really need help here. very upset

mellyb123

OK so 3 years ago I made a huge mistake and got my ex boyfriends name on my mortgage. (Together at the time ) the day he left me for another woman I discovered he had ran up debt that I was unaware of and left me with debt I had got in my name for us. In order to keep my flat I had to go debt management which has ruined my credit file/rating.
3 years on I have a new partner. Doing well money wise and happy. One problem now though. My flat. For years I have had a constant stream if bad neighbours so my partner and I want to move on together. But my mortgage company won't let me remove my ex partner off the property. He has never payed a penny in 3 years and they refuse to remove his name because of my credit rating! They won't even let my new partner switch names with him because of my credit as it's applying for a remortgage. I can't sell my property as it's in negative equity. Surly I can't be stuck here. It's so unfair I have even contemplated stop paying and get my home repossessed but then it wud go to auction n I would probably be left with thousands of pound to pay out ans would have to go IVA which I don't want to do.
I can't rent my property as they wud not allow me a buy to let mortgages with my rating I don't think. Plus my ex would not let me rent as he is that type of person. I am stuck and at my wits end. Please help. All I want is rid if this place but No1 will help me as I can afford my payments. They would only accept a mortgage shortfall if I couldn't pay my mortgage and could prove this. Thanks

ACG

Im confused...
You want to remortgage it so you can move on but you do not want to live there and you do not want to let it out? Whats the point in remortgaging it?

sheramber

What would it achieve to remove your ex's name form the mortgage?

if you can't sell becasue of negative equity and you can't rent it out what option are you looking for?

hildosaver

You may want to seek legal advice regarding getting your ex's name removed from the mortgage. Other than that no lender is going to allow you to remortgage the flat if it is in negative equity so you may have to bite the bullet and consider overpaying for a year or two to try and build equity. You have very few other options - I do not recommend 'handing the keys back' as you have already pointed out you will be left with no flat and a likely many thousand pound bill to pay for whatever the short fall was in the value of the flat compared to the mortgage you still owed.

mellyb123

Best case scenerio I don't want to be here but if I can't sell I don't want his name on. I want him out of my life. If I could get his name off I'm free to rent it out and do what I want without the permission of someone who does everything he can to stop me moving on even tho he is not wanting any involvement financially x

GwylimT

I thought you said you couldn't get a BTL mortgage?

hildosaver

If you are really desperate to move and rent out the flat then you could seek permission to let from your current mortgage lender - then move out and rent it. You would end up in private rental but at least you would be out of the place and perhaps the rent you get from your flat (if it covers the mortgage) might make it easier for you to start saving for a deposit or as I would advise overpay the mortgage on the flat until it is no longer in negative equity.

squeeks

If the loans you have were genuinely for both of you, you can always ask for a contribution from your ex and get try and get out of negative equity quicker.

At the end of the day, if you don't pay the mortgage or start paying it late, you'll be ruining your ex's credit history as well as your own.

andyfromotley

you need legal advice.

getmore4less

What is his financial situation, he is still responsible for the full debt just like you so they will be chasing him as well as you if you stop paying.

How will he know if you rent it out?