got my head is baffled! ill have go see a advisor

basically you will be asked to go and see them

You may get offered fixed rates depending on the price of your house or mortgage

if not you will fall onto the base rate

This happened to me this year

Came out of a fixed rate at 5%. Nationwide requires 20% deposit (owned assaet) and my outstandign mortage worked out at 83% hence they could not offer a fixed mortgage

Anyway this turned out to be better as I dropped onto the base rate mortgage at 2.5% (2% above base rate)

ok so it isnt as easy as just sticking on the rental market :( thats bad news!
right once my 5 year fixed rate 100% mortage runs its course in 2 years, what happens?????

do i have to get another mortage or will my current company just sent me a renewal note just like car insurance??

quote:

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Originally posted by Adge
really dunno what to do! half tempted just to stick it on the rental market and hope the rent covers most of the mortage

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If your not able to get a mortage to cover the whole thing then it looks like your going to be screwed and will have to sell up for less and owe a good few K to the bank

really dunno what to do! half tempted just to stick it on the rental market and hope the rent covers most of the mortage

i cant afford to buy him out, dnt think i wud get the mortage on my own? if i remortaged it in my own name wud i still need a deposit? coz we got a 100% mortage

is there anything to buy out from

Basically you owe more than its worth

So its his loss if he wants out

If the house has dropped in value (and will probably go up) then buy him out of it.



I would try for.. He pays the 'costs' of the change and you pay him out at the current value i.e. he will make a loss but thats tough luck

Did you get any agreement written up when you agreed to the mortgage? Is he still a mate? He could string you with half the cost of breaking the mortgage etc which could mount up.

Deffo buy him out.

iam tempted to buy him out and then get a lodger! thats just a option tho

Ooooh thats going to sting you. Loss on the value plus penalties for leaving the mortgage deal early!! :!

Erm best thing to do would be to buy him out if you can afford to or get someone else to buy his share!!

Ive got 2 mates in a similar dilema, bought last August for 240k, one of them got offered a job in London & the house has been valued at 192k. Fuck that!!

hi all!
basically heres the problem,
i bought a shared house with a matePaid £115,000 half each 3 years ago

he knows wants to move out coz his gf preg

problem is house price is now £102,000

Currently on a fixed 5year mortage at 6% intrest only with Northern Rock! its £604 a month

whats the best thing to do?just rent it out and hope can the mortage drops to meet the rental value when the fixed deal is up!

help plz