Hi ladies, needing some advice please!
My ex and I have been equally paying our mortgage off since our split 12 months ago. Myself and our son have been living in the house, I cover all house costs and we share the mortgage cost.
He has recently started living somewhere and paying rent and has asked me to take him off our mortgage.
I am not in a financial position to refinance in my name, if we sell the house we will walk away with a debt each.
Anyone been in this position and can give advice on steps, how to get hom off the loan etc?? X
5 Replies
It's not a rental agreement. You either buy him out as a part of property settlement, choose to sell, or you are both equally liable for the full monthly repayments.
The other way is you find out what your house is worth to rent and you start renting his half off him. So 50% of what the rent is worth until the house can be sold or you're in a position to buy it. That will be better than losing thousands if he pushes a sale. He will still need to pay half the mortgage but that might stop him pushing through with a sale.
Sorry you’re going through this, it’s a tough one with no easy solution.
Maybe go speak with a mortgage broker, they usually have creative solutions.
Maybe you and a family member can take over ownership, if you can’t get the loan alone?
The only way to get him off the mortgage is to qualify for a new loan without him on it.
I'm a mortgage broker, you will need a financial agreement drawn up and refinance the house and mortgage into your own name.