help - im useless!

emsypops

I bought a house with my now ex-partner 3 years ago, my ex put 20k into the property, although it is now worth less than we paid for it. we separated 12 months ago and as i would have struggled to meet the mortgage alone i walked away ad agreed he could have the house.
I intend to have my name taken off the mortgage and have not received any monies from this house.
I now want to buy a house with my new partner, he is a first time buyer, am i exempt from any first time buyer deals, even though i no longer own a house.

thanks

TonyMMM

No you're not a first time buyer ....

when you say "agreed he could have the house" ....what actually happened legally ?

Sounds like you probably still own half the house (or at least half the mortgage)

emsypops

I left the house and he cotinued paying the mortgage alone.
I intend to have my name removed from the mortgage, there is no equity in the house and he put 20k into it so seems fair.
stuck renting now tho, whie he has 2 houses.

GMS

The lender may not agree to take you off the mortgage. May not be as straightforward as you think.

firstaspect

Regardless as to if you are on or off the mortgage you are not a first time buyer as you bought that house with your ex-partner. Therefore you won't be able to get FTB deals.

emsypops

what do you suggest i do then.
why would the bank refuse to transfer the mortgage to my ex

cardinalbiggles

emsypops wrote: »

what do you suggest i do then.
why would the bank refuse to transfer the mortgage to my ex

He may not be able to afford it on his own going by the banks lending criteria for one.