Problem with mortgage and ex partner

[JVeryan]

In March of this year I bought a house with my partner, the value of the house was �135,000 and my family put down about �20,000 deposit. Unfortunately we've broken up now and he has moved out and is not paying me anything toward the mortgage. I can't sell the house because of a big redemption fee on the mortgage, and i can only just afford to pay the mortgage on my own (without having enough money to live off). I'm unsure what to do, I'm only twenty! If I stay in the house I would want to transfer the mortgage into my name, or at least make sure he has no rights towards the house, then i worry the mortgage company will see that i can't pay the mortgage. If i get someone in to help me pay the mortgage then I will have to contact the lender again. I don't know what to do.

[froggequene]

If I were you I would speak to a solicitor, if you still have the name & number of the solicitor you used for the sale of the house see if he can help, or visit/call your local citizens advice bureau, see if they can offer advice or the name of a solicitor who can advise you.

[EverClean]

To transfer the mortgage to your own name you would need both the consent of your partner and then your lender. They will assess your ability to pay as they did at application and may not let your partner be released from the mortgage or may not let you add someone else in his place. He will almost definitely be entitled to half the equity in the property unless you had something drawn up by a solicitor to protect your family's �20k. You are both jointly and severally liable for the monbthly mortgage payments so if payments were missed the mortgage company would go after both of you and any missed payments would affect BOTH your credit records. How big is the redemption penalty? Find out if your mortgage is "portable" - maybe then you could move the mortgage to a smaller property and only pay the redemption on the smaller amount you pay back. Explain to your partner the effect it could have on his credit rating. I don't think that there is an easy answer to this but there are several ways to make things a little easier.

[JVeryan]

My ex partner is completely niave regarding this, and to be honest I don't think he understands a thing that goes on. When we put the deposit down we tried to put a charge on it but the mortgage company wouldn't accept that. I have an appointment with the mortgage broker today to talk a few things over, see if he can give me some advice. I wonder if I can get him off the mortgage and change it so that i can rent out a room in the house to pay the mortgage. From what i can see he isn't interested in the house, and if he wants me to sell it he will make nothing from it as he already owes me a fortune in missed payments. The redemption fee on the house is 5.4% which works out to about... �6500. I work for an estate agents so the commission would be minimal it just seems so stupid to get off the housing market now to try and get back on it again. I live in Newquay so the house prices are huge, only managed to afford this house by buying outside of Newquay, so would never get another property. His parents may factor in as a problem as they are quite bitter, but then they have no money in the house, in fact they owe me money.

[Finance Guy]

talk to a solicitor about your parents obtaining either a 'caution' (or 'unilateral notice' as it is now called). you could also try and get an equitable charge as neither require consent from the 1st lender.

good luck to you, sounds like you are well rid of your ex partner!

[JVeryan]

I am well rid! Best thing I've ever done.

I've spoken to my mortgage broker over the last couple of days and it seems BMSolutions will let me transfer the mortgage solely to me, which means i don't have to pay that great redemption fee. I'm getting a friend to move in with me, so once that is all completed (early in 2007, hopefully) I should be a little better off.

Thanks for all your help.