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Mortgage Orphan. . .No one wants my money

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Any advice welcome - I currently have a joint mortgage on a property valued approx £210,000 outstanding mortgage of £115,000 - ex partner stopped contributing to mortgage in Dec.04 - did not tell lenders or me - I have cleared arrears (2) and continue to pay full mortgage £780 p/mth. without difficulty. Heres the dilemma I face . .. current lender will only permit me to continue with this repayment mortage if I can supply proof of earnings of £30,000+ (not possible). Ind. Financial advice so far indicates that if I try self-cert the arrears are my stumbling block if the arrears are accepted my salary is the problem. If I have to sell the property I will find it very difficult to get back on to the property ladder in this area with the split of the equity .There are time constriants too - the ex is wanting his equity NOW and name off Deeds or he will force a sale [has already started proceedings].
I have offered him a fair buy-out which was accepted but unless I can re-mortgage his name remains on the Deeds which neither he nor I want.
Why am I trying to hang on desperately to this property - because we have a year old that doesn't deserve more upheaval. I have people queuing up to be guarnators - I've always had a clean credit history, gave up the car, no debts, half of net monthly income now going out on mortgage repayments consistantly. . . but am seen as a risk ! :eek:
:eek: UglyBetty

Comments

  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    The only advice I can give: see a mortgage broker.

    I'm sure there are companies out there that will consider your circumstances. I believe te Yorkshire do a divorcee mortgage. Not sure it's right for you, but again, a broker will help.
  • payless
    payless Posts: 6,957 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    ctaylor wrote:
    Heres the dilemma I face . .. current lender will only permit me to continue with this repayment mortage if I can supply proof of earnings of £30,000+ (not possible).

    are you saying they are threatening to foreclose ( repossess) on a mortgage that is paid upto date ?

    Or that they just won't lend enough to buy the ex out
    Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.
  • Pal
    Pal Posts: 2,076 Forumite
    Use the guarantors to remortgage. As long as you can afford the repayments then there is no problem with this.

    Speak to a mortgage broker as well. I suggest contacting Payless if he is still around on the mortgage board (not been there in a while). I have no experience of using him but his posts on MSE suggest that he knows what he is talking about.

    Edit: Just realised I have stumbled into the mortgage board! Outa here....
  • Pal
    Pal Posts: 2,076 Forumite
    And with a puff of smoke, Payless appears! :)
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