How to get out of joint mortgage with mother

ApexFeline1

Hi all.

6 months ago I purchased my first home with my mum.
I was in a long term relationship and struggling to get on the property ladder. She had split with her partner and was struggling to purchase a house large enough.

We agreed to buy together to help us both. She had a large deposit and my salary meant we could have a decent mortgage. We agreed to we would sell after 5 years and she would get back everything she put in and we would split any equity equally. My partner rented with us and agreed to this as well.

I have now split with my partner and am with someone new. Looking to the future now seems difficult and I feel stuck. We aren't looking to move in together tomorrow but if we want to progress, have children etc I need to start considering my options.

He wouldn't be able to move in, my mum can be challenging at times and it really wouldn't work. I'm already struggling sometimes with her, so it would be very unfair to expect that of anyone.

My mum couldn't afford the property on her own and we couldn't afford to buy her out. If we sold the property now I would end up with negative equity and my mum would be financially worse off and it would completely ruin my relationship with her which I could never ever do.

I'm completely lost now as to what to do. I feel as if my future is a little lost. Stuck living in a house with my mum for 5 or so years means it could ruin any relationship I have with anyone and probably means I could never have any children as my age and his is getting on.

What seemed like a good choice at the time now has me dreading that I've sacrificed my future.

Can anyone make any suggestions or alternative options? Thank you.

[Deleted User]

If neither party can take on the mortgage by themselves and you won't sell, then you'll need to stay as you are until your situation changes.

An interim solution would be for one of you to move out and get a lodger in.

getmore4less

Stick with your agreement of 5 years.

What were the deposit splits
How are you splitting the mortgage?

silvercar

Wait until your relationship is more secure or you could be jumping from the pan into the fire.

Could you move out and still afford the mortgage? Would Mum be agreeable to a lodger?

ApexFeline1

I wouldn't look at doing anything for a while until we knew our relationship was secure but we need to consider our options now. It's an awful lot for him to want to be with me when we potentially couldn't live together have a set future for 5 years. But I desperately wouldn't want to loose him because of my house complications.

She put in the full deposit of 220k and mortgage is 150k paid 50:50. We had it written up that she would receive 240k back as she paid stamp duty and extras towards work on house and anything else left split 50:50.

If we did sell, I wouldn't want to leave her any financially worse off than when we started so if we sold for exactly what we bought it as id end up 20k in debt with nothing to show. My new partner has already said he has a good amount of equity and would help with that but that's an awful lot to ask.

I couldn't afford to have two properties on my wage.
We currently already have a lodger.

[Deleted User]

ApexFeline1 wrote: »

We currently already have a lodger.

That's not the point.

If you move out, you can get another.

DoctorStrange

You mentioned your partner is willing to help you financially, and that he has equity in his property.

Is moving in with your partner rent-free an option, whilst still paying your share of the mortgage to your mum until the 5 years are up?