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Partner Has a mortgage

Daveyg1886
Daveyg1886 Posts: 2 Newbie
in Mortgages & endowments
Morning,


basically myself and my partner are looking to buy our first home, we have been saving for a while and finally have enough for a deposit!


here's where the problem begins.. my partner agreed 2 years ago to put her name on a mortgage for her sister, so the mortgage was placed in my partners name and her sisters boyfriends name.. as her sister was not working and they had a new-born baby. her sister is now working full time but has split from the baby's father. so the future of the property is unknown at the minute!

with the background done basically what can we do to get our own mortgage... can she take out a second mortgage in mine and her name? she doesn't pay for the mortgage for her sister nor does she live there..


any help would be appreciated!


thanks


Dave

Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Sell the house?
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Daveyg1886
    Daveyg1886 Posts: 2 Newbie
    its difficult as her sister doesn't want to sell her house but cant afford to cover the property herself.. this has been discussed with her but we have found a house we really like and don't want to miss out on it because of this issue!
  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Daveyg1886 wrote: »
    its difficult as her sister doesn't want to sell her house but cant afford to cover the property herself.. this has been discussed with her but we have found a house we really like and don't want to miss out on it because of this issue!

    He's jointly liable to make the mortgage repayments. He can get another mortgage if he can afford to pay both of them in the event of her not paying.

    If she can't afford the mortgage on her own then selling is the only way he'll get off the mortgage. Is there any equity in the property? If the property is in negative equity he'll have to clear that by using the money he's saved.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • Yorkie1
    Yorkie1 Posts: 12,179 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    When considering the bigger picture, also bear in mind that your partner is financially linked (because of the joint mortgage) with someone whose financial stability he has no control over or knowledge about. If the sister's ex got into financial difficulty, it could impact on your partner's financial record.
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