Horrible mortgage position - help?

[Agoogy]

So I'm divorced of 4 years now.
I gave the house to the ex to allow a clean break....which failed..
I stayed on the (£170k)mortgage, as in 2008 they said if the ex could prove continued payment they'd consider letting me off... 2years later: recession...2 years further and they're saying despite the fact she has suported herself (disability benefits) she doesn't have the income to technically afford it.

So I'm left with decent disposbale but am liable if she ever defaults, I have personal indemnity against her, (so that if she did default and I choose to bail her out, I can claim that back...) but no lender recognises this.

My GF has a part time income, not enough to get what we need (£150k)

Parents to old to take out a mortgage on my/our behalf..

Do I have any choiced other than dead-money-renting until my daughter is 18?? (7 years...)

[Sarnie]

Agoogy said:

So I'm divorced of 4 years now.
I gave the house to the ex to allow a clean break....which failed..
I stayed on the (£170k)mortgage, as in 2008 they said if the ex could prove continued payment they'd consider letting me off... 2years later: recession...2 years further and they're saying despite the fact she has suported herself (disability benefits) she doesn't have the income to technically afford it.

So I'm left with decent disposbale but am liable if she ever defaults, I have personal indemnity against her, (so that if she did default and I choose to bail her out, I can claim that back...) but no lender recognises this.

My GF has a part time income, not enough to get what we need (£150k)

Parents to old to take out a mortgage on my/our behalf..

Do I have any choiced other than dead-money-renting until my daughter is 18?? (7 years...)

There are lenders that will ignore the mortgage in the background.....is that what your worrying about? The fact that lenders might say you can't afford to support two mortgages??

[Rick101]

Why don't you just sell the house?

If she is disabled and single does she not get assistance with housing?

[Agoogy]

Sarnie said:

There are lenders that will ignore the mortgage in the background.....is that what your worrying about? The fact that lenders might say you can't afford to support two mortgages??

yes....care to name names please??

Rick101 said:

Why don't you just sell the house?

If she is disabled and single does she not get assistance with housing?

She won't sell....and I can't force it....
She gets assistance with housing in terms of benefits, she isn't physically disabled...years of diabetes, stroke, kidney failure/transplant...

Edited by Agoogy on Saturday 13th October 16:15

[Sarnie]

Agoogy said:

She won't sell....and I can't force it....
She gets assistance with housing in terms of benefits, she isn't physically disabled...years of diabetes, stroke, kidney failure/transplant...

Edited by Agoogy on Saturday 13th October 16:15

You have mail

[Agoogy]

Sarnie said:

You have mail

Appreciated

[croyde]

As there seem to be people that know on this thread, I have a question.

I currently share a mortgage with my ex-wife. I would like a clean break as well (It's been 4 years, pretty amicable but I need to move on). So if I were to let her have the house with loads of equity, how easy would it be for me to raise another mortgage on a cheap flat out in the sticks.

Current house worth £700k, mortgage £230k.

Looking at flats up to £200k and would have between 10% to 15% as a deposit.

I know that it looks like I'm handing her a lot but the deal would be that she would have to deal with school fees, kid's expenses and the essential building work that the house entails.

I get my life back but I am 50 so I presume borrowing might be an issue.

[Sarnie]

croyde said:

As there seem to be people that know on this thread, I have a question.

I currently share a mortgage with my ex-wife. I would like a clean break as well (It's been 4 years, pretty amicable but I need to move on). So if I were to let her have the house with loads of equity, how easy would it be for me to raise another mortgage on a cheap flat out in the sticks.

Current house worth £700k, mortgage £230k.

Looking at flats up to £200k and would have between 10% to 15% as a deposit.

I know that it looks like I'm handing her a lot but the deal would be that she would have to deal with school fees, kid's expenses and the essential building work that the house entails.

I get my life back but I am 50 so I presume borrowing might be an issue.

Can she afford to take on the mortgage on her own? And when I say afford, I mean does she have enough usable income so that a lender would take her on?

Or would you have to stay on the mortgage?

Your age isn't a problem as there are lenders who will go to 70+

[croyde]

I think she could take it on. I presume me getting another mortgage would be a no no if I was still paying this one.

[Sarnie]

croyde said:

I think she could take it on. I presume me getting another mortgage would be a no no if I was still paying this one.

Not necessarily. It all depends on affordability.

Are you actually still paying the mortgage or just still named on it?

[croyde]

Thanks for helping Sarnie.

Currently I pay half and we own it together.

[rog007]

From what I've read, it could be surmised that both posters have not settled their finanial affairs prior to divorce, which is not a good position to be in. Parties in a divorce should always have a Consent Order finalised in a court to allow both parties to move on with certainty about their financial position.

[98elise]

croyde said:

As there seem to be people that know on this thread, I have a question.

I currently share a mortgage with my ex-wife. I would like a clean break as well (It's been 4 years, pretty amicable but I need to move on). So if I were to let her have the house with loads of equity, how easy would it be for me to raise another mortgage on a cheap flat out in the sticks.

Current house worth £700k, mortgage £230k.

Looking at flats up to £200k and would have between 10% to 15% as a deposit.

I know that it looks like I'm handing her a lot but the deal would be that she would have to deal with school fees, kid's expenses and the essential building work that the house entails.

I get my life back but I am 50 so I presume borrowing might be an issue.

Age isn't a barrier, its just a factor in the repayments.

I remortgaged recently (in my mid 40's), and the morgtage term was up to my 65th birthday. It took me a few minutes to work out why the offer was for an odd number of years instead of 25!

I know someone who has many mortgages (BTL's) and he's 84! he needed a high LTV though, and he's been a property investor for about 40 years, so he does have a track record.