Moving on - mortgage matters

misssmith

Good afternoon,


I left my former partner 5 years ago. He stayed in the house and at the time our children also remained (owing to their nearby school and fact I was moving into mother's spare room), so the decision was made to do nothing to affect the stability of the home. They moved in with me a couple of years later, by which time my former partner had a new fianc! and her children living there with him. It looked as though he would be re-mortgaging with her, so nothing was done. They split up and he begged me not to do anything as he planned to split the property and live in one half - selling the other. This didn't happen.


The mortgage is interest only and is 12 years into a 20 yr term - the borrowing is £337,500. he has been paying this all himself (and with his various partners and lodgers and Air BNB) since I left but he doesn't earn enough to re-mortgage in his own sole name.


I have been renting since shortly after leaving him. I have new partner and we want to buy together later this year. We need my salary (unencumbered) as borrowing power - so it is time to be free of the mortgage on the former home. I am about to finally contact the lender and my guess is that they will require the property to be sold. I think this is the only outcome - and the ex really has been dragging this out for as long as possible.


Has anyone been in a similar situation and can anyone offer any advice for me going forwards please?


Many Thanks

dimbo61

Yes your right he needs to sell and pay you part of the equity.
Time to get tough with him.
5 years is long enough