mortgage advice

blue_suzy

hi hoping someone can give me some advice,my husband has left me and has said i can have the house,joint mortgage,anyway i applied for sole name and was refused,the underwriters say i cant afford the mortgage that i am paying anyway,explained this to ex husband.and he said he will go to a solicitor and have a document drawn up giving away all rights to the property,he told me to leave things as they are,is it worth the paper its written on at the end of the day.thanks for any advice.i know he is entitled to half but i think he thinks it may ease his guilt.

kingstreet

He can disclaim any right to equity in the property but that does not see him released from the mortgage and its obligations.

If you do not pay the mortgage, it is incumbent on him, as a joint and several borrower to make the whole payment.

For him, it's a lose/lose scenario and either way, you can't be rid of him.

The only option is to wait until you can take on the mortgage or you sell and get your split over and done with asap.

blue_suzy

the house has been on the market for three years now,he has moved to another town to make a fresh start,i don't even know where he is living.so i will have to pay the mortgage,i was thinking of asking to pay interest only for a while till i get over him and on my feet.will they let me do that, i just want to get it sorted asap before he or someone changes his mind.my other option is to go to another provider,pay a 3000 pound penalty and their underwriters may come to the same conclusion.he has a workshop here and about once a week he calls for some tools.that is my only contact or text.

kingstreet

Chances are, if your own lender won't take you on, a new one won't either. You could have a chat to an independent/whole market broker to see if you do have any remortgage options, but the penalty is a high price to pay, to be honest.

Interest-only will give you a short-term reduction in payments which may help if you're struggling to pay the full payment. All I can suggest is you ask your lender.