Mark Hollands, a director of independent mortgage broker, London Money, answers the question
Dionne Williams asks:-
"Recently I split from my partner, now I want to keep the house that we bought, but the issue is that I have to convince the Mortgage lender that I can manage the mortgage on my single salary.
"I also have a 1 bed flat which is now on the market. Once I sell it I will pay the profit into the mortgage to bring down the amount to an acceptable level that I can repay on my own.
"Are there any other options which I need to consider? My sole aim is to keep my house."
"I am not sure from your email whether the lender knows of the change in circumstances, but provided the mortgage payments continue to be met then there should be no need for the lender to become heavy-handed. That said, in the small print of your mortgage's T&C’s there will be something that says you should notify them of any change in circumstances.
"The local market might be slow and so selling a property might take time that you do not have. Also, bear in mind that you could be left with a tax bill to pay should a profit arise through the sale of your flat. You say you want to keep the property but not whether you wish to stay living in it.
"You could ask the lender for permission to let the property out and move in to your other property whilst you decide what other options you might have. Alternatively, you could look to raise a buy-to-let mortgage on your second property, the proceeds of which you could use to pay down the mortgage and/or buy your ex-partner out.
"Lenders have a different approach as to what may be deemed affordable for lending purposes and they can vary greatly depending on income, credit score and whether you have children. So it may be possible to maintain a mortgage on your own either with your existing lender or by remortgaging to another lender."
If you have a question for Mark go to the Myfinances.co.uk's Ask the Mortgage Expert section
Or for more information on your insurance options go to London Money's website
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