What can I do to stay in my home?

Posted on 31 March 2011 by Ali


Hi, My husband has recently left the joint owned home. We have a mortgage of £206,000. I have done my calculations and can afford this mortage on my own, but I have a bad credit history and based on salary of £25,000 I do not earn enough for this mortgage. What can I do to stay in my home with my kids. He wants to be removed from the mortgage. Many Thanks

Ali,

Whilst the mortgage is in joint names you have a joint and individual responsibility to ensure that the mortgage payments are met regardless of who is living in the property and you have rightly calculated that from a Lender's viewpoint you do not have enough income to support the mortgage on your own.  Whilst this situation persists your husband will not be able to remove his name from the mortgage.

The options for you if you want to stay in the property are to leave things as they are or if able to find someone to replace your husband on the mortgage.  This could be another joint borrower or a relative acting as guarantor.

I recommend that you speak to your local Citizens Advice Centre or we can refer you to our in house legal team, Rollingsons Solicitors Limited.  Please call on 0344 346 3672 and tell the consultant the date and title of your question if you would like us to do this.

Peter

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.