Fed up of dmp

PM22

No, he owns it and the mortgage is in his name as you can't get a mortgage on low wages. We have a declaration of trust with a solicitor that says I will pay the mortgage and can sell any time but still only earning 34k so not much scope to move. I can get a sub prime mortgage but will be charged 8%...

TheAble

£170k proceeds won't buy you anything? You could potentially top that up with a small mortgage even at 8%. My first mortgage was 6% when rates were higher, didn't really bother me.

PM22

I'd like to move to a house but it would cost 300k here in the SE. Then I'd have to pay the sale/purchase solicitors fees plus 10k Capital Gains Tax....plus 1.5k to the mortgage broker....so I'd need to borrow 150k ish at 8%....I don't know how much that is but I only take home £2164.....The broker reckons I'd get a normal mortgage after 5 years...

RAS

If you replace your home with another home, you don't pay CGT.

By using ex to buy your accommodation, you are creating a CGT liability for them, which will get worse as CGT allowances decline.

Could you and ex take advice on slowly transferring some of the equity from them to you as you "effectively" pay off the mortgage?

Rob5342

PM22 said:

Most of my debts have been sold on...I am going to get my printer working this weekend and I am going to send the CCA requests. One large debt has been sold twice. Fingers crossed. I would gladly not pay, as unethical as that is. It's during bipolar mania that I make all these bad financial decisions and there's no support for me then. Sod them.

There is.sample letter here that you can use.

https://www.nationaldebtline.org/sample-letters/information-about-your-agreement-under-consumer-credit-act/

WYSPECIAL

PM22 said:

No, he owns it and the mortgage is in his name as you can't get a mortgage on low wages. We have a declaration of trust with a solicitor that says I will pay the mortgage and can sell any time but still only earning 34k so not much scope to move. I can get a sub prime mortgage but will be charged 8%...

So you can choose to sell but all of the equity belongs to him? Was this arrangement part of a court order separating your finances when you divorced? Are there any trigger dates for when it ends? 

PM22

So, I can sell and all of the equity belongs to me....this is an arrangement we made after the divorce as I needed somewhere to live and couldn't get a mortgage. There is no date for it to end