Trapped

BruceDuce

Hi,

This is my first post. I feel like I'm in a unique situation and I haven't got much of a clue as to what my options are. I was hoping someone out there could offer some advice.

10 years ago I took out a mortgage with my partner. We earnt enough to pay everything and all was good. Never really looked into switching mortgages or anyhting like that. About 3 years after that we split up. She was still on the mortgage but didn't contribute anything towards it. My wage on my own was just about enough to cover everything but for the best part of 4-5 years, I really struggled financially. This affected my credit rating and I've not got a great score. I always kept up with my mortgage payments though.

Since that time I've progressed quite well in my career and now earn more and I'm a lot more confortable. However, earlier this year I contacted my mortgage provider (NRAM) to see what options I had with my mortgage and to get my ex off it. It turns out I took out an interest only mortgage and I'm still on it. Obviously this is terrible and I've effectively been renting for the last 10 years. I was gutted, but I'm over that now. The problem I have is that I still have a bad credit rating so I won't get a mortgage so I feel like I'm trapped with what I'm currently on.

Is my only option to sell?

Stevie_Palimo

Not sure on the age but a guide here may help you :-



http://www.thisismoney.co.uk/money/mortgageshome/article-2336839/How-pay-mortgage-late.html

MortgageMamma

No, there may be other solutions but I feel you need professional advice from a whole of market mortgage broker.

Depending on what you earn now and how much equity there is in your property you may well be able to get a mortgage with a new lender.

You will need to speak to a conveyancer/solicitor regarding what your ex is entitled to if your remortgage or sell. This is important part of the decision and mortgage process.

To make a start on things, get a copy of your credit report for free from https://www.noddle.co.uk and take it to a whole of market mortgage broker. Many work over the phone to offer flexibility to those working long hours/shifts/busy lives.