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Advice needed to keep house
ferretchops
Posts: 1 Newbie
My house is jointly owned by my ex partner and I. He moved out some months ago and we've reached a legal agreement on how much I need to buy him out or how much he will get when it's sold (18k).
I can afford to pay the mortgage myself and have been doing so but as it stands the loan value is 6 times my annual wage. Do I even stand a chance of being approved to take on the mortgage by myself?
With regards to the 18k... I am struggling to find a way to pay him this without selling but may potentially be able to borrow from family. I was thinking I might be able to take it out of the deposit and remortgage (is that the right word?) ... But this pushes the loan value to 7 times my annual wage! Obviously this would push the repayments up (which would be a struggle) but my mortgage is currently for 25 years - perhaps I could extend it? I am young. If I was to change to 35 years it would be 63 when it's over.
I'm screwed aren't I? I have to sell
On a personal note he's only contributed about £1k whilst I've contributed £52k ish. It's horrible that he can get this money but that's joint ownership for you and 'at least' it's not the full 50% that he has settled on. I was young, naive, had shoddy legal advice, and it was an abusive relationship. It took a lot of strength to get out of it but I'd hate for him to essentially force me out of the house. I know he's relishing the thought though as he's explicitly said that.
Thank you all x
I can afford to pay the mortgage myself and have been doing so but as it stands the loan value is 6 times my annual wage. Do I even stand a chance of being approved to take on the mortgage by myself?
With regards to the 18k... I am struggling to find a way to pay him this without selling but may potentially be able to borrow from family. I was thinking I might be able to take it out of the deposit and remortgage (is that the right word?) ... But this pushes the loan value to 7 times my annual wage! Obviously this would push the repayments up (which would be a struggle) but my mortgage is currently for 25 years - perhaps I could extend it? I am young. If I was to change to 35 years it would be 63 when it's over.
I'm screwed aren't I? I have to sell
On a personal note he's only contributed about £1k whilst I've contributed £52k ish. It's horrible that he can get this money but that's joint ownership for you and 'at least' it's not the full 50% that he has settled on. I was young, naive, had shoddy legal advice, and it was an abusive relationship. It took a lot of strength to get out of it but I'd hate for him to essentially force me out of the house. I know he's relishing the thought though as he's explicitly said that.
Thank you all x
0
Comments
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If you can borrow from family then that's your best option if you want to keep the house.
Do you have any children?:footie:
Regular savers earn 6% interest (HSBC, First Direct, M&S) Loans cost 2.9% per year (Nationwide) = FREE money. 0 -
Even if you find the buy out money, I don't think your lender will agree to taking him off the current mortgage.0
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