Options to take ex off the mortgage???

sophs_3

Three years ago we bought a house and I put down the 10k deposit, now he wasnts me to take the house myself and walk away which would be fine except I moved out for 6 months and the house is now not in a livable condition so I can probably get enough money to do it up and then rent it as I'm back home with mum and I could pay the shortfall between the £751 mortgage and £600 the estate agent advised Id get for rent.

But my biggest problem comes with The Bank of Ireland who the mortgage is with they won't let me just take his name off because my wages fall short .. we owe £121k and they would only go up to £85 for me.

They would let me swap to buy to let if I had savings to cover the £8k redemption clause.

Any advice would be appreciated, my ex has kept me hanging on for 9 months saying he wanted the house and would buy me out and yesterday I get a text to say he wants out now, selling isn't an option because theres houses for sell in the same road and there not even being viewed!

Jeffrey_Shaw

Both you and 'he' are joint proprietors and so joint mortgagors.
Neither one of the two of you can unilaterally 'resign' from this arrangement.
What did the Trust Deed provide re who can enforce a sale? You did execute a Trust Deed, didn't you?

hazyjo

You could sell it as it is, or do it up and sell. If the price is right, it will sell. Go in under the others.

I'd want rid if it were me. You can't afford it, so is there any point in keeping it to rent out? What if the tenants don't pay, or if you have to evict them? Too much hassle. Nightmare becoming a LL - just read some of the posts on here.

Whereabouts are we talking?

Jx

sophs_3

I don't know with regard to the Trust Deed, thanks I will look in to that.

BitterAndTwisted

Move back in and get a lodger or two. Pay the mortgage until you're out of negative equity. Then remortgage in your sole name. Or sell up now and cover the negative equity from savings.