buying out my ex if possible

raybird

can i have a bit of advice please. im a single parent (46) to one teenage boy, my partner (we werent married) left me in december, since then he hasnt helped with the mortgage payments and i havent asked him to. my problem is that i really want to keep my house, its worth £210,000 with a mortgage of £115,00, my ex partner wants no part of the equity as i was the one that put it all up in the first place, but he wants off the mortgage and deeds, fine by me. heres my problem i work part time, but will need another job to help out, so earn roughly £600 per month in wages, get £512 per month tax credit, £86 child benefit per month, £200 maintenance for son per month, so pretty good figures. but will a mortgage company except these figures for a mortgage ? also i have a bad credit rating due to credit cards, but am on top of that now. my current lender santander have refused point blank to remortgage me, my mother has also offered to be a guarantor shes 74 so they have refused on that to. any ideas please xx forgot to add i owe £4,900 to credit card companys x

ACG

In a word no.

The general rule is 4x your income.
Not all lenders will accept maintenance (especially if its not court ordered) or child benefit/WTC (if the child is over 14ish),

You would need to be earning £25-30k(with or without the maintenance etc).

sorry, ive just read my post back and i dont mean it to sound harsh...i was trying to just answer the question and stick to the main points.

star4876

If I've read this right and it is a 50/50 joint mortgage between you and your ex than you only really have 3 or 4 options (I'm with Santander too and they are very strict, and unhelpful)

1 would be refinance the mortgage, which you have obviously already tried to do and unfortunately can't
2 would be to sell the house and just bite the bullet, move on
3 would be to suggest a remortgage with Santander on a buy to let basis. This is the only way I can see which would keep your ownership of the house, get your ex partner off it, and possibly get Santander to agree. Of course this means you would need to find a tenant and prove you can cover the mortgage, rent somewhere else or possibly find a lodger? I'm not sure how it works officially. Could be worth considering.