Chance of getting a mortgage on DMP and CC Debt

Thrugelmir

angeljay wrote: »

The secured part of the mortgage is interest only, however we are looking at paying extra money towards this from January. NRAM said this would be the best option as they don't charge interest on other payments.

Renting would basically cost the same as our mortgage does, but the place would be outs (sort of)

If you start repaying the capital then taking a longer term view. You'll start building capital. Rent will be dead money. Possibly limiting your ability to save a deposit. So while moving might be a nice thought. Crunch the numbers in the cold light of day. Be objective and not dream.

angeljay

So best idea really is stick where we are and leave ex's name on the house for now! Concentrate on paying off debts and building credit for hopefully 2-5 more years and maybe then look at getting our own mortgage!

I appreciate your help guys, we all have to dream about a change sometime :-)

nobodysdriving

angeljay wrote: »

we all have to dream about a change sometime :-)

absolutely, that is what kept me going all these years and I have finally got there at age 45!

this website and forum are great, with all the tips and your determination and hard work you will get there.

jimjames

angeljay wrote: »

So best idea really is stick where we are and leave ex's name on the house for now! Concentrate on paying off debts and building credit for hopefully 2-5 more years and maybe then look at getting our own mortgage!

I appreciate your help guys, we all have to dream about a change sometime :-)

If ex's name is on the mortgage, could they claim part of the sale proceeds even though it's been you paying off the mortgage?

Can you get their name off?

Thrugelmir

angeljay wrote: »

So best idea really is stick where we are and leave ex's name on the house for now!

Any formal arrangement as to division of equity in place?

angeljay

Nothing at all arranged in regards to sale of house or equity, we have been split up about 7 years and he verbally agreed with me he would want nothing to do with the house.


I cannot get his name off as would need to re-mortgage which the bank won't do.


Hence why I was looking at moving by renting or buying to get a property that has no history or someone else's name attached to it.


I was thinking of renting for same price as mortgage paid for 2-5 years, clear debts and work towards saving for a deposit.

Thrugelmir

angeljay wrote: »

Nothing at all arranged in regards to sale of house or equity, we have been split up about 7 years and he verbally agreed with me he would want nothing to do with the house.

Without a signature you'll get nowhere.

angeljay

Thrugelmir wrote: »

Without a signature you'll get nowhere.

I slightly understand, what would happen during mortgage transfer or selling of property process would he only have to sign this off or would any equity in the house be split 50/50.


It is not the best scenario to be in, I wish I could change it but it is looking like my only options are stick with it for however many years paying mortgage on SVR or sell up now and rent, we have pets as well which I know landlords don't like!


My ex partner moved out 7 years ago and never once has he paid or asked about the property, what legal right does he have to it?

I am 99.9% sure he wants nothing to do with it.


What would you suggest would be our best option due to situation with current partner with DMP etc.

Thrugelmir

Firstly I would suggest that you need to broach the topic with your ex partner. In the unfortunate event of your death they would legally have an entitlement to at least part of the property.

May only be a signature. But a critical one.

angeljay

Thrugelmir wrote: »

Firstly I would suggest that you need to broach the topic with your ex partner. In the unfortunate event of your death they would legally have an entitlement to at least part of the property.

May only be a signature. But a critical one.

Thanks for your reply.


Well hopefully (touch wood) at 33 I won't be dying anytime soon. But I do pay for a mortgage depleting life insurance (don't know the correct name) which I believe would pay for the mortgage and he would get the full property or vice versa.


My current partner said in the event of my death anyway they would not want to live in the house.


We discussed when he moved out the house and he said he wanted nothing to do with it, just left his name on the mortgage and deeds. I have not heard from him since nor have we ever been in contact about the house. I don't even have a telephone number for him or address!!