Options re Fixed Mortgage and Splitting

GoldenShadow

Hoping someone can help me figure out options for when I speak to solicitor. Lots of things going round in my head and trying to be practical

Fixed mortgage til Dec 2020. Probably a tiny bit of equity in house as did have some work done and prices have gone up a smidge. Mortgage nearly 190K. I earn 26K, hopefully 31K ish in next six months.

In terms of just getting him off it, can I try and find someone to take his place on it? Could I get someone to buy it out and get a smaller mortgage put in my name and will that still incur the penalty fee?

AnotherJoe

This might seem harsh or critical, it isn't meant that way, just giving you the facts. Unless you have another partner (or parents?) to do a joint mortgage with you, then this is all a non-starter. The joint mortgage you have is for your and your ex specifically, it's not a general agreement where you can just swap people round like lego blocks.

Is there a new partner around who wants to buy jointly with you?you don't imply there is, but If so then subject to affordabilty you can get a new mortgage with them, but if there is an early redemption fee on the current mortage you'll almost certainly have to pay it. This is the second post this morning where someone took out a long period mortage and the consequences are biting them in the posterior.

Re if someone buys it, who would that be?.... and if they did you won't own it! So what are you thinking, they will then sell you back a bit? Who would do that ?

Unless there are children involved, when you will likely get permission to stay until the youngest is 18, you will have to sell up, take whatever equity there is, and start again, you will lose the house, it was a joint purchase and you are now solo (unless you've missed out info) so you don't get to keep the benefits of being joint, such as combined salaries.

Unless your ex is happy to let you continue paying the mortgage for the next twenty years whilst he remains liable for the mortgage, derives no benefit from it and can't get another mortgage to buy any new place himself or if he does pays an extra 3%. Sounds unlikely !