Mortgage pressure on budget?

A reader from Falkirk is finding it hard to meet her mortgage repayments and wants to know the best way forward.

Andrew Davies, mortgage & insurance intermediary at Beacon Asset Management takes her through the problem and what it means to her finances.

Rona from Falkirk asks:

My home was left to me by my parents and had a small mortgage.

My partner came along got his name on it, tripled the mortgage and now is leaving and wants to sell my family home as I cannot afford it now on my own.

Help!

Andrew from Beacon Asset Management responds:

You certainly sound like you have a problem. However, as your question is very brief, it throws up certain queries that would need to be answered prior to any action being taken.

Firstly, you said your parents left you the property. I assume that, as the mortgage would have been paid off when your parents died, you took a mortgage out on this property subsequent to this event.

Then your partner came along and 'got his name on the mortgage'. Did he do this with your consent? You need to establish whose names are on the mortgage. If the alteration of ownership and the loan increase were carried out without your knowledge and permission, then a serious fraud may have occurred.

However, if he did this with your consent, you have a very serious problem. As the co-owner of the property, it is within his rights to push for a sale. If you have equity within the property, you could look at paying him off for his share of your home. From your query, I believe this is something you have considered and rejected due to your financial situation.

I think the best thing that you can do is sit down with an independent financial adviser or – depending on your situation – your legal representation and provide them with the full facts so they can give you an informed decision. Your situation may not be as dire as you think so seeking professional help before anything else happens is a must.

If you have a question for Andrew or our team of mortgage experts, go to the myfinances.co.uk Ask the Mortgage Expert section.

For more information on the issues discussed here, go to Beacon Asset Management .

Beacon Asset Management is authorised and regulated by the Financial Services Authority.