coming clean to Partner - now wants me off mortgage.

floss2

Also, can he get the mortgage required on his salary alone....?

dfw844

liz_uk wrote: »

I have never missed any payments !!

So yes it is well managed.. x

I can see he is worried incase I do fall behind on payments, putting the house at risk... but I know thats not going to happen..

Well I have bigger debt than you (admittedly a bigger income), but I live by myself - and when I came to get a new fixed rate deal at the beginning of this month I was offered some lovely rates! I couldn't understand it because I owe a lot of money, but I was told I'm just what banks are after - I've borrowed a lot but always paid it back. There are so many people out there in big debt that if the mortgage companies never lent to anyone with unsecured debt they'd be able to lend to so few people they wouldn't make any money! Remember, mortgage companies want your business, because that's how they make money.

You have been good at managing your debt, you have realised (like the rest of us!) you shouldn't have got into debt and you are now determined to pay it back. I would stand your ground on the mortgage issue. You have not got adverse credit, and you would be able to count your income on the application, which would also help (although it depends how much your OH earns).

I think this is his way of getting back at you (though he may not realise it, and may justify it as him being sensible). How about checking what rates he could get by himself, and what rates you could get together? I can't advise on the best way to do this though - because it is important you don't have too many credit searches showing on your record when you do apply for a mortgage.

I honestly think 10k of debt to a household that owns a home is a non-issue though. I think he just needs some time to calm down, it was obviously a shock to him and it will take him a little while to get used to it. A joint budget seems like the next step.

RAS

Hi

Both do credit checks and see what yours is.

In practice someone with no debt history apart from a mortgage might be consider less good than someone with additional debt who has been paying it bakc regularly.

Also point out that if you come off the mortgage, you have to come off the deeds and he will only be able to borrow against his income, not your joint income, which would mean incurring legal fees etc.

it sounds to me as if he has got into a funk/panic and is imagining all sorts of stuff that is not true.

quantumleap

There is a certain reality check required here, in my opinion. I'm assuming when you and your partner bought the house you took out a joint mortgage to enable you to do so.

This being the case it doesn't matter a jot what your partner wants in terms of you being on or off the mortgage. IT IS AS MUCH YOUR HOUSE AND YOUR MORTGAGE AS IT IS HIS!

It is about what you want and you don't want to come off the mortgage. And to be perfectly honest, whilst you have debts they are by no means shocking - you'll get them sorted.

Tell your partner you are not coming off the mortgage and whilst you are happy to discuss your debts and how they are resolved you are not prepared to discuss the mortgage issue.

Remind him that you haven't missed any payments or defaulted on anything so your debt should have no impact on your mortgage.

He needs to grow up to be honest.

arabianights

Er...

You lie to him about your financial situation (which isn't good).... and you wonder why he wants to keep his finances seperate from yours?

I understand where you're coming from - but surely you can see things from his perspective as well:rolleyes:

homer_j_3

I haven't any recollection of earlier posts relating the OP's predicament.

If you have not been late with payments or had defautls or CCJ's then the main things stopping you from getting another mortgage will be the affordability aspect or because there is not enough equity in the property or the property is unsuitable for the lender in some way.

Your lender may well offer you another deal when your current deal ends and you may not even be credit checked so this may be a consideration if the lender does this for you and you are going to struggle elsewhere.

You have been advised about the loss in protection should you remove name from the mortgage/property and I strongly suggest you see a solicitor and tax specialist for the pros and cons of doing this and also to see what other protection you can put in place. This is last resort imho and you should not be removed.

If you could clarify the following, I would be more than happy to give you an indication of whether you are going to face problems.

House Value:
Current Mtg Bal:
Lender:
Any adverse credit on either party?

Current income for you
Current income for OH

Total Monthly payment to other credit and debts:

homer_j_3

arabianights wrote: »

Er...

You lie to him about your financial situation (which isn't good).... and you wonder why he wants to keep his finances seperate from yours?

I understand where you're coming from - but surely you can see things from his perspective as well:rolleyes:

If the OP does have to come off, I would be suggesting that the OH pay her out of the property there and then.

something_girl

I thought that deeds on a house and mortgage were separate. I didn't think it mattered who paid the mortgage, it was whose name the house was in that counts when it comes to dividing proceeds?

homer_j_3

something_girl wrote: »

I thought that deeds on a house and mortgage were separate. I didn't think it mattered who paid the mortgage, it was whose name the house was in that counts when it comes to dividing proceeds?

It is possible to put protection in place for an unamed party to the mortgage but the mortgage company will want the names on the deeds to reflect the name on the debt or else they could struggle to repossess should they need to.

GeorgeUK

arabianights wrote: »

Er...

You lie to him about your financial situation (which isn't good).... and you wonder why he wants to keep his finances seperate from yours?

I understand where you're coming from - but surely you can see things from his perspective as well:rolleyes:

Dammit - i must need new glasses. Where exactly does the OP say she has lied about her finances? Some people don't discuss their finances. I don't tell people i have really wide feet. Doesn't mean i've ever lied about it.