Mortgage problem, pls help

CompingQueen_3

Hi, a bit complicated, but here we go,
I have a joint mortgage with my partner (Northern Rock). I came into a bit of luck and now own another house. We want to sell the house with the mortgage but it is worth about £8k less than we owe on it and will have £4k early exit fees plus any other money (estate agent, conveyancer etc...).

Partner wants to mortgage (the bank calls it re-mortgage, although I own it and it has never had a mortgage on it!) the new house and we have been to Alliance and Leicester (Santander) and are getting nowhere fast.

The main problem is the only way (they say) we can borrow money against the new house is if partner is put on the deeds, because he is the earner (I do not work). Is there any way around this? Can I borrow the money secured against the house and he be the guarantor? (A&L said no).

I would put him on the deeds but it was requested I did not when I got the new house. So I don't really want to go against their wishes.
Thanks for reading, and I hope you can help.

beecher2

You can't get a mortgage or be a guarantor with no income. You need to save up the £12k (plus fees) it would cost to sell up, or perhaps you could get a loan if you are allowed to do that?

CompingQueen_3

Hi, thanks for your reply. TBH we are in the red as soon as partner gets paid so there's no way we could save the money. Once the other house is sold and the mortgage paid off then we will be £700 a month better off - but it's just getting to that position that is the biggest hurdle. OH wanted to get a mortgage because the APR is a lot better than a loan.

What will Northern Rock do when we have sold the house but still owe them money? Will they offer us another mortgage or just instantly expect the money? All of this is giving me a headache, lol.

silvercar

What will Northern Rock do when we have sold the house but still owe them money?

You can't do this. Without clearing all the money owed they won't release the charge (mortgage) and so the sale can't proceed.

Can I borrow the money secured against the house and he be the guarantor? (A&L said no).

Someone else may say yes. Have you asked Northern Rock? They may be happy to give you a mortgage on the new place.

CompingQueen_3

Thanks, we are going to phone Northern Rock tonight.