HeLP - Don't Know What To Do????

distressed43

hi everyone - i'm new at this so bare with me.

i am separated from my partner and he has a mortgage of £62k on a house worth £110k before recession. we are getting back together and i want to buy a new house and start again but in the current climate i don't know whether we could sell his house or not. the problem is we both have adverse credit backgrounds and he has debts of £22k i have debts of £1k but i don't have a mortgage.

what i want to know is should we remortgage together and pay off the debts then move in a few years (i really dont want to do this because i hate the house) or should he sell the house to those companies that pay about 75-80% of the value for a quick sale and we use the cash thats left over for a deposit on a house where i get the mortgage in my name only and pay the debt monthly as now then in a few years remortgage together when the 1st deal runs out.

or does anyone have any better ideas?

thank you for reading this - making myself go mad constantly thinking about it.

Robert_Sterling_3

Your Ex has debts of £20,000 and yet you are considering the selling of his house at about £20,000 below what it is worth.
I ould not go down that road myself.

lukekelly_2

Certainly don't go for selling the house for 75% of the amount you could get otherwise. You'd be paying £25,000 for the privilege of getting that money quickly, and I hope you'd agree that that's not a good deal for you.

Would it be possible to let the property and rent a property elsewhere?

At the risk of intruding into your personal life, I'd also be cautious about buying a house with someone you've split up with before without living together again for a few years first. Owning a house together can make splitting up much messier.