fitzscoob

I bought a house with my girlfriend last year, we have a 2 year fixed rate.

We have now split up and I am trying to figure out the whole buying her out scenario.

My main concern is the mortgage. I can afford to pay for everything to run the house. But will I have to re-apply for the mortgage as I would be paying it on my own? On paper the calculations for the mortgage wouldnt work out enough.

I have a mortgage of around 160k and earn approximately 30k per year, no debts or loans etc.

When she moves out and if it all goes ahead, would the lenders still allow me to keep the mortgage?

If they current lenders are happy to let me carry on, what will happen when the 2 year fixed is up? Will I be in a position to shop around with lenders to get a better deal?

Thanks

falkster

I cant see them letting you transfer the mortgage into your name as that over 5 times what you earn. They usually work around 3 times for a single applicant and 2 1/2 times for couples but do go upto 5 times!

What replayments are you paying at the moment? £800+?

If you can make them confident that you can pay the mortgage and the bills then they may do but may also ask/demand that you take out mortgage insurance which is about £30 per month.

If you are earning 30k then you should be taking home around £1800? So mortgage + bills will be around £1100? and still have enough for spends??

fitzscoob

It would be amazingly tight on my salary, but it would be possible.

To move back and take the equity out of the house and buy something else doesnt really put me in a better position.

Total payments for the month including the mortgage etc would be approximately £1100 / £1200.

It would not leave me with much for the month, but I would rather be in my own home.

Would it help lenders if I had a guarantor?

falkster

You can do that but it depends on the lender but even more so on the guarantor!! Parents??

fitzscoob

Yes, it would be my dad.

Not to put too fine a point on it, it doesnt seem like I am welcome at my old home (his girlfriend).

He would act as guarantor, no problems on that score.

lozgti

Just pop in and have a chat with them see if they will.

Has the value of the property gone up? She might have a pop at asking for her share of any increase.

DCI Gene Hunt

Hmmm.... transfer of title is a lengthy drawn out process that can take months!

Best to sack it in, down size and post any naked pictures of the ex on members gallary

Its just not worth the hassle, get yourself a nice smaller pad, and spend the extra money you'll save on beer, holidays and loose women

falkster

Im sure if you sit down with your lender you will be able to work things out.

Only other concern for me would be that after your reduced rate term are you tie'd in for a number of years?? Thats usually the way they get people to buy these mortgages 2% for 2 years then tie'd in for 75 years at 10%

falkster

I went through a divorce and transfered to my ex-wife in a matter of days!

fitzscoob

I would imagine there would be roughly 60k equity in the property now, however the first 10 - 12k is mine (trust deed).

I would not have a problem buying her out, cash is available for this.

I have some work to do on the property this weekend so that estate agents can come and value it properly.

DCI Gene Hunt

I'm assuming you've already posted her naked pictures then

falkster

Getting double teamed and creamed!!

DCI Gene Hunt

An important thing is that even though see may own 'half' of the property that doesn't mean shes entitled to half of the proceeds from the sale

DCI Gene Hunt

Post them....

fitzscoob

cracking idea!

Thats the other option really. I'd hope to come away with approximately 25 - 30k depending on fees etc. Which would make a nice deposit for another property.

However, even 2 bed flats around here are 175 - 200k, so that doesnt really help me. 1 bed flat doesnt really appeal but at the end of the day, beggars cant be choosers.

DCI Gene Hunt

Consider either moving further out of town, or even lodging/renting for a few months..... the main prioity is F,F,F,F,F,FUN

You've done the "this weekend we're going to my mothers" lark, now you need to do the whole "which one do you want, blonde or brunette?" thing

Beer, junk food, loose women, NO FECKIN SOAPS, money to BURN

falkster

Thats what I like to see, a nice rational thought process!! F**k everyone and die early in a pool of spunk!!

fitzscoob

Looks like my new lifestyle guru has arrived!

I'll see what the story is, there are too many "if's" and "buts" at the moment.

I just wanted to start getting some more of a clue about the situation.

DCI Gene Hunt

Better than eating cold beans sat in front of the telly wondering where next months mortgage is coming from .....

....Oh and buy yourself an electric guitar, because YOU CAN

falkster

Ahh so thats why I want to divorce my second wife?? Because she wont let me get a set of drums!!

Shes history now!

Thank god everything is in my name!

davegtt

Im going through a transfer of title at the moment, Im in exactly the same position as you are, I have took on the exsisting mortage to get out of any redemption fees and asked for extra borrowings to help pay her off. It should take no more than 2 months at a push and thats with a slow solicitor.

Im the same as you are with figures etc and its working fine for me atm. out every Thursday, Friday and Saturday regardless. Its the best way

davegtt

Do this anyway and if money gets tight rent the spare room out for a few hundred a month to fun the partying. And if your clever, rent it to a gorgeous bird who you'll allow to have her friends round for girly parties

DCI Gene Hunt

Women ........ once 'hooked' they turn into control freaks whose only mission in life is to STOP us fellas have fun!!

Mine decided that I couldn't build (with my cash in MY own house) a home cinema / bar / games room, she said it should be a second sitting room

So she swiftly walked said plank........ (small **** anyway)

Now I'm middle aged, cash to waste, lots of female 'friends' and do what I want when I want......... ahhhhhh life is GOOOOOOD

fitzscoob

cool, light at the end of the tunnel!

I'll need to sit down with the mortgage people I used before and see what ideas they have.

How are you finding things going Dave?

falkster

Thats one reason why I cant get rid of mine!! Theyre top pots!!

davegtt

My mortgage company was brilliant with me, only thing thats slowed things down is the solicitor sorting the deeds out. As much as I still love the ex and think about her all the time I know Im MUCH better off without her. Im a better person for it and am enjoying having my own space doing what I want. My only restrictions now are work.

Money situation could be better but spending £100 a night on the pop over the weekend is my own choice. I have a wider range of friends than ever and women are coming and going like I was stood at a bus stop

fast bloke

Speak to your mortgage lender first. You might be able to go guarantor or your ex might be able to transer her share to your father. Careful about CGT in the future if he co-signs though. Transfer of equity can be done in 3-4 days at a push.... allow up to 2 months of there is further borrowing required.

5 times salary isn't that unusual now

DCI Gene Hunt

We won't mention the whole *Drunken/YMCA* incident eh dave

DCI Gene Hunt

Hmmmm.... fun bags

fitzscoob

Thanks for all the input, I'm gonna head off early and go have a beer or too, see if I remember how