Can't find anything relating to this so hope I'm not repeating. Anyway, just hoping to get a bit of advice....
My fiancé bought a house with his ex c. 5 years ago. They split up very soon after the purchase and he moved out of the property (which was agreed by them both). She rented out a couple of rooms and continued to pay the mortgage while he rented.
My fiancé has tried in the past to remove himself from the mortgage but this was not approved by the bank as his ex did not have the capacity to do so as it was outside of their criteria.
The property is not in negative equity.
Unfortunately the situation leaves us in an awkward position as he is not in a position to get another mortgage as he owns the house with the ex. There is also the risk of it going into arrears and affecting his credit rating; however, I wouldn't expect this to happen as she has a decent job and I believe she has converted the garage into a flat for additional income.
He has recently asked his ex to contact the bank about the possibility of transferring the mortgage/house to her own name but she has ignored the request and ignored his attempt to follow up with her.
At the minute we're paying substantial rent and would just like to set ourselves up for the future...unfortunately I cannot afford a decent house in my sole name so we'd like to get this sorted. Just wondering if anyone has had a similar experience or any advice to offer?
Many Thanks!
My fiancé bought a house with his ex c. 5 years ago. They split up very soon after the purchase and he moved out of the property (which was agreed by them both). She rented out a couple of rooms and continued to pay the mortgage while he rented.
My fiancé has tried in the past to remove himself from the mortgage but this was not approved by the bank as his ex did not have the capacity to do so as it was outside of their criteria.
The property is not in negative equity.
Unfortunately the situation leaves us in an awkward position as he is not in a position to get another mortgage as he owns the house with the ex. There is also the risk of it going into arrears and affecting his credit rating; however, I wouldn't expect this to happen as she has a decent job and I believe she has converted the garage into a flat for additional income.
He has recently asked his ex to contact the bank about the possibility of transferring the mortgage/house to her own name but she has ignored the request and ignored his attempt to follow up with her.
At the minute we're paying substantial rent and would just like to set ourselves up for the future...unfortunately I cannot afford a decent house in my sole name so we'd like to get this sorted. Just wondering if anyone has had a similar experience or any advice to offer?
Many Thanks!