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Removing an ex from a mortgage. Turned down, now what?
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aqueousdan92
Posts: 30 Forumite
Two years ago my partner cheated on me and we split up. She walked away and now rents her own place and I am paying the mortgage whilst living in the house we bought together. She is still on the mortgage but hasnt paid anything to it since we split.
We would both like to remove her from the mortgage and have been told remortgaging is the way to do this. I phoned my bank (HSBC) to do it and they said the house is in negative equity so I cant. (the house was worth £85,000 when we bought it. Now we currently owe £72,000. I have since had the place replastered and have double glazing and generally it looks a lot better as it was run down when we got it. However the area is still relatively poor. The guy said I need a 10% deposit to remortgage but I guess that is based on how the house was when it was bought?)
Any ideas what I can do next?
We would both like to remove her from the mortgage and have been told remortgaging is the way to do this. I phoned my bank (HSBC) to do it and they said the house is in negative equity so I cant. (the house was worth £85,000 when we bought it. Now we currently owe £72,000. I have since had the place replastered and have double glazing and generally it looks a lot better as it was run down when we got it. However the area is still relatively poor. The guy said I need a 10% deposit to remortgage but I guess that is based on how the house was when it was bought?)
Any ideas what I can do next?
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Comments
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Can't you apply for a change of borrower? That's what I'm trying to do now. I have to prove I can afford my property alone, since my "husband" has walked out on our family.The aim is to be mortgage free by 2020. :j:j0
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Negative equity, it will be case of finding the cash to cover that and a bit more.
You will need to get the borrowing below the current value.
It is a bigger problem for her than you, if you are happy to keep paying and live in the place.0 -
So HSBC has decided a property bought for £85k more than two years ago is now worth at least £13k less, to put you in negative equity?
Which lender currently holds the mortgage?
Have you spoken to anyone else, such as an independent broker?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
The property has devalued by almost 15% in two years? What part of the country is the property situated?"You were only supposed to blow the bl**dy doors off!!"0
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I would suggest applying to a different lender.
Have there been any similar houses sold within 1/2 a mile in the last 6 months that would indicate you're possibly in negative equity?
Without valuing the house I find it hard to believe why they think you're in negative equity.0 -
did you get sorted with your negative equity?0
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