We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Joint mortgage, a break up and negative equity
Options
Hypat1a53
Posts: 2 Newbie
My friend bought her first house 3 years ago with a partner. Both names on the deeds and a joint fixed rate mortgage from Northern Rock. They borrowed more than the house is worth in order to have spare cash to furnish the place and put very little down as a deposit. They borrowed £110K and I believe the house is now worth £100K. They are now splitting up. What are her options?
0
Comments
-
Virtually none, unless either of them earn enough to support the mortgage themselves ( based on NR lending policy).
NR won't take anyone of it otherwiseI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If they do sell the house, will they both be reponsible for the shortfall? If the house is repossessed are they responsibel for the shortfall?0
-
Yes and yes.0
-
If they do sell the house, will they both be reponsible for the shortfall? If the house is repossessed are they responsibel for the shortfall?
Yes.....................£2 Coins Savings Club 2012 is £4
.............................NCFC member No: 00005.........
......................................................................TCNC member No: 00008
NPFM 210 -
I know of folks who are still repaying their repo debts from the 1990's.
Bankruptcy is the only "easy" route to escape from property debt.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards