Interest only - temporarily?

carlym81uk

Hi there
I was wondering if anyone had any advice. I split with my ex partner in January 2013 and we still have a house together. I moved out last August and he is still living there. We are halving the mortgage payment (£400 each per month) and I've just raised an action of division and sale to try and get it sold because he is not agreeing to anything. . Anyway to cut a long story short, he is off his work long term and is now on half pay so wants me to consent to moving to an interest only mortgage temporarily (6 months for now) in order for him to be able to afford the repayments. He has actually said that he will cover the payments and i won;t have to pay at all. He wants me to consent to this asap and has drafted up a letter that he wants me to sign. I'm just not sure about this. What does everyone think ?

Thank you for any advice

Carly x

Foxy-Stoat_3

Sounds like you should sell now or your pain will continue for years and years.

Is there any equity left in the house and would he be in a position to buy you out?

carlym81uk

Yeh there is equity , but I'm not sure if he can buy me out. He is wanting me to agree to this interest only carry on. But i'm not sure about it. I just don't trust him

carlym81uk

He is not giving much away so I'm not sure if he would be able to buy me out. He said that his financial position is nothing to do with me .

Foxy-Stoat_3

Ask him to go to the lender and see if they will move to an interest only mortgage and release 50% of the equity to you so you can sign a Transfer of Equity over to him and get your name off the mortgage and deeds.

This is the only way forward as YOU will be responsible for the house your ex is living in for years to come....

PS...his financial position is very much to do with you as you are still joined in a financial contract with him and if his financial position takes a turn for the worse then YOU will be responsible to pay the mortgage.

Try and keep it sweet though and stay talking, you don't want to go down the forced sale legal route.

carlym81uk

Thanks . It looks like I might have to do that. My solicitor has raised the court action and i dont think he is going to like it. He is basically being pretty nasty already, so keeping sweet is difficult. I'm not sure there would be enough equity in it to release me. I could try.

Foxy-Stoat_3

carlym81uk wrote: »

Thanks . It looks like I might have to do that. My solicitor has raised the court action and i dont think he is going to like it. He is basically being pretty nasty already, so keeping sweet is difficult. I'm not sure there would be enough equity in it to release me. I could try.

If the lender agrees that your ex can take on the mortgage on his own and you don't mind losing any equity, then you could just do that. Maybe you could make an appointment and ask them, although they may not be interested if both of you are not present.

Your call but if it was me and there was say £5,000 equity I would lose or a legal fight then I would just walk away if I was able. If it was into 5 figures I would have to seriously think about it though.

PS your last name isn't Myles by chance is it??? :j

TrickyDicky101

carlym81uk wrote: »

Hi there
I was wondering if anyone had any advice. I split with my ex partner in January 2013 and we still have a house together. I moved out last August and he is still living there. We are halving the mortgage payment (£400 each per month) and I've just raised an action of division and sale to try and get it sold because he is not agreeing to anything. . Anyway to cut a long story short, he is off his work long term and is now on half pay so wants me to consent to moving to an interest only mortgage temporarily (6 months for now) in order for him to be able to afford the repayments. He has actually said that he will cover the payments and i won;t have to pay at all. He wants me to consent to this asap and has drafted up a letter that he wants me to sign. I'm just not sure about this. What does everyone think ?

Thank you for any advice

Carly x

Clearly, he won't pass affordability tests and therefore the bank won't permit a transfer of equity to his sole name.

What do you want to achieve? If sale of the property and repayment of the mortgage then you either do it by agreement or attempt to force a sale via the courts. Expect any court route to cost a lot.

Thrugelmir

carlym81uk wrote: »

Thanks . It looks like I might have to do that. My solicitor has raised the court action and i dont think he is going to like it. He is basically being pretty nasty already, so keeping sweet is difficult. I'm not sure there would be enough equity in it to release me. I could try.

Just communicate through your solicitor. There's no easy path in a situation such as this. Your priority needs to be to get off the mortgage in whatever way you can. Your ex's problems are not yours.