Advice needed

craigb86

Hi,


I need some advice on mortgage I am now named on and where I stand moving forward.


About a year and a half ago I agreed to be named on a mortgage that my (now) ex had with their ex husband.


The husband was taken off and I was put on but as the terms changed I was only allowed to be put on the mortgage if the property was being rented out (as its the other end of the country).


The property was and still is in negative equity. But the tenants renew every year and I only pay around £20 pound a month to cover the insurance,


I feel firstly that it was a bad choice to ever agree to go on the mortgage and secondly what are my chances of getting a mortgage myself now?


Which leads into my questions...


What are the chances of getting a mortgage myself when I already have one that's in negative equity?


Is the property now classed as something different since there are tenants living in the property?


I am thinking of going to the bank in the next few weeks but would like to have a bit of knowledge or advice behind me.


Thank you in advance for your help!


Craig

getmore4less

Does the rent cover the mortgage?
Who gets the profit if any
is your insurance contribution because there is as shortfall.

craigb86

Rent covers the mortgage , there are no extra funds from the rent. The insurance is normal landlord insurance.

ACG

It should be possible but as the rent covers the mortgage only you may find some lenders have issues with it.

I would definitely speak to a broker. I dont think you will be paying extortionate interest rates but the best buys may not be available.