking for any ideas?

Sticky??

dimbo61

Do you have to move out ?
Could you rent out a room to cover your EX G/F half of the mortgage !
Is she still paying her half of the mortgage ?

r_n_carpenter

Hi dimbo

I already have a lodger. She pays me £138 a month (should be £400!).

She probably needs the money so she can rent a love nest for her and her new boyfriend in Manchester (she lives in Teddington, Middlesex and he lives in Newcastle!)

Dan_1976

Surely she has to pay half?

dunstonh

She needs the money so she can rent a love nest for her and her new boyfriend in Manchester (she lives in Teddington, Middlesex and he lives in Newcastle!)

You are jointly and equally liable on the mortgage. Just because she has moved out, doesnt mean she doesnt have liability any more. If its not practical to sell it then that is a consequence of her actions and she needs to face up to that.

Senior_Paper_Monitor

What is current value / mortgage amount ?

What is current repayment method ?

Who is currently paying mortgage and is it up to date ?

Is it joint tenancy ?

Can you afford to pay current mortgage on your own (including lodger income)?

There are reasons for my questions other than noseyness (nosiness ?) !

Gorgeous_George

Is she prepared to pay all the costs of selling including 100% of the ERC?

Negotiate a deal and sell up. Start again and be lucky.

GG