Mortgage Advice Needed

Suziebear_3

I was just hoping someone on here may be able to help me as i'm completely clueless at the moment when it comes to my mortgage.

I took out my first and current mortgage in 2006 with my then partner with Northern Rock. We got a 100% mortgage for our home which we bought for £87,000.

As far as i am currently aware our house has not made any money but has held its value.

Me and my partner i shared the mortgage with split up in 2007 and although his name is still on the mortgage he has not contributed to it since this time and i have paid it. I want to get his name off the mortgage but Northern Rock are saying i must apply for the mortgage from scratch to get his name off.

Does this mean they will be treating me as a whole new customer in todays current market??. If so i am very worried, me and my new partner dont have bad credit ratings but neither of them are fantastic, we only have a combined income of £24,000 and as our house has not made any money we will again be asking for 100%.

Am i right in thinking they will of course refuse us??.Also i was under the impression that as Northern Rock has changed they are not offering new mortgages so to speak to any existing customers. Will they also take into account that the mortgage has been being paid for myself for a few years, semi proving i can afford it?.

If this is the case would it be possible to get a whole new mortgage together with someone else rendering the current mortgage obsolete and meaning my ex partners name will not be on the mortgage?. Will a new mortgage provider also refuse us based ont he fact we need 100% value of our home?.

My ex partner is pushing to get his name off the mortgage he is not interested in taking any money from the house but wants his name off so he can get a new mortgage with his partner. If i cant find a way to get his name off he could force me to sell and we would not be in a position to buy somewhere else.

I am panicking a bit, im only 25 and have never been clued up when it comes to mortgages so i dont know what to do.

Suziebear_3

anyone?????????????????

getmore4less

The problem is the need for 100% LTV

Can he afford the legal costs to force a sale?

IT might be best sell break the financial ties.

start again rent and save.

The other option is to start overpaying.

Is it repayment or interest only?

beecher2

I agree that selling and starting again may well be the best option - you have to start from scratch anyway since you have no equity and wouldn't it be better to do it after breaking all ties with your ex? Since you're only 25 you've plenty of time to start again.