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Advice in mortgage please

(7 Posts)
L4dyluck Thu 14-Feb-13 17:08:18

Starting a fresh is not a complete no go but would rather stay here for a little while until I'm completely sorted,also there are a few little issues if I decide to sell .. Mainly being my mum wouldn't be able to afford to rent on her own at the moment.

A solicitor will be involved in the drawing up of the agreement with the equity.. And I will definitely have it put in about him being unable to force the sale of the house. Thankyou I would rather he was off the mortgage completely and I'm sure it will happen one day !! Hopefully

If I'm honest I would rather sell but not just my decision so think I will be here until the end of the year and see what happens after that.

CogitoErgoSometimes Wed 13-Feb-13 17:10:39

You don't silly at all, quite the contrary. Money's money, people are people and things can get very nasty very quickly when the two mix! If you know this man and he's the type to go back on verbal agreements then you need everything sewn up tighter than an overstuffed haggis. That includes the agreement on his share in the equity of the property which I'm glad you've got properly drawn up (with a solicitor?). Have you also made it so that he can't unilaterally force a sale if he changes his mind?

When I had a similar situation I set myself a target of getting the ex off the mortgage as soon as humanly possible because I didn't want him having any influence over the security of my home. Is selling up and starting fresh with your share of the proceeds a complete non-starter?

L4dyluck Wed 13-Feb-13 16:59:59

Well he is going to pay me £300 a month and because if the fact that he has gone back on quite a few verbal agreements that we have made since we split I would prefer to go through the CSA so the payment is guaranteed but he us kicking up a fuss about it. I am happy with the amount just don't trust him to pay all the time in time!

I'm sorry if I sound silly or naive but this is all new to me!

CogitoErgoSometimes Wed 13-Feb-13 13:40:49

Not necessarily. If you were still together and he had lost his job then you would be in roughly the same situation asking for a temporary reduction in the payments. Of course, if you were to default on the mortgage, even though he no longer lives there, he would share liability. Are you satisfied that he is contributing adequately towards your DS? Is the maintenance enough?

L4dyluck Wed 13-Feb-13 10:59:08

We are getting a written agreement that says that whatever equity the house has at the moment he will only get a third of that if and when we sell the property at a later date. And he Is happy to do that. His name is staying on the mortgage as he wants me to buy him out if I want him off the mortgage! That's where the problem lies .. As I know it's going to be tight from May as my mother and I both work part time as she has my DS while I'm at work! But as his name will still be in the mortgage I don't think they will lower the payments !?

CogitoErgoSometimes Wed 13-Feb-13 10:43:46

Your mortgage company will mainly want to be reassured that you can afford the payments. In your letter, therefore, offer to supply pay-slips, bank statements or similar that demonstrate you have the disposable income.

A different & potentially more tricky matter is that of the ownership of the property. If your XP is on the mortgage he is still responsible for the payments but also has a claim on the equity. Is there much equity in the property? Is he happy to simply sign the house and mortgage over to you or will he want 'buying out' in order to get the place in your sole name? Would your mortgage company be happy to lend you the same amount on the strength of your and your mother's income alone?

If you think you may have to sell the property and if you anticipate any arguments about ownership you should consider talking to a solicitor or CAB.

L4dyluck Wed 13-Feb-13 10:15:04

Hi guys
More advice needed so if anyone can help a big thankyou in advance !!

So bare basics... Have a mortgage with my XP and mum. Basically XP is no longer paying the mortgage and so it's just myself and my mum.

After May, we may struggle with the repayments and I want to right a letter to my mortgage company to see if we can lower the payments by switching to a interest only for a short term while we sort ourselves out.

I would just like some advice on what sort of things I should write/include in the letter and if anyone has any experience with this type of thing!

It may pan out ok and we can afford it but I want to be as prepared as possible with all options

Also if I have to sell the house I wouldn't be able to afford to rent on my wages and an not sure what my options are?

Any help is greatly appreciated

Thanks again

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