Joint mortgage becoming a sole mortgage

boonear

I took £7000 of student loans last year - I still have that £7000, it is part of the money I will need to pay her! I do not have any other debt. I have a 4 year old son. A lodger is not really an option for me with my little boy, already exhausted the parental route....remortgaging elsewhere may be my best option - do you know which lenders would be likely to lend me the most? I think this would mean paying a penalty fee with Nationwide, but may be worth doing that....again, thanks so much for your replies...

GMS

So will the £7000 be repaid by the 'beg, steal, borrow' money?

You should speak to a 'Whole of Market' broker. A 20 minute phonecall should be enough to establish your options.

Do you/will you be paying maintenance for your son?

Speak to Nationwide and ask for a redemption figure too. They will ask you why, so explain the situation. They may be symapthetic towards an existing customer and work out something with you.

A broker will let you know of your options and should not charge you for your initial review.

Senior_Paper_Monitor

The loans and dependent don't help - incidentally can you do that with a student loan ?

I don't want to guess a solution (if any) - look for some professional advice.

Incidentally - ERCs (early mortgage redemption), estate agents fees, solicitors costs etc should be taken into account for reducing the real equity and settlement - what about maintenenace for the child (works both ways), tax credits etc ?

Please go and take advice (with all the info available to a whole of market broker - I still think you may be do-able)

boonear

The £7000 forms part of the begged, stolen or borrowed £20,000 that I now have to hand over to her, I was then just going to pay it back monthly. My son lives with me half the time, so I dont pay maintenance as such, just general living costs.

GMS, what exactly do you mean by redemption figure? You have lost me there...

Where would I find a "Whole of market broker"?? Thanks again...

Senior_Paper_Monitor

a dozen or so of them on this forum (you have to approach them, they cannot approach you), some I believe recommended by the site owners, referral from a friend, sites such as:

www.searchmortgagebroker.co.uk (many others)

GMS

boonear wrote: »

The £7000 forms part of the begged, stolen or borrowed £20,000 that I now have to hand over to her, I was then just going to pay it back monthly. My son lives with me half the time, so I dont pay maintenance as such, just general living costs.

GMS, what exactly do you mean by redemption figure? You have lost me there...

Where would I find a "Whole of market broker"?? Thanks again...

The redemption figure is the amount Nationwide are owed and includes the mortgage balance and any fees.

You could try yell, google, thomson local etc to find a broker. Plenty on this forum, check profiles, signatures etc. Senior Paper Monitor has also provided a link.

Don't be daunted by it all. As long as you provide all information to the broker they will be able to tell you pretty quickly what your options are.

boonear

Thanks SPM, I will take a look. If I do look at the option of remortgaging elsewhere, any suggestion of who would be a good lender to lend me enough, or is that a question for the broker too?

GMS

boonear wrote: »

Thanks SPM, I will take a look. If I do look at the option of remortgaging elsewhere, any suggestion of who would be a good lender to lend me enough, or is that a question for the broker too?

If anybody gives you a recommendation without carrying out a full factfind then run a mile.

20 minute phone call would be enough to see the if there is a way forward for you.

Senior_Paper_Monitor

As GMS makes clear - a full factfind is vital to give that sort of advice (hence I avoided answering the questions previously).

You have a possibly doable case, BUT it needs careful examination of the full details before doing anything (please also note my comments that you are probably paying her too much - sales costs are at least £2K - she should meet half of that and I suspect there are more perfectly supportable claims i.e how long have you been paying mortage on your own, because if its on repayment that share paid off should be yours?)

boonear

Thanks for your responses, really helpful stuff, I will do as advised and hopefully work something out.