Joint Mortgage but Im the only one paying

candytwinkle

What do I do now?..........

My wife and I split in March we have a joint mortgage and a secured loan.

My problem is my wife refuses to pay any money for the mortgage or loan, even though we are both liable.

We both live in rented flats with our new partners. She doesn't want to live in the house and I can't move back in because she won't let my new partner live in her house!

The property is empty and been on the market for months, I've dropped the price to the lowest I can. Looked into re mortgage in my sole name but the loan to value to high. The lender has refused to let me rent it as I don't intend to move back into the property.

Anyone got any suggestions, don't know what other options I can explore and im now getting into debt

HappyMJ

Just move in anyway and pay the whole mortgage amount. Then take out a loan and buy her part of the equity out. Is there any equity? If there isn't and she's refusing to pay anything then she virtually has no say as to whether you move in and get a lodger in to help out with the expenses. Get a solicitor to sort it out if you want.

candytwinkle

Hi thanks for reply

I can't afford a solicitor because im already paying the full monthly repayment for the mortgage and loan as well as half the rent for my flat.

She's agreed to sign the house all over to me as there is no equity in it but the lenders say the loan to value is to high and I can't get a mortgage to cover it.

I can't live in it with my new girlfriend because of the repercussions from my ex.

Thought about not paying it, but then it will seriously effect future credit for us both.

incher

candytwinkle wrote: »

I can't live in it with my new girlfriend because of the repercussions from my ex.

What repercussions do you expect?

candytwinkle

Just lots of unpleasentness from her and her family, 2 of whom I work with. Were not divorced yet and so Im trying to keep it all as decent as it can be but she is a physco. It would also put added strain on my new relationship.

incher

Ok, so could you rent the house out until you're divorced?

candytwinkle

The mortgage lender refused as neither of us are moving back into the property.
I would need to get a buy to let mortgage and they are only giving 75% of the property value.
I need at least 90% to cover the mortgage, secured loan and the solicitors fees.

grogdog

who is going to tell the mortgage co you are renting it?

GMS

grogdog wrote: »

who is going to tell the mortgage co you are renting it?

The insurance company when Buy to Let insurance is put in to place.

No BTL insurance means no cover if tenanted.

No permission to let means breach of mortgage terms.

Potential disaster either way.

grogdog

he can get a landlords buy to let policy out. since when did the insurance companies inform the lender that someone has taken out an insurance policy

candytwinkle

I asked the letting agent, they said we need approval from the lender, saftey checks and landlords insurance.
The Insurance wouldn't be valid in the event of a claim without the lenders permission.