I think I’m trapped in a mortgage

Polymorphismic

Hi all,

I have a joint mortgage with an ex who now solely lives in the house we took the mortgage on. I am looking to exit this mortgage but I do not see any way to accomplish this. My ex cannot buy me out as she will not meet the affordability criteria to shoulder the remainder of the mortgage alone and she has refused to agree to sell the property. 

I do not see a way out of this mortgage and I’m getting increasingly desperate for any sort of guidance or advice that can help me onwards. 

Many thanks

kingstreet

Court action to force a power of sale is likely to be the only answer.

Carrot007

kingstreet said:

Court action to force a power of sale is likely to be the only answer.

And pointing out that should she let it go that far there will probably be nothing left for anyone.

Polymorphismic

kingstreet said:

Court action to force a power of sale is likely to be the only answer.

My ex is the one who put a the entirety of the deposit money into the house from her parents. Would this affect my ability to force a sale in any way as I have invested less into the mortgage?

I really appreciate the response 

GrumpyDil

Polymorphismic said:

kingstreet said:

Court action to force a power of sale is likely to be the only answer.

My ex is the one who put a the entirety of the deposit money into the house from her parents. Would this affect my ability to force a sale in any way as I have invested less into the mortgage?

I really appreciate the response 

It shouldn't. The reality is going to court to force a sale will be costly and take some time. Can she pay the mortgage on her own as if not, you could always give her a time limit by which you will stop paying (assuming you are).

It won't do your credit history any good but the threat might act as leverage. 

Polymorphismic

GrumpyDil said:

Polymorphismic said:

kingstreet said:

Court action to force a power of sale is likely to be the only answer.

My ex is the one who put a the entirety of the deposit money into the house from her parents. Would this affect my ability to force a sale in any way as I have invested less into the mortgage?

I really appreciate the response 

It shouldn't. The reality is going to court to force a sale will be costly and take some time. Can she pay the mortgage on her own as if not, you could always give her a time limit by which you will stop paying (assuming you are).

It won't do your credit history any good but the threat might act as leverage. 

She can pay the mortgage on her own but would not have the affordability to buy me out. 

We could also agree on me not paying anything towards the mortgage (I do pay at the moment), but this prevents me from moving on with my life as I don’t think I can look for a new house while I have a mortgage already 

To clarify I would prefer not to attempt to force a sale, but if the alternative is me not being able to move on with my life I feel as though there is no other option left for me. 

Carrot007

Polymorphismic said:

GrumpyDil said:

Polymorphismic said:

kingstreet said:

Court action to force a power of sale is likely to be the only answer.

My ex is the one who put a the entirety of the deposit money into the house from her parents. Would this affect my ability to force a sale in any way as I have invested less into the mortgage?

I really appreciate the response 

It shouldn't. The reality is going to court to force a sale will be costly and take some time. Can she pay the mortgage on her own as if not, you could always give her a time limit by which you will stop paying (assuming you are).

It won't do your credit history any good but the threat might act as leverage. 

She can pay the mortgage on her own but would not have the affordability to buy me out. 

We could also agree on me not paying anything towards the mortgage (I do pay at the moment), but this prevents me from moving on with my life as I don’t think I can look for a new house while I have a mortgage already 

To clarify I would prefer not to attempt to force a sale, but if the alternative is me not being able to move on with my life I feel as though there is no other option left for me. 

Nothing stops you getting another mortgage, unkless you don't meet the afordability criterea with being liable for another one. Only you can answer that.

A forced sale will cost at lot. How much is in it for you?

Polymorphismic

Nothing stops you getting another mortgage, unkless you don't meet the afordability criterea with being liable for another one. Only you can answer that.

A forced sale will cost at lot. How much is in it for you?

Am I right in believing that the affordability criteria would essentially come down to my ability to cover the remaining outstanding mortgage + whatever I was looking to borrow for a second mortgage?

If this is the case then I wouldn’t be able to access a second mortgage as neither me or my ex had the affordability to get the first mortgage as individuals, it was based on our combined income. 

When you ask how much is in it for me, could you clarify what you mean exactly? I don’t quite understand. 

Thank you for all the help

Polymorphismic

Carrot007 said:

Polymorphismic said:

GrumpyDil said:

Polymorphismic said:

kingstreet said:

Court action to force a power of sale is likely to be the only answer.

My ex is the one who put a the entirety of the deposit money into the house from her parents. Would this affect my ability to force a sale in any way as I have invested less into the mortgage?

I really appreciate the response 

It shouldn't. The reality is going to court to force a sale will be costly and take some time. Can she pay the mortgage on her own as if not, you could always give her a time limit by which you will stop paying (assuming you are).

It won't do your credit history any good but the threat might act as leverage. 

She can pay the mortgage on her own but would not have the affordability to buy me out. 

We could also agree on me not paying anything towards the mortgage (I do pay at the moment), but this prevents me from moving on with my life as I don’t think I can look for a new house while I have a mortgage already 

To clarify I would prefer not to attempt to force a sale, but if the alternative is me not being able to move on with my life I feel as though there is no other option left for me. 

Nothing stops you getting another mortgage, unkless you don't meet the afordability criterea with being liable for another one. Only you can answer that.

A forced sale will cost at lot. How much is in it for you?

Also in addition to my previous question, do you know roughly how much a forced sale process might wind up costing? £1/5/10k, more? I’m sure it varies case by case but it would be helpful to have a figure in mind

Sistergold

Yes the affordability will include what is owed in the other house already. So if £60k is owed in the joint mortgage and the new mortgage needs £50k the you need to afford the total that is £110k. I ran into this problem with one lender after separation. Managed to get a mortgage with a different lender though as their affordability criteria was different they still took that joint mortgage into consideration though but still felt I could still afford the two so they approved my own. 

Basically if she refuses to sell it might still be best to force a sell. The court proceedings might cost a lot so you might not get much after the sale but at least you will gain your freedom to move on. Good luck 

getmore4less

What do the numbers look like?
Amounts, rates, term, fix and full, ages, incomes, value, equity etc.
Also ERC if any and other cost factors trying to change 


Was a deed of trust set up?

How long have you been paying for this house
How much are you trying to extract.


Motivation is a key element.
Currently she is living in the place gets paid money and can just let it carry on no motivation to do anything.
you need to increase the level of motivation

It's you house as much as hers move back in. that can change the balance of motivations.