My income|€80,000
Partners income|€64,000
Value of property|€410,000
Mortgage |€510,000
Interest rate| 0.5% until 2020
Hi, would love some advice/opinions on my situation please.
I currently own a house with my ex husband which has a sizeable chunk of negative equity. Following the split 5 years ago, I stayed in the house with our three children but could not afford the full repayments and the house fell into arrears. The lender wasn't particularly interested in our situation as I was paying some money, €1400 a month, towards the debt however the arrears continued to mount. Eventually two years ago, EBS passed our case to a solicitor (pepper I think) and started legal proceedings. I sought the help of IMHO who were incredible and negotiated a restructure for me following a test period with EBS.
The restructure has now been in operation for 16 months, the interest was reduced from their variable rate to just 0.5% which dropped the payments to 1450 which I can afford. (Ex does not contribute to mortgage)
My situation now is that I am engaged with a new baby on the way. My future husband has a good deal of savings which we would like to use to extend the house (its too small as is ) and really needs work.
So here lies my problem. My new partner is willing to take on my ex husbands half of the mortgage regardless of the fact my ex will not contribute to the negative equity. The problem however is that if we take a new mortgage in our names, EBS will remove the 0.5% interest rate which is worth about 70k to me over the next 3.5 years.(allowing us to effectively clear the negative equity)
Therefore our only option is to leave my ex on the mortgage for the next 3.5 years but my new partner is obviously reluctant to move into what is someone else's house, renovate it and pay half their mortgage with no legal entitlement to anything.
My ex refuses to sign a deed of assignment as there is no benefit to him. He has agreed to transfer the mortgage after the remaining 3.5 years of the arrangement are up but promises are all well and good.
I really feel trapped and helpless..we cant live in the house as is especially with another child coming and are desperate to make the house our own. My new partner is a much better bet for the bank than my ex husband but they are not budging on us carrying the interest rate for those few years. With my credit rating in tatters from the arrears and the chunk of negative equity, i havent a hope of getting a mortgage elsewhere or for our own house.
If ive left anything out please let me know...all advice and opinions appreciated.
Partners income|€64,000
Value of property|€410,000
Mortgage |€510,000
Interest rate| 0.5% until 2020
Hi, would love some advice/opinions on my situation please.
I currently own a house with my ex husband which has a sizeable chunk of negative equity. Following the split 5 years ago, I stayed in the house with our three children but could not afford the full repayments and the house fell into arrears. The lender wasn't particularly interested in our situation as I was paying some money, €1400 a month, towards the debt however the arrears continued to mount. Eventually two years ago, EBS passed our case to a solicitor (pepper I think) and started legal proceedings. I sought the help of IMHO who were incredible and negotiated a restructure for me following a test period with EBS.
The restructure has now been in operation for 16 months, the interest was reduced from their variable rate to just 0.5% which dropped the payments to 1450 which I can afford. (Ex does not contribute to mortgage)
My situation now is that I am engaged with a new baby on the way. My future husband has a good deal of savings which we would like to use to extend the house (its too small as is ) and really needs work.
So here lies my problem. My new partner is willing to take on my ex husbands half of the mortgage regardless of the fact my ex will not contribute to the negative equity. The problem however is that if we take a new mortgage in our names, EBS will remove the 0.5% interest rate which is worth about 70k to me over the next 3.5 years.(allowing us to effectively clear the negative equity)
Therefore our only option is to leave my ex on the mortgage for the next 3.5 years but my new partner is obviously reluctant to move into what is someone else's house, renovate it and pay half their mortgage with no legal entitlement to anything.
My ex refuses to sign a deed of assignment as there is no benefit to him. He has agreed to transfer the mortgage after the remaining 3.5 years of the arrangement are up but promises are all well and good.
I really feel trapped and helpless..we cant live in the house as is especially with another child coming and are desperate to make the house our own. My new partner is a much better bet for the bank than my ex husband but they are not budging on us carrying the interest rate for those few years. With my credit rating in tatters from the arrears and the chunk of negative equity, i havent a hope of getting a mortgage elsewhere or for our own house.
If ive left anything out please let me know...all advice and opinions appreciated.