Mortgage - Seperation Help!!!

stiffler_3

Hi all,

I am not sure whether anybody has any ideas on this, but myself and my partner have decided to go our seperate ways after a 4 year relationship. We currently own a property of which we have continued to occupy for the last 2 months since our seperation but things are becoming more and more difficult and stressful for us both. We have placed our house on the market and are set to make a reasonable profit, however with the property market being as unpredictable as it is we both know that it could take some time for us to succesfully sell our home.
Generally neither of us are in a position to take over our mortgage on a sole basis, however I am not sure if there is anything we can do for one of us to do in the meantime. I would be willing to leave the property until the sale is complete, but whilst I am committed to this mortgage, I would be unable to afford the current prices in the housing market; I had been thinking about staying with friends but I also take issue with paying a mortgage for my ex to continue living in the house (and I'm sure she feels the same).
Does anybody have any advice on where we could go with this, as the mental strain of us both living here is driving us to desperation!!

Any advice appreciated

JoeK_3

Rather than sell the property, have you considered a let to buy?

This involves letting the property out and stripping out the equity by taking out a 95% mortgage, that could allow you both to go your seperate ways.

JoeK

stiffler_3

Hi JoeK, Thanks for the prompt response. This is something that I had considered but my partner is not keen. Basically she doesnt want any further ties after the house is sold.

homer_j_3

Im not sure if relationship counselling is my forte but I would look to do the following - clearly your property size and mortgage payments may have some bearing:

- Split the house in 2 so one of you live upstairs and the other down and share bathroom and kitchen facilities.

- look to replace one party with someone who can help pay the mortgage in place of the other party moving out.

- Keep your situation as it is until sold.

Personally, I would not want the following to happen.

- mortgage not be paid and credit rating ruined
- move out and the house not be sold as its not seen as a priority as the reminder and pressure isnt there

So on this basis, I would just say try and grin and bear it for the timebeing and focus on trying to sell the house. Look at open days or changing agents if its not going well.

homer_j_3

Hi JoeK - How are you?

stiffler_3

Hi Homer,

Again thanks for the advice. If i thought that it was amically possible for us to continue living how we are until the house was sold, then that would certainly be my best bet; however things are slightly more tricky.
In short, given the large difference between our salaries, I had always payed our mortgage etc, however since she has decided it is time for us to seperate I have sinced changed this arrangement to a 70/30 propotion. This was all good for the first month, but times are beginning to change, and whilst I am left at home to ensure that bills are payed, my ex seems to have available funds to party until her hearts content.
I have considered reviewing our situation again, as I has initially verbally agreed to a 50/50 split in equity, but I am no longer sure this is the best way forward.

If it wasnt for our mortgage commitment, things would just be so much more straight forward!!

JoeK_3

stiffler wrote: »

Hi JoeK, Thanks for the prompt response. This is something that I had considered but my partner is not keen. Basically she doesnt want any further ties after the house is sold.

A let to buy is where you leave 5% equity in the property. You could buy her 2.5% out completely from the capital that you release.

This way, you become the sole owner, or am I missing something?

JoeK

JoeK_3

homer_j wrote: »

Hi JoeK - How are you?

Hi Homer, where have you been? On holiday?

We should get some help with the threads now that you're back.

JoeK

homer_j_3

Not on Holiday - just been very busy with work and getting married so unfortunately MSE had to take a back seat for a few weeks.

Stiffler, sounds like you are trying to take a degree of responsibility which sadly is not being shared by your ex. Ultimately I would suggest that you try and talk but I guess you will have done that already with a view to trying to draw a line under it.

Who is the mortgage with at the moment? Is there a facility to take payment holidays, could you look to put on interest only to reduce the monthly payments so you can afford if she doesnt pay you.

It will stop the equity increasing or even possibly reduce it slightly but if it helps you be the better person because you value your credit history then take it on the chin and pray you sell your house quickly.....






I guess that if you want to still take money from your ex and fund your partying then surely that will give you some satisfaction lol - sorry maybe I shouldn't have said that......