Mortgage problems after relationship breakdown

moominyak

Hi dunga105

Just wanted say that you have my sympathy, as this happened to me a couple of years back.

Without going into too much boring detail, I ended up paying the VERY hefty early redemption penalty (even more than usual due to us having an adverse mortgage - his fault not mine! ), I also had to get the deeds transferred into my name (made more difficult by the fact that he kept threatening to move away before I could get the documents signed - as far as I know he's still living locally even now!) - more expense for yours truly.

My parents fortunately were in a position to help me out, they borrowed more against their own property to help me pay off the adverse joint mortgage, penalty, legal fees etc, so I've been paying that back as well as my own (shiny, new and in my name only!!) mortgage.

Two years later I'm finally earning (I hope) enough to get the entire debt shifted into my own name, which I'm in the process of doing just now.

Hanging on in there for the 2 years to avoid the early redemption penalty wasn't an option for me, as I wanted to get my credit file disassociated from my ex ASAP, and also to get his name off the deeds!! My monthly payments reduced ever-so-slightly as a result (even though I've borrowed a lot more :eek: ), and the redemption penalty was a lot less than the interest I'd have paid if I'd stuck with the adverse mortgage for 2 years (although obviously I've now paid the penalty plus the interest on the new mortgage & loan - but it was worth it to get that idiot out of my finances!).

I currently have 2 lodgers, it's a good means to an end if you're in a position to do it and have the space (although I don't think a mortgage co. would include lodgers as income as it's not guaranteed).

I think I've rambled on for long enough now

Good luck!

moominyak

Gorgeous_George wrote: »

Spot on silvercar.

People need to realise that buying a house with a joint mortgage is a greater commitment than marriage. That includes the girlfriends.

GG

Not to mention the boyfriends!!!