Need some urgent advice

AnotherJoe

paulr23 wrote: »

Well I will get back more or less 100% of what i invested with this scenario. However obviously the burden of the mortgage is on me for god knows how many years (she tells me if i want to come off at anytime she will get a mortgage with a family member)...

Well then, anytime includes next week so get started.

I also question whether or not this is breaching T&C's of the mortgage as it doesnt seem like a mortgage company would agree to something like this.

She would get a new mortgage paying off the old one not just arbitrarily change names on the current mortgage ! There will most likely be an early repayment charge unless shge can port the terms. If not, swallow it anyway.
Cannot find anything like it in the T&c's however unsure. Nationwides terms are not that in depth, plus this isnt a normal scenario.

Its perfectly normal. People bail out of mortgages all the time for all sorts of reasons. Job moves, illness, divorce, splits. Nothing at all unusual. You seem to me to be searching diligently for reasons not to take the obvious, simple clean break.

Here's my final word on the subject https://www.youtube.com/watch?v=pXb0zcEM-rI

Slithery

paulr23 wrote: »

...and I thought it would be a good idea as I do not want to get a shot credit rating (owned a house for 6 months then sold it doesnt look great in terms of responsibility).

This makes absolutely no sense. Why is staying on a mortgage that could then possibly default in any way better to your credit history than selling up now?

Comms69

paulr23 wrote: »

I have no idea, just not going to risk it really.

Will probably claim some harrasment or something stupid like that.

Wish I never bought the house in the first place, had doubts before even agreeing to proceed with the contract (see previous threads). I can take being out of pocket by a couple of thousand, but by 10-15k out of pocket its just.. hard.

She can call the police if she wants to, but there's no offence committed. You would not be charged with anything.

gingercordial

So what happens when in ten years' time you have a new partner and you want to buy a house together, but you can't because you are still on the mortgage with the ex AND even if you could get a second mortgage you'd have to pay the extra stamp duty?

You go to her and ask her nicely to remortgage, and she either can't because she is skint or she just doesn't want to so slams the phone down on you or laughs in your face. "Make me!" Much easier to persuade her to do the remortgage to remove you now, when you're still (sort of) talking.

Or she loses her job/becomes ill and can't afford the mortgage any more. Now you are responsible for the payments. You'll either pay for her to live there (probably indefinitely, once she knows you'll do that; maybe she even has a new partner so you're paying for him to live there too effectively) or it'll be repossessed. Your credit rating will be wrecked and there's nothing you can do about it.

It isn't detrimental to your credit rating to own a house/having a mortgage for only 6 months - that isn't a thing.

Get out now, you won't regret it.

paulr23

Doozergirl wrote: »

It is a fact that regardless of what contractual agreement you make with your ex, you are both jointly and severally liable for those mortgage payments.

That means both of you together and, if your ex just disappeared one day, just you. You are only relying on her word that she will pay. If she doesn't you will be in trouble and you can't sign that away.

Guess what that would do to your credit rating!

Cut your losses now. What if the house lost even more value over time? You'd have to pay her money to sell, despite her having the benefit of living there. Let her get a mortgage with a family member. I promise that it will only get more complicated when there's new partners and families involved.

It's as clean a break now as it could ever be. If you still love her, this is a dangerous way to maintain contact.

What do you mean Id have to pay her money to sell? How come?

paulr23

gingercordial wrote: »

So what happens when in ten years' time you have a new partner and you want to buy a house together, but you can't because you are still on the mortgage with the ex AND even if you could get a second mortgage you'd have to pay the extra stamp duty?

You go to her and ask her nicely to remortgage, and she either can't because she is skint or she just doesn't want to so slams the phone down on you or laughs in your face. "Make me!" Much easier to persuade her to do the remortgage to remove you now, when you're still (sort of) talking.

Or she loses her job/becomes ill and can't afford the mortgage any more. Now you are responsible for the payments. You'll either pay for her to live there (probably indefinitely, once she knows you'll do that; maybe she even has a new partner so you're paying for him to live there too effectively) or it'll be repossessed. Your credit rating will be wrecked and there's nothing you can do about it.

It isn't detrimental to your credit rating to own a house/having a mortgage for only 6 months - that isn't a thing.

Get out now, you won't regret it.

You put forward a very good argument. Very very good

Doozergirl

paulr23 wrote: »

What do you mean Id have to pay her money to sell? How come?

If the house loses value, you'd effectively have been paying solely for her to live there.

Sell it, for goodness sake. I can't believe there's even a question.

steampowered

Another vote for selling.

If your ex can afford to buy out your share, let her do that. This would mean her getting a mortgage in her own name to pay off your joint mortgage.

If your ex can't afford to buy out, the property must be sold.

Remaining on the mortgage under some trust arrangement will make it impossible for you to obtain your own mortgage in future.

paulr23

Ah I see but she is paying the mortgage.

Understand your point but I dont want to lose 15k.

paulr23

I'm being a bit naive and taking her word for it as she tells me she will take me from the mortgage whenever. However when I think about it, it means she will lose the house if she did that so I highly doubt I can come off the mortgage at any point

I can force it probably however court costs etc.