Joint mortgage change

Thrugelmir

cowsnhope wrote: »

The fault is with my husband - he would agree with this, we still get on fine and I really do not believe that he will make any attempt to get my parents money - that is not the issue here, the problem is what will happen eventually when he wants to buy his own place as then he would need to come out of the joint mortgage with me and I can hardly expect him to rent so that I don't have to.

Then he could force you to sell the property through the courts.

The onus is on you to find a solution. Otherwise your ex will retain part ownership of the property.

kingstreet

cowsnhope wrote: »

I just want to be able to take over the mortgage which I am able to pay but not able to borrow.

Just a thought - does anyone know if income for lodgers can be used when getting a mortgage?

Being able to afford it when shoved in a corner and being able to demonstrate affordability are two different things.

No, lodger income won't be allowed unless you can evidence it over a long period, perhaps a year or more and that may only count if you stay with your existing lender and it is one of those which will accept it.

cowsnhope

Thank you. My husband will not need to take me to court to make me sell - I'd do it by choice if it was the only option - we are not bad people, we still love each other, neither of us is going to be mean and unreasonable.

I accept that I cannot get my house remortgaged on my own so what is left is whether or not my parents can help me. Does anyone know anything about this guarantor thing where family members can guarantee someone's mortgage? My parents are past 70 years old and I've seen that this can be a problem, however they are reasonably well off, they couldn't just give me the money as most of it is tied up in their house and they need the rest to live off in their retirement but I'm sure they would be willing to help if they could.

Thrugelmir

cowsnhope wrote: »

I accept that I cannot get my house remortgaged on my own so what is left is whether or not my parents can help me. Does anyone know anything about this guarantor thing where family members can guarantee someone's mortgage? My parents are past 70 years old and I've seen that this can be a problem, however they are reasonably well off, they couldn't just give me the money as most of it is tied up in their house and they need the rest to live off in their retirement but I'm sure they would be willing to help if they could.

Even with a guarantor you still need to meet the affordability criteria in your own right.

cowsnhope

Oh - I don't get the point of the guarantor thing then.

Can my parents at 70 and retired have a joint mortgage with me based on how much money they have in savings, that way they would be on the mortgage but I'd pay it?
Thank you all for your advice in this

nom_de_plume

Do you have any children?

cowsnhope

I don't have children, thankfully as this would be much more of a problem if I did

nom_de_plume

I asked as children (depending on age) would change your husband's position with regards to contributing to the mortgage.

I suggest you speak to a mortgage adviser in the first instance to see if they can come up with a scheme that allows you to keep the home and get your own mortgage. As mentioned up thread, the lodger can count as an income. Ideally, if a suitable lender can be found, get an offer on the table before even considering speaking with your current lender.

Could you free up your own bedroom and take in another lodger if a push comes to a shove?

Now the bad advice... If it was me and I really wanted to keep the home and could afford to meet the continued mortgage payments, bills, etc. I would be somewhat flexible with the truth. Perhaps seeing if the current mortgage lender would allow me to 'rent out the property' whilst I 'moved back with my parents'. That's just me though and I don't suggest you even consider this for a second.....

If you do split up I do feel getting the property into your own name sooner rather than later would be a good plan.

cowsnhope

non de plume - you are a star! :-)

I have two lodgers before (this is a three bed house) the problem is that the kitchen and bathroom facilities are really not good enough, especially when my lodgers had overnight guests.

Before I thought about what would happen if my husband wanted out of the mortgage I was thinking about options for just having enough money to live off and keep the house and one of those was to move out and rent whist renting out the whole house - this would mean that I'd keep it as an investment plus I'd get a bit of extra income for my own rental which would mean I could rent a flat rather than a room; although I'll need to look into this as this sort of mortgage would I think be repayment so the monthly cost would be higher. Definitely worth investigation though, it would mean that if my circumstances changed I could get my house back.

nom_de_plume

You can get interest only mortgages on BTL. The rates tend to be a touch higher than a 'normal' mortgage though.

I'm pleased you didn't spot my intimation that I would consider lying about letting the place out and continuing to live in it, just renting out a room or 2, because that would be wrong...