help mad ex missus equity release bad credit

big_gd_2

Please can anyone advise on ways of releasing equity from property
as my ex has ecrued so much debt,possibility of repossesion,she tried to
lend money by secured loan,but i would not sign forms tying to joint
mortgage,i am currently paying the mortgage with West Bromwich BS
on high interest 8.9 % due to past money problems through illness.
Unsure what to do for the best but every month iam being harrased about her money problems,oh and by the way she doesnt want to sell.
Vicious circle scenario

MortgageMamma

Go and see a debt counsellor, I know its not a nice thing to have to do but it will really help you. First port of call is the citezens advice bureau, take a list of your incomings outgoings and monthly payments with you, they should also make you aware of your rights/liabilities with regards to your past relationship with this woman.

HTH

big_gd_2

Thanks for that advice HTH
only problem is its her debts not mine, but to release equity from our property
which i no longer reside,would take financial pressure off both of us,
with her consolidating,with me possibly a cheaper rate mortgage than our currant
one of 8% +
Is it possible to remortgage when one has bad credit and the other one
doesnt?
I pay the mortgage as part of a maintanance agreement between ourselves
but also have rented another property for myself and daughter to live,a little bit of extra cash would help to part furnish.
Is it just a vicious circle that we cant get out of until all debt is satisfied?

MortgageMamma

NO you can get out of it, and you could remortgage, should YOU be willing to do so, but think carefully about the implications. There are mortgages available to you but I suspect the mainsteam lenders wont touch you beause of your debts and bad credit. you truly need some specialist advice. You should speak to or see a whole of market broker who can assess your finances and come up with the best solutions. The answer could be just a 20 minute chat and a bit of thought away with the right professional.