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Mortgage payments when becoming single parent

(11 Posts)
popalot Mon 17-Oct-11 17:08:23

Hi

My sister is about to ask her partner to leave, but is very concerned her mortgage lenders won't be happy letting her continue to pay the mortgage. She was/is the breadwinner and earns 30 000 a year, and can afford to keep up with her mortgage payments (just). But will they kick up a fuss? What is the process.
Also, any advice on how she can ensure he will pay half of any credit card / loan debts. They have a joint account.
Any advice would be great.
They are not married, but have been together for many years and have 2 children together.

Thanks

RedHelenB Mon 17-Oct-11 17:20:05

As long as they get paid it won't matter. If she wants his name off the mortgage & her salary + maintenance is enough then there won't be a problem either as long as he agrees to it.

PinkCarBlueCar Mon 17-Oct-11 20:34:28

What RedHelenB said. Presumably she already has good payment history with them, so afatc they'll just keep getting the money coming in.

Wrt the unsecured debts - if they're joint, it's his credit that affected too, and invariably you need a clean credit file if you want to rent privately, so it could be in his interest to keep his payments up.

popalot Mon 17-Oct-11 21:34:26

thanks guys, makes sense.

slavetomyson Tue 18-Oct-11 17:25:24

Is it really that simple? I work part time and pay all of my mortgage and have done so for a year (but my exes name is still on it)..though if I went to get a mortgage for the amount i'm paying now it wouldn't be approved as I don't 'earn enough' for mortgage company requirements!! I was under the impression i'll be forced to sell once my ex wants his name off the mortgage..

susiedaisy Tue 18-Oct-11 17:32:23

To have a persons name removed off a mortgage usually requires the work of a solicitor and its called conveyancing, I am in process of buying exH out and taking on new mortgage and havin his name removed from deeds of house it's quite a complex process that costs anywhere between £500 and £1200 depending on circumstances, this of course is only my experience

slavetomyson Tue 18-Oct-11 18:20:20

Oh no what a nightmare susiedaisy.. I'd like my ex off the mortgage as I own more of the house than he does, and he doesn't have any money in the house whatsoever, would it be any simpler then or is it still complicated?

RedHelenB Tue 18-Oct-11 18:50:58

When I took my ex of the mortgage I was only doing bits off supply teaching. Mortgage advisor stretched the truth a bit & said I wopuld be loooking for full time & Luckily for me my parents & grandparents paid some off. Child maintenance, tax credits & benefit were all taken into account,

RedHelenB Tue 18-Oct-11 18:51:38

BTW, easiest if you go through your current mortgage provider

susiedaisy Tue 18-Oct-11 19:32:29

I found a new mortgage with a lender that took tax credit child maintenance and my partime wage into account I used a local financial advisor and managed to avoid a valuation fee and an arrangement fee which I wouldn't if found if I had been doing it all myself, time consuming but worth the effort as I saved loads

susiedaisy Tue 18-Oct-11 19:33:05

Wouldn't of found, not if

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