will they let me switch to interest only?

Feanor

Hi,

I have a mortgage with my partner with Nationwide, currently fixed at 5.83% until June 2009.

My partner has decided he wants to split up after 8.5years and I want to know what my options might be.

Will they let me switch to interest only for a year whilst I get a pay rise? I can then get someone in to rent the second bedroom and that wil be fine.

is this something they normally do?

Any help would be appreciated.
Thankyou

sammyjammy

Is the house owned by you both? Will your partner want their share of the equity and their name off the mortgage to start anew? If the house is only owned by yourself its always possible that Nationwide will let you transfer to Interest only for a period of time, they might charge a fee and will look at the decision on an individual basis.

Sam

TEDDYRUKSPIN

Don't assume.

Phone up and ask directly. Each lender have a special criteria.

JUST ASK.

Feanor

Hi,

Thanks for the replies. Yes it is owned by both of us. I have offered to pay the OH his share of the equity as I have some savings.

He earns the most so it will be difficult for me, the mortgage will be about 7.5 times by salary by myself until I get a pay rise. I know it sounds crazy but if I get someone in to the rent the room it should be absolutely fine and I am prepared for it.

I will call and ask them tomorrow.
Thanks again.

MortgageMamma

Be prepared for the times when your room won't be rented. you will need some money in the bank for that. Sorry this has happened to you, it can't be nice. Do you really want to keep the property or are you just scared your investments gone wrong? Could you perhaps move out and go back to your parents, and just rent the property out as a whole property?

That could be a good option for you, and if your relationship recovers then you could just move back in........also, being there with all the memories etc - do you think you will be ok with that?

MM x

Feanor

Hi,

Well I would like to keep it because I live in Zone 6 of London and it's hard to get property here. If I dont keep it, I will have to move into a houseshare, and the prospect of me buying somewhere else would be pretty slim around here.

My parents are 300 miles away unfortunately. I could go back home, but there are no opporunities for the job that I do. I dont want to lose my career aswell.

It will be so hard to live here without him, it'll always seem like 'our place' but in the long term I think it seems like the best option.

He has suggested he stay in the second bedroom for a while to help with the mortgage, but I think it would be too painful

I am a bit worried now, I just dont know what to do!
x

Gorgeous_George

(1) Have the house valued (at aprice to sell).

(2) Find out the mortgage redemption costs (including any fees).

(3) Get a quote for solicitor's and EA fees.

(4) Subtract (2) and (3) from (1) to get the equity value.

(5) Based on (4), make an offer to but the OH's equity (at least 10% less than (4) would seem reasonable).

If you cannot agree a value for the equity, sell.

GG

MortgageMamma

Dont make any rush decisions. give him the spare room for as long as you can emotionally manage to. Do you have kids? I get the feeling you don't. At least if you don't have kids it isnt too bad if you have the odd arguement.

I know its not easy but the longer you let him help with the mortgage the closer to your pay rise next year you get.

silvercar

If the mortgage will be 7.5 times your salary, I doubt the lender will allow you to take on the mortgage on your own, they will insist your ex's name stays on the mortgage until the mortgage looks to be affordable to you alone.