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

  • 11-06-2009 9:22am
    #1
    Americaninexile
    Registered Users, Registered Users 2 Posts: 32 ✭


    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


Comments

  • #2
    Small Change
    Closed Accounts Posts: 83 ✭✭Small Change


    Americaninexile wrote: »
    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?

    This should not be a realistic concern. As long as you are making the repayments the bank will be happy. However, they will be very reluctant to put the mortgage into your sole name.

    This is a very complex and financially significant situation and I strongly recommend that you seek independant legal advice and do not make any major decisions based on responses from message boards such as this one


  • #3
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    you really should have sorted this out legally at the outset.

    heres all the advise you need ---> contact your solicitor now


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    Big time- contact your solicitor immediately.
    As long as your ex is on the mortgage and deeds of the property- she has both liabilities and assets associated with the property. If you leave this be- and in 15 years time go to sell the property- she could turn up on your doorstep with a summons, demanding half the proceeds. See your solicitor immediately.......


  • #5
    Americaninexile
    Registered Users, Registered Users 2 Posts: 32 ✭Americaninexile


    smccarrick wrote: »
    Big time- contact your solicitor immediately.
    As long as your ex is on the mortgage and deeds of the property- she has both liabilities and assets associated with the property. If you leave this be- and in 15 years time go to sell the property- she could turn up on your doorstep with a summons, demanding half the proceeds. See your solicitor immediately.......

    She is on the mortgage, not the Deeds.

    Not being used to the financial institutions in this country rest assured that my queries here are only to determine background information and to see what my first steps should be.

    Small Change - Thank you, I am told that the bank can "call the mortgage in and demand that the place is sold. Obviously I don't want this to happen as I will be deeply in negative equity and, as such, will lose a lot of money.

    Any other info would be greatly appreciated.

    AIE


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