Posted on 18 July 2010 by mr g mcgee
I have a house with an ex partner which I moved out of about 4 years ago. She still lives in the house with 3 children, 1 of which is mine, but the mortgage is never paid on time. It is always late with a £35 fine each month and it has been close to getting reposessed before. It is currently over 2 months behind again. I understand the fact that I cant sell the house because of the children, but my credit rating is getting battered and I would like to buy my own house with my current partner. This just seems impossible at the minute.
Is there anyway I can protect my credit rating or at what stage could I sell the property? She is currently living there with a boyfriend, does this make any difference?
Whilst you may no longer live in the property it sounds to me like you are still named on the mortgage with your ex partner? If this is the case then you have just as much responsibility for ensuring the mortgage is paid on time as she does and your credit record will reflect this.
I recommend that you speak to your Solicitor and discuss whether or not it is possible for you to pay any maintenance for your child directly to the mortgage lender? In this way you can support your child by keeping a roof over their head, whilst at the same time protecting your credit rating. You may also find that it would also help you claim a greater share of the equity should the property be sold for more than the outstanding mortgage?
You are right that you will find it difficult obtaining a mortgage with a poor credit rating and I think you will have to maintain your current mortgage payments for at least 12 months before having a realistic chance of getting a mortgage with a high street lenders.
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