Confused

squiffyjack

Partner just left, he is still paying half the mortgage, but I don't know what my best options about the house are!! We currently owe
£95,000 but early redemption would be £97,000.
The house will be worth about £270,000.
Is he entitled to half the equity - £86,500?
If so, is there anyway I can keep the house and pay him the money?
I would need £183,500 (mortage and money for him)
My basic is £22782 but with shift pay its £30414, I have no other loans the only outgoings would be household bills.
Will it be possible to keep the house? Any help or other options will be appreciated.

ohmsoft

I would speak to an independant mortgage broker if I were you - sure one will be along shortly on here!

As to who owns what of the equity is really a matter for solicitors to decide and will depend on a number of factors.

Its ultimately up to the lender whether they let your partner come of the mortgage and you take up sole liability. This is normally done on an assessment of affordibilty in the same way as taken a mortgage from scratch.

May be worth a trip to citizens advice?

ossie1_2

I agree. Find a good mortgage adviser asap to discuss your situation. Follow it up with a chat with a good solicitor and between them you should get sorted out. A lot of things are possible nowadays depending on circumstances. However, ask yourself one question. Can I really afford it? On my own? At the expense of other things I might want to do!

Good luck.

AndyWallace

Things to consider:

When you bought the house, did you buy it on an equal footing? I mean did your other half input the same as you in terms of cash or equity from a previous sale? If equal input then he'll be entitled to half of the equity. If you provided a large proportion of your own money/equity then it may be possible to calculate a percentage of contribution. The length of time you have owned the house may also be a factor here. For example if you contributed much more but you have lived here for 20 years, raised a family etc then it is likely that the other half would be entitled to 50%.

Do you have children? If there are chidren involved then he will be unlikely able to force sale until the youngest is 22 years if that child continues their education into University.

In respect of your mortgage, you'll need a lender to give you over 6 times your income, which includes 100% of your shift allowance. You'd have to find a lender that uses affordability as no one will publish multiples like that.

Although you may not be an adverse credit applicant (no reason to assume you are), I would maybe ask your broker to at least look at SPML. They use an affordability calculation which I think is more generous than most, if not all, of the other lenders', using something like a 50% debt to income ratio.

I've just looked at A&L who have one of the better high street affordability calculators and IF they would use 100% of ALL your income stated, would may be go to £178,000 on a 35 year term. This is without research as I post only for leisure.

So without the research, yes, I think there is a chance you could keep hold of the property. However, with repayments approaching nearly a £1,000 per month on interest only, and your net income of less than £2,000, I seriously would advise against you trying to keep hold of it.

If this goes to court, they will usually always opt for a clean break, so without children a forced sale is highly likely.

Andy.