Please help, Morgage with ex she won't sell

mrginge

Those suggesting that the OP simply gives the house to the ex are missing two points.

1. Ex needs sufficent income and affordability to get a (repayment) mortgage.
2. Ex has zero incentive since current mortgage is IO and OP will bail out any non payments.

Jhoney_2

mrginge wrote: »

Those suggesting that the OP simply gives the house to the ex are missing two points.

1. Ex needs sufficent income and affordability to get a (repayment) mortgage.
2. Ex has zero incentive since current mortgage is IO and OP will bail out any non payments.

Question on 1. please Mrginge.

If she is already on the mortgage, could she not do a new retention mortgage under the new rules for existing mortgage holders? Just wondered as from what OP says she doesn't want to move even with financial incentive offered.

Totally agree with point 2.

Jhoney_2

james363 wrote: »

Could she get it changed to a fixed rate without me agreeing ???

Not sure, but if she can...why can't you?

As mentioned before, look at what YOU can do and get it done before things change and you have to react to that instead.

ViolaLass

Pete9501 wrote: »

OP states in the first post she can, just doesn't manage it well.

Post 1 states "she doesn't earn enough to put it just in her name."

sammy70

Hi James, sorry to hear of your situation. My husband was in exactly the same position as you a few years ago, and i after trying every option, went down the forced sale route. All i will say to you is it was the best £1500 spent! get your self to a solicitor and start the process. If you ex chooses to make late payments on the mortgage, wont let you buy her out, and obviously has moved on with other relationships, you have a right to be free to move on and start afresh free of the joint mortgage.

I understand the roof over your childs head issue, but as a single mum of soon to be three children, she would be entitled to help with housing costs in the rental market. You are paying csa to cover your share of your childs upkeep, and i presume the other 2 dads to the others are paying also, so shes a big girl, its not your responsibility to keep her in a house forever!
See a solicitor asap, it takes a couple of months to sort, but at least you will have closure and you can at least start rebuilding your credit rating, where if the situation carries on as it is with her missing payments you will never be able to buy another home.

All the best

Sammy

mrginge

Jhoney wrote: »

Question on 1. please Mrginge.

If she is already on the mortgage, could she not do a new retention mortgage under the new rules for existing mortgage holders? Just wondered as from what OP says she doesn't want to move even with financial incentive offered.

Totally agree with point 2.

It isn't a remortgage, its a new application with one party only. Therefore any transitional arrangements (which are discretionary anyway) are not applicable.