Help with mortgage PLLLEEEAAASSSEEE!!

lindamarchena

hello im on here as a last resort, i have lived in our house for around 9 years and sadly my partner and i have decided to seperate, i want to keep our home and need to buy him out, at the min we are on a interest only mortgage and pay just £55 a month on a 95k mortgage, he wants 50k to buy him out (house worth about 180k) the promlem is our house is in his name and i only earn 17k.
Please help as i really want to keep my home

Radiantsoul

I doubt the mortgage company will agree to this and I don't think you have the income to remortgage. I would suggest you consult a solicitor and try and get some sort of agreement as to your interest in the property.

beecher2

A 144k mortgage on a 17k salary just isn't going to happen I'm afraid. If you sell up, would you get half the equity? Walking away with 40k might be the best option.

dimbo61

Have you got kids ?

lindamarchena

iv got to keep the house, i dont have any children but have put so much work into it, it would never raise what it is really worth around 200k

Bullfighter

lindamarchena wrote: »

iv got to keep the house, i dont have any children but have put so much work into it, it would never raise what it is really worth around 200k

It's only worth what someone will pay for it.

Wake up. You can either afford the house or you can't.

herbiesjp

So you want a £145k mortgage on £17k salary?

As stated above it is not going to happen.

However, if you have a guarantor, then you could well have some options depending on the circumstances of the guarantor (and whether the guarantor is happy to help).

You would need someone else to help with the monthly mortgage payments as there is no way you could afford a £145k mortgage and live on £17k

opinions4u

You need a guarantor, a rich relative who will give you lots of money, or an ex who will reduce the mortgage on the property and gift you all the equity.

Assuming this isn't going to happen, you need to adjust to the reality of your situation.

The property should be sold, you should (hopefully) be entitled to a good chunk of the equity and then you can use that as a deposit on a more realistically priced property,

I'd suggest keeping things reasonably friendly with the ex, getting a good solicitor on board, and getting as much as you can out of this to help set you up for the future.

Unfortunately it's time to let go of the property you love so much. But than really can help you to build a new life which is possibly a better outcome than living with the memories.

Hope it all works out.

surreybased

Hi,

I think the initial reaction when you are separating is too try to keep everything the same and not move house but I'm not sure this is always the best option especially if it causes you financial issues later on. At the moment the house appears cheap because of the interest only mortgage but you need to be planning for the longer term and consider paying down the debt.

It might be best if you look at all the options available to you if you sold the house. A new house could offer you the chance to have a fresh start.