Mortgage Advice

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blutack

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In order to keep my house I have an option to have the property signed over to my name as ex partner wants out of mortgage.

The mortgage provider have agreed on paper to this..

Mortgage is currently 5 yr fixed @ 4.89%, and mortgage amount is €297K over 25 months...

It's alot to take on, I earn just over €60K...

I am hoping that the mortgage people will have some flexibility in this i.e. extend the mortgage to 30yrs and possibly go interest free until 5yr fixed is finished..as I have 2 yrs left on fixed rate...

Option is I take sole ownership of house/mortgage or property goes into repossession as ex partner not playing ball...

I am in negative equity, with the value of the house probably about €230K..

Should I walk away or try to negotiate a deal with mortgage provider.

This problem is ongoing for the last 14months...

Any advice?? Should I get professional financial advice before I make a decision?
 
I'd recommend that you try your best to keep the property as a repossession will damage your credit rating, even if it's not a problem of your making.

Consider sub-letting under the rent-a-room scheme to help with the mortgage. Lender should be agreeable to extending the mortgage to 30 years if you're 35 or under. I wouldn't be keen on interest-only repayments as they're only delaying the inevitable and the repayments will be higher when you come off the interest-only period.
 
Have you considered trying to break out of your fixed rate mortgage to go onto a variable/tracker rate?. I accept there may be a cost but why not make that the price for your ex to allow him to get out of the mortgage



It may help yourself as well if you provided full details of your financial situation using the template others have used to see if anyone else can advise
 
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