Want to buy house with wife, but still on mortgage with my ex!

thorney1313

Hi,

In a bit of a problem.

I bought a house with my ex in 2007, we subsequently broke up at the end of 2007!

I moved out, she moved her new boyfriend in and we had a 'deed of trust' drawn up to cover me for any losses and her for any gains. I have paid nothing towards the mortgage since.

Outstanding Mortgage £106,016.66
Outstanding Unsecured £25,507.40 + £4548.30

House is valued at approx £90k

I have since got married and wish to purchase the 'right to buy' house me and my wife live in but am still on the previous mortgage.

She has subsequently had a child and because of this had to enter an IVA. She tried to add her boyfriend onto the mortgage and remove me but it couldn't be done apparently?

Me and my wife do not earn enough for me to effectively take out a second mortgage?

Any ideas? In dire need of some advice.

jonjamie1970

What is the Outstanding unsecured bit ??

thorney1313

it was the loan we got on top to give us the deposit and for home improvements. it was a NR mortgage!

jonjamie1970

So your about £40k in neg equity between you ? I can understand the NR wanting to keep you there as a means of guarantee but your pretty shafted really. It would mean your ex and her partner probably reapplying based on the house value someone somewhere would have to pay the £40k shortfall I think.
Her boyfriend would also have to be mad to take on a neg equity property, hes out of pocket before he's done anything.

dojoman

You maybe better posting the mortgage forum, you should get more advice there:)


http://forums.moneysavingexpert.com/forumdisplay.php?f=15

thorney1313

Jonjamie - it appears so! I'm up the creek with no paddle!

Dojoman - thanks I'll try that.