Dumped and desperate to take on mortgage by myself

MummyMoo2010

Hi, can anyone offer any advice? I am married with a 2 year old son. My husband has left and has agreed to sign the mortgage on our home over to me so I can stay in the house with our son and two doggies. He wants off the mortgage so he can move on with his new family. I am self employed and used to earn alot of money but now earn approx £900 per quarter as I am at home with my son until he starts school. My mortgage on interest only repayments is £900 per month. I really want to get a re-mortgage with a new company as I think they are conning me into paying a huge amount. I have poor credit ratings now due to mounting debts which are now being managed by PayPlan. Am I likely to be able to re-mortgage with such a low income? My mortgage is currently £189,000 and my property is worth approximately £239,000. Does anyone know if there is any help out there for people like me? I don't know where to start and really don't want to give up being self-employed as its all I have left. Any advice would be so gratefully received.

pleasedelete

So what you are asking is if you can get a mortgage of £189,000 on an income of £3,600 with poor credit history and on a dmp?

newbie1980

i am sorry about your situation couldnt just read and run

but how do you expect to pay a mortgage on 3600/annum
also what rate is your martgage anything below 6% i would say is good if u have poor credit

Thrugelmir

Book an appointment with a solicitor. As you'll need to tie up your financial affairs with your ex in a formal manner.

Extremely unlikely you'll obtain a mortgage. Given your personal circumstances.

I doubt that you are being conned. More a question of having a large mortgage.

MummyMoo2010

I wondering if there is any help available for assisting people with mortgage payments and whether a mortgage company would take into account my earnings prior to having a baby and anticipated earnings once my child goes to school. Am I just being unrealistic about things and have to accept that after years of working hard to own a home I'll have to go down the social housing route? My husband has agreed to pay the mortgage up to end of December but then I'm on my own. Proper panicking!

opinions4u

MummyMoo2010 wrote: »

I wondering if there is any help available for assisting people with mortgage payments and whether a mortgage company would take into account my earnings prior to having a baby and anticipated earnings once my child goes to school.

Good hard cash being earned now and looking sustainable matters here.

Am I just being unrealistic about things

Totally. So, I think, is your husband.

and have to accept that after years of working hard to own a home I'll have to go down the social housing route?

It's one possibility. Another is that your husband continues to meet the mortgage payment until your child leaves full time education.

My husband has agreed to pay the mortgage up to end of December but then I'm on my own. Proper panicking!

If he stops paying your joint mortgage he stuffs his credit rating. It's not down to him to decide. It's down to a solid legal separation agreement. Get legal support now.

Thrugelmir

MummyMoo2010 wrote: »

My husband has agreed to pay the mortgage up to end of December but then I'm on my own.

Then politely point out, that even though your relationship is over your financial ties still exist. Your ex is on the hook for the mortgage as well. There's no question of walking away.

Take advice before speaking to or agreeing anything with your ex. Let someone else take the stress.

Dave_Ham

Ok, you have had your Man walk out on you and left you with a 2 year old little man - charming

Assuming that you will soon to be going through a divorce, this matter will get attacked as part of this process.

You will not get a mortgage, both now and for years in the future.

There are too many barriers; your credit file is in pieces whilst on a DMP, there is not enough equity to make anyone sit up and have a look and to top it off you are not earning enough.

So, your Ex has to take responsibility and a court order for maintenance will be accepted by many lenders in the future.

I would expect you to have work on the basis of 3-4 years that he will need to remain on the mortgage for. This will give you the opportunity to address your debt, re-build your credit rating and put at least 1 year decent self employed figures in.

Overriding message is loud and clear and you need to some professional, legal support...

All the best

Fire_Fox

MummyMoo2010 wrote: »

I wondering if there is any help available for assisting people with mortgage payments and whether a mortgage company would take into account my earnings prior to having a baby and anticipated earnings once my child goes to school. Am I just being unrealistic about things and have to accept that after years of working hard to own a home I'll have to go down the social housing route? My husband has agreed to pay the mortgage up to end of December but then I'm on my own. Proper panicking!

Welcome! Are you asking about a mortgage or benefits? Someone can't just get taken off a mortgage, that means the other party needs to apply for and be accepted for the full loan. This is never going to happen with your income, sorry. Lenders are not interested in past and future earnings, only how you are going to pay the debt now. For benefits run an advanced search on the Benefits board.

Have you taken legal advice on this? Your ex can want whatever he likes, if you are joint tenants (owners) he is liable to pay the FULL mortgage until such time as you sell and you do not have to agree to sell. If the mortgage is unpaid obviously the house will be repossessed, but if it is paid then it will take a very long time and a lot of money to force you out. If your husband stops paying his credit rating will be trashed, if you are repossessed you will lose the equity and end up being chased for any shortfall. Not trying to scare you, he is as at risk as you are and will not be moving on with anyone in any meaningful way. :cool:

If you choose to sell you are far more likely to go into private rented accommodation than social housing, there are waiting lists you don't just get a place. Particularly if you are deemed to be intentionally homeless (chose to sell, failed to pay the mortgage so evicted). How many spare bedrooms do you have, could you move into a smaller one and take a lodger in the master bedroom? Tax free income up to about £4K a year.

jgh

He's left you with the child? He is responsible for paying the costs of keeping it alive for the next 16 years. That could reasonably be paying the mortgage for 16 years. You can't breed children and then expect to be able to abdicate responsibility for them.

droiderm

jgh wrote: »

He's left you with the child?

That's a moot point.
If she left him, he would get caned equally.