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What are my chances at being able to take over mortgage myself?

(7 Posts)
JemIsMyNameNooneElseIsTheSame Wed 15-Jun-16 20:22:28

Ex has left me for a younger model. We're not married, have one DS and are joint tenants on mortgage. He has said that he'll accept a % of the equity now in return for me taking over the mortgage which I'd like to do, but I'm thinking my chances are slim.
These are the figures:
Mortgage outstanding £130,000
My gross wage £19,000 per year
Tax credits and child maintenance £8000 per year
No other debts or financial commitments apart from usual household expenses

From the calculators I've used online the indication is that I'd be offered £80,000 on my wage alone if I'm lucky. Would I be able to offer my parents as guarantors and/or would there be any other options available to me? I fear it is likely to just be 'computer says no'. I can comfortably afford the monthly payments at £633 currently.

StrawberriCream Wed 15-Jun-16 20:28:40

Have you seen a solicitor? You may find you don't need to give him anything at the minute as you have to house the child until 18. I would also talk to your mortgage lender and see what they say-are you able to over pay at all? Don't forget to get child maintenance from him too.

Dragongirl10 Wed 15-Jun-16 20:31:37

Try your existing mortgage company first, then go to an independant broker such as London and Country, they will look at your situation and try and find a suitable mortgage for you, and will not charge you unless they complete on one for you.

I have used them several times in unusual circustances and all the brokers have been very very good at finding solutions.

Having a guarantor will help hugely but you need to be able to show your outgoings allow enough to comfortably make the payments, so do a budget now and get your ducks in order.

You will have to show 3 months bank statements so it wouldn't hurt to eliminate any unecessary spending from now on to make your accounts look as good as possible.

Good luck!

JemIsMyNameNooneElseIsTheSame Wed 15-Jun-16 20:33:46

Yes, have seen solicitor and they said it is likely DS and I will be able to stay in house until he leaves full time education (a long way off) but he would then be entitled to 50% equity once sold. At the moment he is offering to accept much less than 50% and unexpectedly my parents have offered to lend me the money to make that possible. Will get appointment with lender asap but I always like to have a but if an indication going into those sort of things as to what the options may be! By overpayments, do you mean per month or in a lump sum? Thanks

JemIsMyNameNooneElseIsTheSame Wed 15-Jun-16 20:36:30

Have used L&C before so will try them if my lender says no Dragon, thanks. Unfortunately I've been spending way more than I usually would to try and get over being ditched two months before my wedding! Will have to reign myself in a bit from now on.

JemIsMyNameNooneElseIsTheSame Wed 15-Jun-16 20:37:53

^^rein myself in

Dragongirl10 Wed 15-Jun-16 20:57:57

It sounds like you would be better to buy him out now, and own your house alone, good news you have some family support.

Could a family member bump up your account now? coupled with tight budgeting...better future is way more exciting than post breakup spending anyhow!

Also if you can find a way to keep your house, if it has a spare room you can earn 7,500 pa tax free by letting to a lodger, may not work but could get you back on your feet in the short term and help build an emergency fund...

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