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

zzzLazyDaisy

If the house is in joint names, you will not get a mortage in your sole name. This is because if you default on the mortgage thay can't reposses, because your bf still has proprietorial rights. So the only way you can get a mortgage in your sole name is if he signs the house over to you. Even then, most lenders will only lend a maximum of 4x salary.

If you are going to be earning more once you complete your Masters, then taking a payment holiday may be your best option. Yes interest will still accrue, and yes at the end of the payment holiday you will owe more on the mortgage. But at that point you will be in a stronger position to negotiate a new mortgage deal as you will have a higher income. And at least you won't have lost your home. This is a temporary blip. You need to concentrate on the one thing that will put you back in control - getting your Masters, as that will give you enough money to live on.

Good luck

dooglebugg

How long can you take a mortgage holiday for? I won't complete my masters for another 9/10 months!

Mind you once I have completed it I am in more of a position to join my boyf in his new location.

Oh I dunno.... I've thought about nothing else for 3 days than this saga and I still have no clue what I am going to do.

What a bummer eh? At least I'm not ill/ dying so thats one good point!

Gem_

First of all Big Hug - sounds like a horrible situation.

I see from your posts that you love your OH and are desperate not to loose him. But in my opinion he needs a kick up the !!!!!!. He took on responsibility for a house and a mortgage and no amount of wishing for a new life excuses him from responsibility to pay the bills.

In all realism you do not 'need' a study to do your masters work - I know it feels like that. I hate not having one for my PhD work but get a lodger in! If you rent out you will have to go through all the legal work of an assured short hold tenancy but with a lodger the rules are much less strict and they have less rights. Works out cheaper all around.

You need to make up your mind what is more important. Saving your house is more important than having a study.


Gem

robwend

joins the hug line., god you poor thing, talk about the nicest person ive read on the forums, but i feel from what ive read your being walked on

dooglebugg

Gem_ wrote:

First of all Big Hug - sounds like a horrible situation.

You need to make up your mind what is more important. Saving your house is more important than having a study.


Gem

I know what you mean and I could shift my furniture around to get my computer desk into my bigger room but it still leaves a crap room to rent out, enough room for a single bed, drawers and maybe a small cupboard. I am sure there is someone out there who would need a room though, small or large. I could always move into the small one and put all my crap in the attic (except I'm scared of heights and can't climb the ladder)!


I think things happen for a reason, yes its pants that he needs to do this now, but to be fair if it was now or next year I don't know if I'd still be ready as I need to adjust to change gradullay. I want him to have a career he enjoys because I like him better when he's inspired and motivated. Sometimes I am too realistic, pessimistic even, so he's good for me in that he reminds me its ok to have big dreams and to work hard to achieve them. I'll probably have more time to concentrate on my course without him under my feet anyway so I can achieve my own dreams (being debt free one day!). He does love me and I know he isn't doing this to be malicious or to ruin my life so there has to be a way round it - just don't know what that is yet.

Appreciate the advice guys. I'll keep you posted!

Prudent

My friend found herself in a similar position. When she initially purchased her house (interest only), the mortgage lender made an error. She managed to borrow over 5 times her salary. The initial low interest period ended and she was potentially left with high repayments -she didn't have enough to pay them.

She did her mortgage lender 'the curtesy'asking them first if they would give her a better deal before she remortgaged - and they did. No questions asked about salary. She got a 4.5% rate.

dooglebugg

Prudent wrote:

My friend found herself in a similar position. When she initially purchased her house (interest only), the mortgage lender made an error. She managed to borrow over 5 times her salary. The initial low interest period ended and she was potentially left with high repayments -she didn't have enough to pay them.

She did her mortgage lender 'the curtesy'asking them first if they would give her a better deal before she remortgaged - and they did. No questions asked about salary. She got a 4.5% rate.

This is worth a try, did she do it by phone or letter?

Gorgeous_George

tiny1 wrote:

1. Tell the boyfriend you want his name off the property deed as you are the only person paying the mortgage - you should take all the risk / profit.
If the property is unlikely to rise in value,I'd consider keeping his name on the mortgage.

6. Extend the length of the mortgage to 30 yrs to lower the monthly I/O mortgage and pay off lump sums off the debt as and when you can.

I don't see how extending the length of the loan will decrease an I/O mortgage

A lodger is the most sensible suggestion. A rich, single, adult male would be best

Renting may not cover your mortgage but selling isn't free. You'll need to weigh up the pros and cons of both options if you consider one.

Realistically. it sounds as if your boyfriend needs reassurance and encouragement to stay around. It may be the financial struggle that is getting him down. If he goes, I wouldn't expect him to come back.

Best wishes and focus on the exams.



GG

Rimo2021

When i was in similar position years ago I lived in the tiny boxroom of my 1-bed flat for several years and rented out the bedroom while I studied/worked.

You just need to decide what your priorities are. Advertise for a room mate and find someone compatible. Study in the library if you need to.

If you do keep the property on I suggest you make sure your b/f's name is taken off the title deeds.

Rimo2021

tiny1 wrote:

6. Extend the length of the mortgage to 30 yrs to lower the monthly I/O mortgage and pay off lump sums off the debt as and when you can.

The payment would be the same. Extending the term only lowers the monthly payment on a capital repayment mortgage