Breakdown of relationship- mortgage advice

rjh35

Hi There,

Just after a bit of advice. Relationship with partner ended last September (2009) and I have been paying mortgage since then. We took out 100% mortgage in June 2006, interest only for 3 years. Mortgage was for £103,500, currently owe just less than £100,000. I have been paying mortgage on my own since September 2009, though we did try again between May and August this year (though I continued to pay the mortgage).

Now I have been to the bank and to transfer the mortgage into my own name from both- they would only be able to do this at £90,000 with no unsecured debts (I have about £9,000 on credit cards).

I am currently meeting all payments, and can continue to afford this.

Now the house is on the market for £104,950. Mortgage is fixed rate with penalty of £1,700 currently for coming out of fixed rate (fixed until 2012).

Obviously need to get as near as possible to asking price to even clear mortgage and fees etc. In the ideal world would like to get the mortgage down to £90k and clear debts- not likely to happen in short term. However, if this were possible in the next 2 years say, is there anyway I can remove her claim to the property as she has not paid any mortgage payments for at least the last 12 months? Does this even sound feasible? Obviously it may take some time to get the property sold anyway. Just at a loss as to what to do as don’t want to continue to pay the mortgage we are both responsible for without any security on my side.

Any advice will be welcome!!

Thanks

candytwinkle

Hi
Join the club same thing is happening to me at the moment.

The advise i have been given is......
Joint mortgage means your stuck in the situation, Lose Lose

Only way out is to sell the property but you'll need her permission and she will be entitled to half the profit or liable for half the debt.

You could remortgage yourself but the the loan to value means you can't as house prices are dropping and the lender will only lend up to 90%.

My ex has this week finally agreed to pay half the mortgage after I told her me and GF would be moving in after Christmas because we can't afford to rent a seperate property and pay the full mortgage until it sells. Not holding my breath though.