She doesn’t have funds to buy me out and couldn’t afford to pay the whole mortgage
Q My partner and I bought a house together as tenants in common with a four-year fixed-rate mortgage. The house was £370,000 and the deposit was £150,000 which I had inherited on my dad’s death, and which we agreed would be ringfenced as mine. My partner and I split up less than two years later, and I left and currently live with my brother. My ex-partner would like to stay in the house but cannot afford to buy me out. I am willing to negotiate but have no idea what is possible. Would she be able to remortgage releasing some – but not necessarily all – of my deposit? An added complication is that we will both be on smaller salaries from this year, and although our mortgage that we currently split 50:50 is perfectly affordable, for her to pay the total, or more than the current total, would not be feasible. Would the lender consider dropping to an interest-free mortgage when the current fixed-rate term expires next January? Are there any other options we could consider (other than sale)?
SP
A I think you asked your penultimate question more in hope than in expectation as I’m sure that deep down you know that the answer is no, your lender will not “consider dropping to an interest-free mortgage when the current fixed-rate term expires”. The most any lender will do to give its mortgage customers a break is to grant a payment holiday where you are let off paying your mortgage for a couple of months or so because you find yourself in financial difficulty. But it’s not interest free as any interest not paid is added to the mortgage loan which makes taking a payment holiday expensive. Taking a payment holiday also wouldn’t help solve your problem.
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