Do you think there is any chance?

silou

Ok bit of a long story but I'll try to be as brief as poss. House is in mine and ex-husbands names, although since he left 18 months ago I have paid mortgage on my own (although mortgage still in joint names too) was all left like this because there was no equity in house, I don't earn enough to get full mortgage on my own and I wanted my kids to be able to stay in their home when we first split. Anyway I am really struggling to pay the mortgage (have a bit of arrears which I'm slowly clearing) and my credit rating is now rubbish! House has been on market for past 6 months with no offers at all, is probably priced a little high (2-3,000) more than similar properties but I need to realise this to clear mortgage, pay estate agent etc so lowering price isn't an option. Plan was to move into rented accom with new partner, sort out credit rating etc then think about saving for a deposit to buy again. Given lack of interest in house we have started to consider new partner moving in here but getting new mortgage (or is it remortgage?) for him and I. But this poses a couple of questions would even a sub-prime consider me at the mo? Would we have to pay stamp duty, not sure how this works if removing ex's name from mortgage. deeds etc and putting new partners name on. Any help or advice would be most welcome as the whole situation is really stressing me out!
Thanks.

JoeK_3

OK, if you decide to stay and put your new partner on the property, you would need the consent of your ex. before you could do it.

Is he around?
Can he be contacted?
Would he agree?

If the answers are yes, then you are talking about a remortgage for you and your partner.

By the sound of it, you would require an adverse credit remortgage lender and it would all depend on a number of factors:

1) How much is the property?
2) How much do you and your partner earn?
3) Can you lay your hands on any deposit between you?

JoeK

silou

Thanks for your response, the answers to the first 3 questions are yes.
The property is worth around 200,000 would need to borrow 197,000.
Our salaries are 35,000 and 24,000.
No deposit at the moment.
As I said before any advice is most welcome...staying put isn't something I'd considered before so just exploring whether its even a possibility.
Thanks again.

JoeK_3

You might be able to get the remortgage on one income.
Who earns the £35,000?

JoeK

silou

On one income? crikey, when we asked Barclays what they would lend us it was only 180k on joint income. Its me that earns the 35k.

silou

Any further advice most welcome please.