Mortgage Puzzle

peaceandlove1

Ok- this is my situation and its little complex but if anyone has any advice, I'd be very grateful.

I have owned a house with my husband for 4 years. We have been separated for a while but we aren't divorced and he now lives in NZ.

We bought our 3 bed house at the height of the property market for much more than it is worth now. It is probably in negative equity although we might make enough to cover the costs involved if we were able to sell it but we've had little success so far and there are a lot of houses for sale on my road. So probably the selling option is out.

Our mortgage is repayment although after we split and he left the country and I moved back into the house, I was unemployed and in ill health so I had a payment break followed by a year of interest only payments which will be up at the end of July this year. Payments at the moment around £300, payments when it goes back up, around £900.

I can afford the payments on interest only but not if it goes back up. Due to the nature of my health issues, I cannot really rent a room to just anyone and haven't managed to find anyone amongst my friends as yet.

So, I think ideally I need a remortgage but, I have no income over and above benefits for the last year. I am starting work again soon but I will be self-employed (although I have secure work with a company so I guess I'm more freelance, contractor style). My husband would, I think, would remortgage with me and he has a good job but will the mortgage company rearrange a loan with someone who is resident in another country? Could I get a guarantor do you think? Would a mortgage company accept a letter from the company I'm working for to prove my income for the coming year?

Any suggestions and thoughts most welcome.

Thanks for reading.

powerwin

Who owns the house at the moment, i.e. in whose name(s) is the mortgage?

Are you paying all the mortgage on your own at the moment?

Rgds

kingstreet

I'm sorry but I can't see anything in your post which would make me confident another lender would take you on.

The only option I can see is for you to ask your lender to continue your temporary interest-only arrangement until you can sell.

It's worth noting your husband is still jointly and severally liable for the mortgage, although this is probably a fruitless issue as he unlikely to care about his credit record in the UK.

peaceandlove1

It's in both of our names. I'm paying it by myself at present.

fiesta04

If you do not have children sell the house and rent. That way if your health gets worse you could claim benefits.