Split with EX

Tay123

This is my first post!

I split with my ex girlfriend about 2 years ago, we bought a house with a mortgage of around £190k. I moved out & have rented an apartment. I have been paying nothing towards to mortgage for the last year & a half as my ex is currently living in the property. My ex girlfriend wants the house but does not earn enough to get a mortgage to cover the outstanding value and as the value has dropped I don't want to sell and take the hit.

She has met somebody new now, and has said that he can buy me out at the end of next year as they would have been with each other for long enough to know it working out!

Ok, I want to know if its possible for me to buy somewhere while still on the other mortgage, I'm happy to carry on renting until the market picks up, but I just wanted to know if its possible for me to get a second mortgage with my current partner. I earn a decent salary (£54k), partner earns around (£20k) and have a savings of around £30k for a deposit. I'm not sure if mortgage companys will even look at me until I have got rid of my first property, what do you guys think?

Senior_Paper_Monitor

Its possible (depending on rest of financial status) with some (but not many lenders) who will view the 'old mortage' as a potential monthly liability (like a loan rather than a mortgage) for affordability calculations.

Will your new partner be contributing ?

In this sort of case you may be well advised to go to a whole of market broker who will select suitable lenders and pre-present the case to give you best chance of acceptance (or tell you that you can't afford it!)

Tay123

Yes, my partner will be paying a share of the mortgage so it will be a joint mortgage.