Advice needed to keep house

ferretchops

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

HappyMJ

If you can borrow from family then that's your best option if you want to keep the house.

Do you have any children?

getmore4less

Even if you find the buy out money, I don't think your lender will agree to taking him off the current mortgage.