We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Ex partner still on mortgage and wants off

Options
Abcynthia
Abcynthia Posts: 238 Forumite
Part of the Furniture Combo Breaker
edited 26 August 2012 at 8:54AM in Mortgages & endowments
Removing message

Comments

  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    If you have no income and relying on benefits then they might not laugh you out but they will tell you no chance.

    Does his income support the mortgage he has with you and the new mortgage? Not ideal for him but it might be a quick fix with you sorting out the joint mortgage a few years down the line.

    To be honest, hes quite within his rights to request his name off the mortgage, if that means you selling up - then so be it...however any loss he will be jointly liable for with you.

    Im not sure what you want answering either :P

    But i think your both in one of those rock and a hard place positions, the onyl way out is to sell and pay for any shortfall.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Abcynthia
    Abcynthia Posts: 238 Forumite
    Part of the Furniture Combo Breaker
    edited 26 August 2012 at 8:54AM
    Removing message
  • ACG
    ACG Posts: 24,558 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    He wont get a joint mortgage with her that wont include his income, it will include his income otherwise he wont be on the mortgage.

    Based on his income i would say he can probably get mortgage (in total) to approx £100-110k (being on the conservative side).

    So £100k minus the £60k he has with you allows him to get another £40k.

    Her income plus his £40k would mean they can get a mortgage of say £136k. If they are putting down the minimum 10% deposit thats £13k (give or take)....so that means it all possible. It means they can purchase for £136k + £13k = £149k.

    All of those figures are very basic and i havnt stretched any income multiples to unrealistic levels.

    I think its worth THEM sitting down with a mortgage broker but i think you will find this could all be possible with a bit of work.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 351K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.6K Spending & Discounts
  • 244K Work, Benefits & Business
  • 598.9K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.3K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.