Split with Partner

riniroo

Hi

I was wondering if someone could offer some advice.

My ex partner and I have been broken up for around three years. We are on excellent terms and we still share the mortgage. He pays one quarter toward and I pay three quarters as I still live there. In effect I am renting a quarter off him but he would still be entitled to half of the property when we come to sell.

I started a new relationship this year (my ex is also in a relationship) and have recently discovered that I am pregnant. We would like to move out of the house I used to share with my ex and move in to a new place, and my ex would like to get out of the mortgage too.

The reason we did things like this is the house was (and may still be) in negative equity and we didn't want to be paying for a house neither of us still had.

I have no idea where to start with getting a new house. My new partner is self employed so the house will just be in my name (he will be contributing in other ways of course). I am on £21,000 with uncapped commission but I have only been with the company two months so am not making my millions yet :rotfl:

If anyone has been in a similar situation or can offer any advice which is fair for everybody involved I would be very very grateful.

Thank you very much in advance. Any questions or if you would like me to elaborate please go ahead

jamesml

Without wanting to sound like a miser or bringing a downer on this, this is already sounding like a tough one.

Have you used any of the banks online affordability/lending calculators? I don't know where you are buying but on a single salary at that level I don't think you are going to be offered a mega mortgage.

If the house is/was in negative equity, have you got a deposit somewhere else which you plan to use on this new purchase (perhaps from your new partner?)

Why not stay where you are and come to an arrangement with your ex?

Lastly, congratulations on the news!

riniroo

Thank you

I know - it is a tough one. Like I say, my ex and I are on great terms so that is on my side at least.

Do you think maybe if I sort out the bits and bobs in the house that need doing, get it valued and see if we are no longer in negative equity that would be the wisest way to deal with it?

We have no deposit, though my Dad may help us out. I don't want a massive mortgage. Current house was £89500 7 years ago, and I would like to buy a dooer upper for around £80000 if possible.

I'm honestly wondering if my best bet would be to try and get a council house and sell the one I live in with a view to buying said council house in the future.

Ah life - why so tricky eh?

Thank you very much for the congrats and response in general.

Dave_Ham

Is the negative equity on a Northern Rock (NRAM) mortgage, as this may well have an unsecured component that you could transfer and sell up.

Your plans are not unrealistic though, so worth chatting with a broker specifically.

riniroo

No, not with Northern Rock, unfortunately! We are with Accord.

I used Alexander Hall to get the mortgage last time. I think we have missed one mortgage payment (just an oversight) in the last seven years. Went down to interest only for around six months when I was out of work around three years ago so overall our payments have been good so I'm hoping that will go in my favour.

Could you please tell me if Alexander Hall have a good reputation that you know of? I just want to make sure I do everything right this time what with the baby and all.

Thank you