partner Moving out - help need on mortgage

winnie

Ok, im really hoping someone can give me some idea on this issue.

Basically i have split up with my partner and he is moving out so if i can i want to take on the mortgage on my own.

The outstanding mortgage amount is £122K and the house is now worth about £165 (maybe!).

Therefore assuming i can raise £21,500 from other sources (family etc..), whats the likelihood of Nationwide letting me take over the mortgage on my own. I'm currently on £27,000 and have a £15,000 loan.

I've worked out that i can afford the repayments - it would be tight, but i can cut down on a lot of things - sky, broadband, bupa etc..

Any advice on if this would be possible or who to contact would be much appreciated.

Many Thanks.

payless

I assume you mean the £21500 is to "buy off" the ex partner

remember if you were to sell up, you would also have shared selling costs - how realistic is the valuation - does ex owe anything towards that loan ?
Perhaps these are ways to barter down his ( or her) share

Even without the loan ( amounts not known)
thats 4.5x income , Natwide would normally only look at around £95K ( thats with out loan repayments in calculation) - they can be fairly generous with joint incomes compared with old style calculations BUT not so generous ( or more prudent !) with single incomes

Obviously they have extra security of having a second person to chase if it goes bad

Other lenders may help ( although does look tight - even more so with a loan on top) so I would be wary of taking it on (also swapping may incur fees if locked in)

Conrad

winnie wrote:

Ok, im really hoping someone can give me some idea on this issue.

Basically i have split up with my partner and he is moving out so if i can i want to take on the mortgage on my own.

The outstanding mortgage amount is £122K and the house is now worth about £165 (maybe!).

Therefore assuming i can raise £21,500 from other sources (family etc..), whats the likelihood of Nationwide letting me take over the mortgage on my own. I'm currently on £27,000 and have a £15,000 loan.

I've worked out that i can afford the repayments - it would be tight, but i can cut down on a lot of things - sky, broadband, bupa etc..

Any advice on if this would be possible or who to contact would be much appreciated.

Many Thanks.

Lenders that consider high income multiples include Northern Rock, Intelligent Finance, Standard Life Bank, Abbey National (care - poor service outcomes I find) and First National.

Nationwide might consider it but, frankly, the outcome cannot be predicted so you wiould need to apply to get a definite answer.

Good luck.