SHared ownswership split

Random666

Hi,

First time posting and hoping for some advise please

So long story short we have a joint mortgage together and she cant afford to sell and live somewhere else and cant rent due to affordability and a CCJ (on her bf's part, which isnt his fault but in process of been dealt with).

Can i remortgage our residential mortgage to a buy to let?

Either as a single person (me) or a joint as we both have equity in the property. However if a joint buy to let, can one of us live there?

Life is complicated but trying to keep everyone happy.

Thank you

london21

If you are splitting not wise to go into a mortgage together.

If BTL, then none of you can live in it, to live in it will be a residential mortgage.

You really need to think things through to find the best way forward. 

hazyjo

How much equity (if any)? Enough to cover 6-12 months' rent? May be an option for her to pay a year or whatever up front.

Were you a couple? If so, however amicable now, it's best to sell. These things often turn sour once future partners are involved.

Random666

Thanks for the replies.

We were a couple at the begining. Been seperated 4 years now and she has a partner in the house.

She cant move out as no where to go. Cant get on council and cant go to a private rent as they cant pass the affordability for the size of house they need.

hazyjo

That's a long time. Trying not to be harsh, but do you think they're guilt tripping you? Strongly advise selling before kids are added to the mix. Do they pay you rent? Are you still paying towards the mortgage? Have you been making sure it's paid if not?

My question re equity still stands. Do either have parents who could help out with 6-12 months' rent up front? Their lives or financial situation really shouldn't be your problem (sorry!) and I can't imagine any future partners you may have being too happy about it either. Are you having to pay rent elsewhere or have you bought?

Sell. It's the only (sensible) option.

MovingForwards

CCJs don't prevent people obtaining mortgages, sub-prime lenders are understanding about financial history issues. After a while they can remortgage to a mainstream lender.

With a guarantor, provided the CCJ is paid off, properties are available to rent. 

Wants and needs are two totally different things and compromises have to be made.

S/O properties rarely allow them to be rented out, unless you can staircase to 100% at the same time as taking the BTL mortgage.

You've been very generous waiting 4 years already. Just sell and have that clean break otherwise you'll still be in this situation in 10 years.

london21

Random666 said:

Thanks for the replies.

We were a couple at the begining. Been seperated 4 years now and she has a partner in the house.

She cant move out as no where to go. Cant get on council and cant go to a private rent as they cant pass the affordability for the size of house they need.

TBH that is not really your problem.

If you had children together then you will be concerned accommodation for the kids etc.

You should try to get your money out of the house and looks like the only option is selling up.

You mentioned they cannot afford the size of the house they want, they will have to compromise then or they will have to find a way to rent.

RAS

Do you and ex have any children together?