Cost of getting partner off the mortgage?

[louby44]

Quite a complicated situation, bought a house with my then partner in 2009.
I put £100k in, he put nothing. Legally he cannot touch my £100k. Mortgage of £170k left (house worth approx £270k). We will have lost money once the house sells. No equity to split!

We split in December and house went up for sale, he moved out and agreed to continue paying half towards the mortgage and half towards a small loan we have and he would receive a £5k payout once the house sold.

The house hasn't sold, it's been reduced by £35k. I will be chipping into my £100k now. Ex P has said he will not continue paying after 1st December so i will be on my own.

I would struggle to pay the mortgage on my own, it will take up 55% of my salary. I also need to get him off the deeds. How much will that cost? Will my mortgage lender allow me to take it on? Could I remortgage maybe to get a better deal?

I'm crossing my fingers that I get an offer soon. My parents will help me out in the very short term but it's a worry.

You won't be able to take your ex-p off the mortgage, at any cost, without taking him off the deeds- which I suspect he won't agree to.

Unfortunately, if you are jointly responsible for the mortgage, the lenders don't care which one of you pays so it's very likely you are going to have to absorb any losses.

There's also pretty much no chance of you getting a mortgage on your own that takes up 55% of your salary under the new lending rules so selling really is probably your only option.

I think you of need to sell dead quick and move on.

Thanks for your reply!

I am desperate to sell and keep reducing my asking price. I fear I'm going to have to go even lower which will mean my £100k will end up being £60k.

Lesson learnt! Thanks again.