If you need urgent support, call 999 or go to your nearest A&E. To contact our Crisis Messenger (open 24/7) text THEMIX to 85258.
Mortgage/House help
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Hi there! :wave:
My partner and I have just split up. We bought a house in February of this year and currently have a fixed term mortgage for 2 years (ending Feb 2009). I have been told by the mortgage lender that I can afford the mortgage on my own but my only problem is "paying off" my ex boyfriend.
I am looking for any advice anyone can give in terms of options, or perhaps personal experiences.
Any help will be appreciated. Thank you in advance.
Jinxy
My partner and I have just split up. We bought a house in February of this year and currently have a fixed term mortgage for 2 years (ending Feb 2009). I have been told by the mortgage lender that I can afford the mortgage on my own but my only problem is "paying off" my ex boyfriend.
I am looking for any advice anyone can give in terms of options, or perhaps personal experiences.
Any help will be appreciated. Thank you in advance.
Jinxy
0
Comments
If you can afford the mortgage on your own, that's even easier than what I've had to do. You need to find a solicitor and get some advice. What they mean by 'paying him off' is that you need to offer your ex an amount of money in return for his share of the equity in your property. You give him the money, he signs away his interest in the house and tada! It's yours.
I guess your other options are him buying you out (if he can afford it and wants to) or selling the house and each taking your share.
He doesn't live in this area so he has left the house.... I will contact a solicitor and see what they say.
Thanks for your advice.
Do you think he would be prepared to sell and split the equity?
When I split with my boyfriend I initially investigated buying him out (I had a lot more invested in the property) but my mortgage would have rocketed. In the end we decided to sell which was upsetting for him as we both had to live together while all the sale went through (Took months!). I now have my own house nearer work which means although my mortgage has risen I save money other ways. he got his split, I got mine and we moved on.
One thing you will have to factor in is any costs you will have to pay the mortgage company to get out of the fixed term before it ends. My mortgage company at the time suggested something called porting... which is basically when you take the existing mortgage on yourself, either staying at the same property or taking it with you to your new one.
In the end we paid the early repayment fee and I took out a completely new mortgage.
You need to get professional advice from a solicitor and/or financial agent.