joint mortgage after relationship split

stresshead70

Hi
Early this week my OH (now ex OH) announced he wanted to split, I have since discovered he is sleeping with someone, so it is definately over. The problem is that last year we took on a joint mortgage, so i now don't know what to do. He suggested that his family could buy me out and then I could rent somewhere else but I don't see why I should be the one being punished for his behaviour. I like my home and I moved in with him in good faith, fully expecting to spend many happy years here together. So what do you all think, what are my options. Neither of us wants to sell but we can't continue to live in the same house. I'm just worried now that he'll try to force me out but I really don't want to go. We chose this place because its close to my work and family and I've looked at rental properties and it would actually work out more expensive. :undecided

mackemdave

Did you get the mortgage as a result of your joint earning power.....would you be able to get a similar mortgage with your salary and could you afford the repayments and bills on your own?

If you can then go for it,contact building society/bank and apply for mortgage in your name.

Your ex might want a pay off if he contributed to the deposit

Emmzi

any kids? if so what age?

any equity in the house? How much do you estimate? Or is it in negative equity?

stresshead70

No, thats part of the problem really, we had a struggle getting the mortgage in the 1st place, we had to appeal because the mortgage company felt we wouldn't be able to afford it even between us, so neither of us would be able to take over the mortgage on our own because neither of us have large enough incomes. Its all a bit of a mess really :huh:

stresshead70

no kids thankfully and i don't think there'll be any equity, we only just bought it 5 months ago, unbelieveable to think think it could all go so wrong so quickly

mackemdave

Unfortunate as it sounds but think its time to get Estate Agents in....sorry

smartpicture

mackemdave wrote: »

Unfortunate as it sounds but think its time to get Estate Agents in....sorry

I'm afraid I have to agree, sorry. I know it's not fair - but sadly life isn't always fair. You need to focus your efforts on getting out as cleanly as possible without taking any debt forward with you - because that's a real possibility here, and that's the problem you need to be addressing.

Lotus-eater

Yes, sorry they have it right.
Try to pull together and make the house as nice as possible for selling, you want and need to get the best price you can.
I know it's not the easiest situation to be in, but if you manage to hold it together, you could be thousands better off.
Oh and don't let on why you are selling, to anyone, estate agents will tell their clients and they will sense blood.

stresshead70

Thanks guys, I kinda thought that would be the case but was hoping there would be another way round it because I love living here and I had a look around and by the looks of it I would have to pay approx £50 more a week to rent a one bed flat or bedsit than what i am currently paying. Its so disappointing but i s'pose i've got no choice :sad:

LJM

i would also have to say estate agents sell it make a clean break

pinkshoes

As neither of you would be able to get a mortgage on your own, then your only option is to sell the house. Or...

When he said his family could buy you out, then do they have lots of cash?? He could get a mortgage for 3x his salary, and his family could pay for the rest of the house with cash, along with buying you out. Did you put down some of the deposit? In 5 months, it's unlikely you'd have got much equity increase.