Car Finance + Ex + Mortgage - Help!

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her90
her90 Posts: 3 Newbie
in Loans
Hello

So basically, my ex boyfriend and I got a car on finance 3 years ago, the finance and car is in my name. We broke up and he kept the car on the understanding he would pay me the finance each month. This hasn't been a problem, however.. I am looking to get a mortgage soon. Will I have to declare this loan to the mortgage advisor? Will this effect my chances of being accepted, even though I do not pay for the finance?

The finance is due to finish next Oct/Nov - there's around £4980 outstanding.

Please advise!
Thanks
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  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Yes you will have to declare it, it may effect your chances depending on the other numbers.
  • fwor
    fwor Posts: 6,810 Forumite
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    If the finance is in your name, it's your debt. Whether your ex is paying (via you) or not - the lender doesn't care. So yes, it must be declared.
  • System
    System Posts: 178,094 Community Admin
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    The only way out of this is for your ex to get a loan in his name to clear the finance.
  • her90
    her90 Posts: 3 Newbie
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    Thanks everyone, I've tried numerous times to get him to pay it off (which he has the money to do so) or get the finance in his name. Stubborn....
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    Tarambor wrote: »
    The only way out of this is for your ex to get a loan in his name to clear the finance.

    I would probably ask him to do that anyway - just incase he ever stops paying for some reason.
  • her90
    her90 Posts: 3 Newbie
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    foxy-stoat wrote: »
    I would probably ask him to do that anyway - just incase he ever stops paying for some reason.

    I've tried. :(
    It's super frustrating, I feel so stupid and have so much regret.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
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    her90 wrote: »
    I've tried. :(
    It's super frustrating, I feel so stupid and have so much regret.

    At least he is still paying you - so thats a win at least.

    Unfortunately you cant declare his payments as income to off set the debt.

    What are the numbers going to be, purchase price, deposit, salary, mortgage required, other debt?

    It may not make a difference to the lender and the remaining debt isnt too high.
  • BrassicWoman
    BrassicWoman Posts: 3,202 Forumite
    First Anniversary Name Dropper First Post Mortgage-free Glee!
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    is the car still in your name?
    2021 GC £1365.71/ £2400
  • chelseablue
    chelseablue Posts: 3,303 Forumite
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    If both the car and finance is in your name I'd be going round there and taking the car back.
  • davidwood681
    davidwood681 Posts: 881 Forumite
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    chelseablue wrote: »
    If both the car and finance is in your name I'd be going round there and taking the car back.

    Then what? Sell it at a loss?

    Unless the car is worth more than the outstanding balance then financially it might be better to let him pay it off....which he has honoured so far
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