Please Help! I need advice.

lightspeed

Personally, if i were you, i would aim to discuss any future plans with your girlfriend. By doing this you may find out her intentions but be careful not to let too much information slip of your own plans - play your cards close to your chest.

As i said before, you must make sure you are doing this for the right reasons and not just because you want to hang on to the house out of pride. 160K mortgage on 20Kpa is well out of reach on your own, taking out further loans will make the situation even more unmanageble. You best option is to get someone else on board.

In doing this you will lose full control of the property which could result in a similar scenario further down the line.

If as you say she has only just mentioned this, i would give her some time to think about things. No matter how difficult it is give her this time, at least a few weeks. This will ensure that it is not a spur of the moment decision from her. Trust me ; ).

If it is that you both want to buy out each other you will have to try and reach an agreement, if this cant be done, then solicitors would have to become involved which will become costly. Neither of you are more entitled to the house than the other. You either come to an arrangement or sell up completely.

GL

blue_monkey_2

Dont forget that this all hinges on whether the mortgage company will allow you to increase the mortgage on your salary. In my experience rental income is not counted in the multiples.

I just wanted to add to this that my mum remortgaged a few years back. We live in the most of the house and pay all the mortgage etc.. and my sister being younger pays 'keep'. Mum was allowed to add the money from us and my sister into her income to boost the figures and the amount of money they would lend her - that was with Abbey - so it depends on the lender and I guess you would have to actually have a lodger before we went to the bank to re-arrange the mortgage. She also had to pay to have my dad's name off the deeds (another reason for the re-mortgage) so you may have this cost as well if transferring to your name only and wanting to keep the house.

Roma.10

Thanks for the advice Lightspeed - i appreciate your comments.

I've arranged to meet her tonight at home to discuss the house.
She's adamant she doesn't want to talk about us but knows the house needs to be discussed.

Thanks to you guys and people around me i'm now clued up enough to know my options. Tonight i'll listen to her views and perhaps get more of an idea of whats going on in her head and what she wants. I know nothing will be resolved tonight - we need time to consider our options, but I'll calmly put across the implications of any rash decisions and hope i can bide myself some time for her to think. And also for me to think.

Thanks again to all comments.

wardlaw

Hi Roma

You might be able to arrange a Buy To Let mortgage up to 90% Let it out, with the rentals paying the mortgage

Rent would have to be around 125% to meet the mortgage That is the usual criteria

If your payments were £800.00pm. your rental would need to be £800.00 x 125%

Hope this might help, but do not know the full facts so not qualified to advise

MortgageMamma

Or you could just obtain consent to let until the end of the early repayment charge period, thus letting the equity accumulate, decreasing the mortgage and giving you time to see if its final. I would explore this before making any big decisions on selling