Mortgage query - split up with partner, what are my options?

First time poster and hoping I'm posting this in the appropriate forum and I can get help.

A couple of years ago myself and my partner bought a house together. However, the house wasn't fully built at the time and was only completed approx 6 months ago... unfortunately myself and the girlfriend split up and I agree to take on the mortgage myself so we would not be sued by the bank.

However this leaves behind a bit of a mess.

I am currently living in the house and paying the mortgage on my own - I am getting by OK financially and I am in a job where I have 100% job security. However, I now want to get the ex off the mortgage - how do I go about doing this? I am afraid if I go back to the bank and tell them that she is not paying any of the mortgage that they may panic and call it back in, can they do this? If so, would they actually do it?

If I had to apply for a new mortgage for the amount to cover my existing one then there is no bank that would lend me that amount. The current mortgage I have is 8 times my annual wage and the bank only agreed to give it as it was a Joint Mortgage with my partner. Is there any circumstances that they might look favourably on my situation and let me take the mortgage on on my own? I have met all payments on time so far (6 of them, not a lot I know) and there is no reason why this will not continue - I do not have anyone else that can go guarantor or share the mortgage with me.

I also know that she has never actually signed the Deeds of the new property - does this have any legal implications for me?

To sum up - I need to get the ex off the mortgage, given my circumstances is it possible to do it?

Thanks.

AIE

Hey guys, would love it if someone had a good comment to make on my predicament, banks lending criteria seem completely different to what they are back home in the States.

Is there a possibility that if I go to my bank and tell them what's happened that they could call the mortgage in?

AIE

americaninex said:

Is there a possibility that if I go to my bank and tell them what's happened that they could call the mortgage in?

AIE

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Technically Yes (as there is a material change in circumstances), in reality probably not. The bank is concerned with getting paid. if this is happening then they will not want to take you to court for repayment of the loan as in the property market they will not get paid anytime soon.

The main thing is to get her off title. You should talk to your solicitor about the best way forward, especially if she hasn't signed the deeds.

I would be able to comment more fully if you can set out exactly what's owing on the mortgage and the current realistic market value of the property.

With regard to the bank, would you consider letting out some rooms in the house? A portion of this income will be taken into account when assessing your capacity for repayments. If you can give some more info I will be happy to help as I have been through a similar situation quite recently.

i dont think the bank will panic with you if you are currently meeting repayments on your own... they will want to work with you on this. You could ring MABS and see what they advise. Also as per Lou34, you should look into renting out two rooms as the bank would consider same as part of stress test on your ability to pay the mortgage..If still concerned, give us more details as regards value of house, amount remaining, any savings etc.. Main thing is to get ex off the deeds asap