Splitting with partner, living in HTB home...

ejl0402

First off- Hi.

This is obviously not a post I wished i'd ever have to post but as the title suggests...

Me and my girlfriend bought a house on the help-to-buy scheme 3 months ago and it would seem we are splitting. My home was bought at £180,000 (9k dep, 36k HTB, 135k Mortgage) I'm on a rough earning of 25k, she is on 5k. So affordability wise we just about scraped by, mostly from my earnings. Also I have 10k in savings.

I'm absolutely at a loss for what to do, presumably my bank will not allow me to live here on my own on my current 'affordability.
Also having just bought the place I imagine selling it would probably lose me money on the overall sale.

The other option is moving out and renting it after paying off my girlfriend, problem is that with HTB you cannot do so. Or is there some loophole that may allow this? Maybe some nice fellow at the HTB office will feel sorry for the fact that my life falling apart.. Who knows...


Anyway, I'm sorry if this was structured badly or a bit vague, I'm not in a good place right now. Advise is appreciated!

Thrugelmir

Any possibility of finding yourself a lodger.

tiger_eyes

Sorry about the breakup. That must be tough. Although remortgaging doesn't look like an option right now, is it feasible for you to remain in the house if your ex leaves? Maybe you could afford to cover the mortgage alone, or your ex could contribute, since the debt is hers too? (I assume there's no chance whatsoever that your ex can afford to live there and pay the mortgage alone.) The hope being that after a few years, the outstanding mortgage will be lower, the equity will be higher, and your income may also be higher, making it easier to remortgage into your sole name - or buy somewhere else - or just sell. The lodger suggestion is a good one as well.

MaebyJade

Stick an advert on spareroom website and hopefully you can find yourself a lodger who's rent will contribute towards the mortgage. I think that's the best option for you right now.

stator

They won't throw you out as long as you keep paying the mortgage.

Can you afford to pay the mortgage?

The only problem would be getting her off the mortgage, is she happy to remain on it if you come to some sort of arrangement?

ejl0402

hi guys, first off thanks for your replies, it means a lot!

In terms of a lodger, i imagine my brother would be happy to get out of my parents house however under the HTB scheme are you allowed a lodger? Is that sub-letting? Im unsure.

She wouldn't be able to afford the mortgage on her own not even close, she's a student.

In terms of repayments, i could probably manage it alone. We currently pay in £500 each (£460 mortgage, £200 food and £340 in bills) to cover mortgage, bills and food. If she moved out i would guess that our food bill would nearly half, mortgage would stay the same and i imagine the bills would drop by 30% so i'd say probably in the 750-800 region. If i got a lodger in for 300 id stay where i am. I earn 1550 a month after tax so i guess thats doable?

Currently applying for better paid jobs...

ejl0402

Just checked on their website, looks like you CAN get a lodger in as long as you agree it with the HTB people, only if its after the purchase of the property if you hit financial difficulties and not with the intention from the offset. Seems like a great idea!

MaebyJade

This is what it says regarding lodgers:


"Taking in a lodger is permitted under the scheme, as long as you will still be living in the property. A declaration of interest must be signed by the person staying to confirm they have no interest in the ownership of the property."

ejl0402

Thanks, I think that seems like the best option at this point!