Advice needed - re relationship breakdown etc

louloubelle79

Hello
Split from ex 2 months ago, was together 10 years. Had mortgage for 4 years. He does not wanrt the house and i do. I am a student nurse until April, only earning £550 a month NHS bursary. I have been offered a mortgage with Abbey with no proof of earnings. With Scottish Widows at moment, ex says he dont mind staying on mortgage until April when i qualify, although he is not contributing to the mortgage. Should i keep him in till April or get the Abbey mortgage???
Have £2000 in ISA which will pay some mortgage until xmas, what is the best way then to pay the mortgage until April???Mortgage is £600 a month.
Have £10000 in offset account which will pay ex for his share in the house and another £5000 which Abbey will be added to the mortgage total. Ex has agreed i can pay him another £5000 off monthly ( 20k in total for his share in the property)
I will be earning approx £22000 from April when i qualify as a nurse.
Any advice for me?

herbiesjp

How much is the outstanding mortgage?
What is the value of the house?

louloubelle79

Hello
Thanks for reply
Outstanding mortgage is £98k and value of house is £170k

mightymouse

Hi

The value of £170 k could be say £160k less mortgage, ongoing and selllings costs.

You do not say whether there are any children which would change things somewhat.

sdooley

Assuming no children I would get him off the title as soon as possible.

If prices stay the same or fall, he will hold you to the deal. But if go up 15% (an outside chance but it could happen in any one area) there's going to be £25-£30,000 equity in the house and he might require it to be sold and the proceeds split 50:50.

SPANIEL36

is there a charge for coming out of the scottish widows deal early?

louloubelle79

No children
And only a £195 admin fee to get out of Scotish widows mortgage

herbiesjp

Please note that Abbey can ask for proof of earnings at any time

If you put down that you are earning £550pm or £6,600 p.a (even if that is the NET take home home pay figure and needs to be grossed up), that is no where near being enough to support a mortgage of £98k let alone increasing it to pay off your ex.

Do you have any other income to take into account? Tax credits etc?

If your ex is happy to do so, I would say keep him on until you qualify in April, at which point based on £22k income you should be able to get the mortgage agreed at the level you want. That is assuming a good credit history and no other debts in the background.

louloubelle79

Abbey havent asked for proof of earnings-is this right?

herbiesjp

Have they agreed the mortgage based on your £550 pm?

louloubelle79

Yes they have, well they have not asked about my earnings!