Help, Help ,Help ....I need advise!!!!!!!!!!

bustyb293

Am in the middle of court proceedings with the x-girlfriend, we bought the property for £120,000 in 2003, I put the majority of the deposit down but the mortgage was put in her name as she said it was silly us both being tied in. She has messed around with the court case and now has somehow managed to sway the valuer. They claim the property is now worth £119,000 she claims to have had an offer for £110,000. I have seen properties in the same block of flats of a lesser standard go for as much as £137,000. I know this is some kind of stunt by her to not pay me the money back. My current girlfriend and I both own properties. She has a mortgage for £95,000 and an income of £30,000. I have a mortgage for £130,000 and have an income of £45,000. We are proposing to have the property signed over to us however the mortgage is for £99,000 that way we can do the property up as my x-girlfriend has been renting the flat out since I left as she could not afford to live there on her own and it has been trashed we want to sell it asap to get back as much money as possible as the court case so far has cost a lot of money. What kind of mortgage or loan do you recommend? Would it be best to take out a interest only mortgage or perhaps up our own mortgages by £50,000 each. Please help we have no idea what to do for the best.

dianeh_2

Hi, I would get an interest only buy to let one for now if you plan on renting it out.
You need to speak to a broker straight away.

Hope this helps!

bustyb293

Ok do you think this is the best thing? I was hoping for a few views, why do I have to have buy to let? cant I have just intrest only, as I may not want to rent it and just sell it fast. I will need one that will not fine me for paying it all off fast in that case, can this be done.

Thank you for the responce

Thefunkygibbons

If you plan on selling, interst only would make sense

However, you may not be able to get the best fixed rate deals because they may have redemption penalties if you pay them off very quickly

Whether it would be worth adding to your current mortgages depends on what the terms are

If you could both add 50k, without valuation fees, that would save some money, but what rate would your existing borrowers give you?

You may find that the additional advances would not be as good as getting a new interest only loan

At least that way, your monthly outgoings will be low whilst you fix the place up

However, if it were me, I would speak to more agents about the value of the property once fixed because as prices are falling in many areas, you do not want to catch a cold and get stuck with the property or find it hard to sell

bustyb293

ok some have said a new deal, and not touch ours, geting a tracker that will have no ties, then we can pay it all back fast if needed.

What do you think?

Thefunkygibbons

I like trackers because any cuts in rates get passed on, but then again, so do increases in rates

You did not say what your current mortgage APR rates are, but there are some good rates on trackers so if it is penalty free, it is probably one of the best bets

Rikki

You are asking two questions here.

The question about the ex and the flat.

You can have a valuation do by a seperate estate agent, you can get estate agents detail of the other flats in the block that are for sale to support your price claim and ask for written confirmation on the offer she has received.
Hope this helps.