Mortgage and Property Advice

angeljay · 29 January 2015 at 10:03AM

Good Morning

I have been on these forums and posted a few threads before, but would appreciate some new advice.

My house is currently in mine and my ex partners name, its a NRAM together mortgage approx. 73K secured 26K unsecured. The secured is interest only and unsecured repayment all on SVR. House we think worth between 90-100K by looking at other properties around but websites says £85K!!

I have lived in this house for 8 years and with my new partner 4 years, we are looking at our options to change our mortgage situation but the following apply:

Myself
Credit Card Debt Approx 12K
Never missed payment but would need to double check credit file.
Salary 22K

Partner
DMP Approx 4K been on for about 3-4 years
Car finance 3.5K
Credit card (Credit rebuilder) £250.00 - this card was suggested by the DMP company to help build up credit
Salary 24K

We are looking at different options for the mortgage / house:

1. Re-mortgage secured part only, understand the unsecured would go up to about 12% APR so would have to look at how much monthly payments would be, but probably more than what we are paying now. Could the unsecured loan be left in mine and ex partners name?
If we chose this option would we also have to enlist a solicitor to change the house deeds?

2. Sell the house, hopefully get enough from sale to pay off mortgage and other fees in selling a house? Start a fresh and rent and look at saving money for a mortgage in future?

3. Look at a new house further away from where we live, where you can get a decent property for about 70K - 80K, would we be able to get a new mortgage in our situation for this amount and move house to completely remove any names linked with my ex? Bearing in mind we probably won't get enough from the sale of the house for a deposit which I suppose is a major issue.

I appreciate your advise and assistance.

If looking for a mortgage could we just approach a bank or should we get advise from someone and who should we get advice from?

Any other suggestions or advice on our situation would be greatly appreciated, we have now decided after 4 years together we want a place to finally call our home and remove mostly all ties with my ex.

Thanks for your help.