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Joint Mortgage to Sole Mortgage- Lump Sum?

  • 16-01-2017 6:56pm
    #1
    DivineMsM
    Registered Users, Registered Users 2 Posts: 65 ✭✭


    Not sure if this is the correct place to ask- apologies if not.
    Took out joint mortgage with ex 10 years ago.
    Now separated 4 years.
    Part of separation agreement is a contribution towards mortgage of approx 20% (as we bought at a stupidly high price so I cannot afford it alone).
    3 years ago, I tried to transfer mortgage in full into my name- they wouldn't without a lump sum payment (my salary wasn't enough to cover balance of mortgage o/s). **House was in negative equity**. So we left things as they were agreed in Separation agreement.
    House is now in positive equity for probably about 20k. I suggested trying again with bank.
    Now ex wants a lump sum payment from me as he now sees the property as an 'investment' as it is in positive equity. In fact he wants to continue with current arrangement onger term- so his 'investment' will grow legs.

    Obviously I am frusttated- when it was in negative equity he was happy to transfer the debt to me free & clear- now he is looking to profit.

    I am between a rock and a hard place.
    As our mortgage reduces and the house gains more positive equity, and my ability to be granted a mortgage to cover the balance increases - the lump sum he is demanding for his 'investment' will rise and therefore I wont be able to afford both mortgage & lump sum- therefore am I tied to him financially forever through this house??

    As we bought in the boom for stupid money, without a lottery win, I am tied to this house as it is. But I had hoped at least that I could call it my own in time. Seems like he has other ideas.

    Would apreciate any advice on the matter.
    Thanks
    M


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