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mrsroast

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Cannon_Fodder

If 5x joint salary was "pushing yourselves", even if you found a 5x single salary mortgage, how much will that allow you to borrow?

Unless there was a big imbalance between your salaries originally, and that imbalance has increased since, I don't see how you will get a mortgage for the amount you need. Taking the partner's salary out of the equation will simply eliminate any chances of a re-mortgage.

Irrespective of whether there is ever any equity in the property, should the market recover/regional differences.

Sell in a controlled fashion, so the debt isn't too great. If you try to bide your time, and interest rates rise significantly, the control will shift to the Lender when you start to struggle with monthly interest payments, and extra fees and costs will become part of the shortfall if they have to repossess - on top of the usual bargain price that repo's tend to be shifted for.

getmore4less

If you can't sell by the time one of you has to renew the lease then it could make sense(costs) to move back in till sold.

TrickyDicky

going by what you have said, the only way I can see you being able to buy this property are:
1. You have £19,000 in savings to make up the 10% equity you will need
2. You earn ~£43k/year for the 4x salaray calculation.

Going by what you've already said, it sounds like your join income when you got the house was about £40k. now you're on your own Im gussing you only earn about £20k? nowhere near enough to buy.

The fact that part of the mortgage is your partners ex-girlfriend's debt is irrelavent. It is now locked in the house and as you are joint tennants then you each own half of the house, irrespective of previous debts. To buy him out you will have to pay for his half.

The only thing I think you'll be able to do is sell the house and pay off the mortgage. At least you wont be paying for that on top of your rent!

incher

Could you move back into the house and get a lodger, or more than one lodger if it's big enough?

Chinkle

Even if you've had a massive payrise to afford the mortgage alone, you still have no equity/deposit for a remortgage. Your ex isn't going to give away his share for free even if he did consolidate an old debt into it at the time.

Not really what you want to hear, but the best you can do is what you are already doing.