What can I do to ensure I don't lose my house?

dooglebugg

I am not sure if this is the right forum for this so feel free to move it.

I have been living with my partner for almost two years (we were first time buyers and he left his home town to move to my town). Three months ago my boyfriend had reached a point where he was really uninspired in his job and unsatisfied with life in a town where he only knows me and the people in my life.

As a result he decided to go travelling and to complete an educational course in America which he has loved every minute of and I have given him my support all the way. He is due back home in 2 weeks time and has already made the decision, as a result of the course, that this is the new career path he wants to follow. This means he will have to move away in order to pursue an additional course (not available round here). He will therefore become a student again and cannot afford to live somewhere new and still help with our mortgage so I'm on my own. I know this is something he needs to do for himself so I would never stop him but I am really worried about where this leaves me now.

I can't move with him because I am in a full time job I love and I have one year left before I complete my masters level course. Until I graduate I will never be earning the type of money I want to earn. However without his income I don't see how I can afford to keep my house as I already have debts of £6.5k (a loan). Plus with exams going on (Nov and May) I really can't deal with the stress of having to find somewhere new to live and to sell up, I love my house and I am going to find it hard enough being without my boyfriend most of the time once he moves.

When we bought the house we initially had to get an interest only mortgage as we couldn't afford anything else so we haven't actually paid anything off it in 2 years. It is now time to re-mortgage anyway but if I sell the house I don't think we will make any money on it as the market value of houses in our road has not really gone up much in two years (not enough to make a substantial difference). Plus I can't really buy anything cheaper in this town unless I move to a really dodgy area and as a woman who will be living on my own, I don't want to do this as I feel safe where I am. I can't really rent out my second room as its a box and I need it as a study for my course (the rest of the house is too small to relocate the study elsewhere). I'm also reluctant to rent somewhere myself as its just more dead money (like the interest only mortgage) and I'm off the property ladder again in effect.

I am so worried that I will have to sell my house as a result of him leaving.
I earn £19k and my mortgage is £115k plus £6.5k debt - all together that's over 6 times my salary, its just not feasible is it? I earn an additional £40 approx per week working a second job on Sundays but this isn't always regular and is mainly just in the summer. I would happily get a third job to help my finances but then my masters will suffer and I need to complete this to increase my earnings and so the cycle continues!

I don't know what to do, I've finally reached a point where I was making headway with my debt and now this happens.

Any advice would be appreciated - if I can keep my home all the better.

Thanks

Dan29

dooglebugg wrote:

I earn £19k and my mortgage is £115k plus £6.5k debt - all together that's over 6 times my salary, its just not feasible is it?

Isn't the main issue how much your monthly outgoings (including mortgage payments) are, compared with your monthly income?

If your mortgage is approx £470 a month and your income is approx £1,250 a month, could you maybe manage for a year?

Debt_Free_Chick

Could you get a lodger?

david29dpo

is it your house or did you buy it together? if joint, he has an obligation to pay half the mortgage.

Bossyboots

david29dpo wrote:

is it your house or did you buy it together? if joint, he has an obligation to pay half the mortgage.

This is where I was going to go. If he jointly owns the house and is on the mortgage, then it is all well and good him wanting to follow his dream but now he has responsibilities.

Before continuing on his self serving road, he needs to work out how he is going to manage and that means paying his half of the mortgage. Perhaps he needs to be a bit more grown up and put his dreams on hold for the time being and honour the commitments he has already made.

nelly_2

Bossyboots wrote:

This is where I was going to go. If he jointly owns the house and is on the mortgage, then it is all well and good him wanting to follow his dream but now he has responsibilities.

Before continuing on his self serving road, he needs to work out how he is going to manage and that means paying his half of the mortgage. Perhaps he needs to be a bit more grown up and put his dreams on hold for the time being and honour the commitments he has already made.

Agreed.

A way of doing it is;

he puts his plans on hold works hard at present job, builds up a big lump sum in the bank, THEN takes time off to do the course using the lump sum to pay the mortgage.

BobProperty

If you want to stay where you are and need to find ways of affording it, then post a Statement of Affairs, and explain what you are trying to do, on the Debt Free Wannabe forum. They'll give you lots of ideas on how to make a bit extra money and how to save on costs, and I think you can do enough this way to stay where you are for a year.

dooglebugg

Thanks everyone. I know where you are all coming from and I agree to an extent. I feel angry that he's made the committment to me by buying a house together and now he is leaving his responsibilities behind which could mean I'm out on my ear at a time when I need to be thinking about my exams.

But on the other hand he has lived in a town he hates for 2 years and has lived through my life, not his own. I'm older than he is and probably got him to settle down before he was ready. I feel its his turn now and if I ask him to stay then I think he will only end up resenting me and we will probably break up and I will still be in the same position of having to manage alone financially. Its as much to save my relationship as any other reason.

In some ways I also want to prove I can do this by myself. I love my parents but after 2 years of living away from home I don't think I could move back in with them. My mortgage is already £554 per month interest only and my loan £230 and my take home pay is £1170 (after tax, ni and pension deductions) so it would be a real struggle by time I add on the gas electricity etc.

Can a moderator move this into the debt free board please so I can post a statement of affairs etc and seek further advice. I think this was the wrong forum really.

Thanks for the advice though, its appreciated.

Dan29

dooglebugg wrote:

My mortgage is already £554 per month interest only and my loan £230 and my take home pay is £1170 (after tax, ni and pension deductions) so it would be a real struggle by time I add on the gas electricity etc.

As you're remortgaging, it may be possible to move to a lower interest rate to bring the monthly payments down slightly.

dooglebugg

Dan29 wrote:

As you're remortgaging, it may be possible to move to a lower interest rate to bring the monthly payments down slightly.

This is what I am hoping and wondered whether it would be wise to include my 6.5k loan into the re-mortgage. I was just worried as to whether they would give me a mortgage on my own based on my salary??

lynzpower

NO
Never secure unsecured debts on your mortgage!! Read martins article about why not. Top & bottom, you will have a loan for a few years now, but it will translate into 25 years on your mortgage. God knows how much more interest you will end up paying!!

Hopefully a mod will move onto DFW board, we will help you all we can