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Will I have to sell?
sunderland1
Posts: 33 Forumite
Hi All
I would apreciate any advice please.
My wife and I are seperating and due to our finances I am wanting to keep the house and my wife would like the mortgage transferred into my name.
The mortgage is very nearly in negative equity and has a charge from Northern Rock against it although all payments are now up to date.
I have checked the t's and c's but there is nothing mentioned.
1. Will Northern rock allow the transfer and what would they charge?
2. Would this change give them the opportunity to reposess ?
3. Would it be better for me to walk away and go into rented?
Thank you in anticipation.
I would apreciate any advice please.
My wife and I are seperating and due to our finances I am wanting to keep the house and my wife would like the mortgage transferred into my name.
The mortgage is very nearly in negative equity and has a charge from Northern Rock against it although all payments are now up to date.
I have checked the t's and c's but there is nothing mentioned.
1. Will Northern rock allow the transfer and what would they charge?
2. Would this change give them the opportunity to reposess ?
3. Would it be better for me to walk away and go into rented?
Thank you in anticipation.
0
Comments
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You'll have to ask them.
they might not give you a mortgage on a nice rate or without putting a huge chunk of money into it. It's a depreciating asset but your debt remains the same.0 -
Thanks Poppysarah0
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Bear in mind your wife currently has half the responsibility of the mortgage so can't just give it up.0
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1. It depends on your income and payment history/credit record.
2. Make the payments on time and they will not repossess.
3. This is what I would do and I 100% recommend selling it and sharing the proceeds/losses. Why should you take on all the negative equity and future losses? A clean break is best for you.
So, let her and her new fella take some of the pain away from you.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
Thanks again Poppysarah
Our separation is amicable and we are going to live near each other for the sake of our children.
I can afford to pay the mortgage myself so wondered if they would be cynical enough to try to reposses?
Surely if I keep paying then thats all they would be worried about or am I being a tad optomistic?0 -
You are right. Keep paying and all will be well.
Ever thought that your wife is keeping you sweet until the house is off her back?
Will it still be amicable when she has a new fella (or he comes out of hiding)? What about when your kids call him 'dad'?
Be streetwise and look after yourself. Call me a cynic if you wish. Been there, done that.
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0 -
If you can show that you can afford the payments and the mortgage size is a reasonable multiple of your salary, then the lender may allow it.
I'm surprised that your ex hasn't demanded the house for her and the kids, with an obligation on you to pay reasonable maintenance that would her to pay the mortgage. Act quickly while it is all still amicable.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Effectively, you have to buy the property from your wife. So the lender will look at your situation and offer a mortgage accordingly.
Whether or not you have to pay your wife anything depends on the agreement you have reached regarding finances.Warning ..... I'm a peri-menopausal axe-wielding maniac
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I'm surprised that your ex hasn't demanded the house for her and the kids, with an obligation on you to pay reasonable maintenance that would her to pay the mortgage. Act quickly while it is all still amicable.
That only happens when there is equity in the house. Without the equity, she is better off without the house. And that is why the OP needs a clear head when dealing with the conniving b!tch ex-wife
GGThere are 10 types of people in this world. Those who understand binary and those that don't.0
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