Mortgage Advice please - retaining a property after relationship breakdown.

[caravanshed]

Can anyone with experience just offer me some pointers to help me save my home please?

Partner has left but is still paying the mortgage. However he intends to stop paying at the need of the year. I want to take on the house but I'm a relatively low earner and I'm worried mortgage lenders won't even look at me. Partner will give me the equity in the house.

Mortgage is 115k and I earn 23k a year. I don't have any savings and have minimal debts. I probably have about £100k in equity in the house.

Who can I contact for advice ? Just for the record, if I lose the house I will have to go into rented accommodation which will cost me a lot more than a mortgage would.

Can anyone guide me in what initial steps I need to take? Do I need to get the house valued? Contact a mortgage advisor?

Thank you.

If you speak to an estate agent, they'll be able to value the property and lots have in-house mortgage advisors too.

Sounds tight on affordability because that's a 5x income multiple. Can you pay the debts off and build up a bit of savings within the next 6 months?

If you can, that could help, as could talking to a broker because if you find a lender that takes account of any maintenance and/or benefits you would be entitled to. But if you can't afford to pay your debts off when you don't also have to pay the mortgage, you probably can't afford the mortgage anyway.

Is there any chance of downsizing and/or moving to a cheaper area? £100k equity will go a long way towards a family house if you're not in an expensive area, and you should be able to afford a smaller mortgage on your income.

It sounds like you need to increase your income and save as much as possible. Can you do overtime or find a better paid job? Easier said than done at the moment, I know.

Call London and Country. They're mortgage brokers and can give you some free advice. They're really good.

In the same position. I called the mortgage team at the bank where I have my mortgage and they gave me excellent free advice and a mortgage offer. I have to remortgage to buy soon to be exh out and my bank is not going to charge me for this, although it's possible I could get a better deal elsewhere.

Get recommendations from friends for an Independent Financial Advisor - they have access to all sorts of mortgages from big and small financial organisations, some of whom specialise in mortgages for people with small incomes or bad credit ratings. You won't get such a favourable deal as someone who has a 50% deposit but it might mean you don't have to lose your home. You can also consider a longer term mortgage if you're young enough.

Have I read this right? Your ex has agreed to walk away from the house completely, but pay the mortgage for another 6 months?

You may need to consider that this won't pan out that way.

In the meantime, speak to your existing mortgage company, estate agents, mortgage advisers, basically gather as much info and options as you can. And separate your bank accounts if you have any. Act swiftly on this. On everything really. You are no longer a couple so cannot believe a word he says.

Good luck.

@CaffeineInfusion its not so unusual! My ex did that - actually he paid the mortgage for another 4 years AND gave me the equity but that was instead of paying monthly maintenance for our older teen children and on the understanding that I wouldn't try to 'get' any of his pension.

@Blobby10 so really, he was protecting his interests, ie, pension.

Fair play if it works for you. But a man who will walk away from money without a fight, is, in my opinion, as rare as rocking horse poo.

Can I join you on this thread I am in exactly the same position and about to start the same process, feeling completely out of my depth!x

Thanks guys - things are as I suspected. Yes ex has committed to giving me the equity on the basis that I don't touch his pension.
I am intending to consult a FA to ensure our arrangement will work for me but if I lose the house I will be renting and paying more than I would for a mortgage and will have no housing stability.

Do you have children? Do you receive any tax credits / maintenance? You can count these towards income if you do. See a mortgage broker, they will try their best to help you. Otherwise can he stay on the mortgage for another two years (but you pay it) whilst your income hopefully goes up and the amount you need to borrow goes down. You could also prove to your lender you have been paying the mortgage on your own for that time.

Speak to a mortgage advisor. Remember everything that comes into your bank accounts works as 'income'

Child benefits, child maintenance and your income.