Where do I stand?

[sazzle84]

I have a mortgage and my partner has a mortgage with his ex. He is unable to have her name removed as he can't afford a mortgage in his own right. There is a negative equity of �30,000. He wants me to be put on in his ex's place. Where do I stand with this debt? She has not been paying towards the mortgage for the last 12 months.

[Ethel]

Why would you want to take on �30000 of negative equity?

Is your income big enough to pay the mortgage on your own home and the new mortgage?

[sazzle84]

He wants his ex off the mortgage as she is not contributing and being selfish even though it was an amicable split.

Although he is paying the mortgage by himself, the building society have calculated his income/outcome and won't allow mortgage on his own therefore he wants me put on.

I pay my mortgage but will not be able to contribute towards the mortgage with my partner. I'm only considering doing it as he has asked me to help him out but the debt concerns me. Will my flat be at risk as he is wanting to put his name on my mortgage too.

Thanks for your advice so far.

[Ethel]

This isn't making any sense at all.

First of all the ex would have to agree to her name being removed from the mortgage;
The lender would need to be satisfied that you and your partner have a sufficient income to pay the mortgage. They will take your payments to your mortgage in to accoutn;
It will be near impossible to remortgage in any case with �30000 negative equity;

Why would you want his name on your mortgage? If he is divorcing his ex ALL of his assets may be taken into account - that could include any properties mortgaged in his name;
If he does put his name on your mortgage your home will be affected if he is bankrupt or is in any other serious financial trouble - the house will be as much his as it yours.

Let us assume your name is on his mortgage and his name is on yours. You now both jointly own two homes. If either of you get into financial difficulty either or both properties would be at risk -as there is no equity in his house, your home would most certainly be at risk.

If there is a lot of equity in your home, his lender would be delighted to put you on the mortgage of his house. If it goes wrong, he will recover the monies by putting a charge on your house.

To be quite frank I think you would be mad to consider either taking on his �30000 negative equity and giving him a right to your equity.

[sazzle84]

Thanks Ethel - you have voiced what I thought. The fact is my partner is putting pressure on me and leaving out the small fact that I could lose my home, seems to think it will be beneficiary for us all.

He is wanting it sorted out asap and I do feel sorry for his prediciment and want to help him but am scared incase I am making a huge mistake.

I will take your advice on board.