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Mortgage after relationship break up

Last post Thu, Apr 12 2012, 8:27 PM by marksp. 1 replies.
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  •  Thu, Apr 12 2012, 8:27 PM

    Re: Mortgage after relationship break up

    I am sorry

    You have an interest only mortgage and the bank won't see how they will be getting their money back as it stands without forcing a sale of the property
    It was assessed on two incomes and now there is only one
    If you got 175k mortgage it would be repayment - the capital alone would be £583 pcm all in all about £1300pcm. can she afford that? and that is assuming 25 years.

    If you go to court they will assess the 2 years she has paid the mortgage as leading to an increase in her "share" as you aren't paying the mortgage any more

    To maximise the benefit to you sell out now - any crossrail benefit won't come until the line is operational and who knows where the property market will be then. If your ex gets pregnant or sets up with someone else you will have a devil of a job getting her out

    2006-2008 the banks wacked out a lot of big interest only mortgages and property prices have stayed flat or fallen and salaries haven't moved - 25% of the way through the term and there all these big old debts sitting there that they are getting the interest paid on but no sign of where the capital repayment is coming from as the banks let people mortgage up to the eyeballs - they can pay teh interest but can't pay the money back
    • Post Points: 5
  •  Thu, Apr 12 2012, 7:46 PM

    Mortgage after relationship break up

    Hi. My ex partner split up almost two years ago. We are amicable. We both still have a joint 50 50 mortgage on a property. She lives in the property. I am renting. The mortgage is on the SVR and she is paying it. She would like to stay living in the house at the moment. The Mortgage is 150000 interest only. The house is worth about 195000 at the moment. It is in an area which Crossrail will go through, near Heathrow AIrport, and is expected to increase in value proportionately quite a bit more than other areas once this starts being built (2013). We were going to wait until then and then sell so we could both get a decent deposit each for new properties. Thing is I don't think she'll want to sell so soon and I am hard up. I would like to get some money out of the place now. I asked a high street lender about it. They said they wouldn't lend unless we both live in the property and her income was too small for them to lend just to her.

    Are there lenders out there who would lend to us even though she is the only tenant?

    Or lenders that would give her the 150000 plus enough to buy me off?

    I would like to get maybe 25000...

    Please does anyone know if I have some options here?
    • Post Points: 20