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Help to get Rid!!

1356

Comments

  • beecher
    beecher Posts: 2,497 Forumite
    Why not sell as soon as you would get enough money to pay off the existing mortgage and walk away then. To be honest this might take longer than 2 years - my overriding concern wouldn't be about whether or not your ex will make a profit, it would be how to get out of this situation without being in huge debt.
  • Tamazapan
    Tamazapan Posts: 119 Forumite
    :@( well yes that does worry me and beleive me i wont be buying a house any time soon again ive lost allot of money with this house and has caused more hassle!! Im just trying to find a realistic solution thats all.
    :kisses2:
    to find a rainbow you must go through the rain
    to find true love you must go through the pain
  • beecher
    beecher Posts: 2,497 Forumite
    Tamazapan wrote: »
    Im just trying to find a realistic solution thats all.

    Moving in and selling as soon as you can achieve enough to pay off the mortgage and fees seems the best solution, as long as your ex goes along with it. You could overpay to the max to try to get out of negative equity too and it might not take that long.
  • Tamazapan
    Tamazapan Posts: 119 Forumite
    Ok cool thank you and sorry when you mean over pay do you mean monthly paymet? has been on interest only until now and the paymeny has gone down to £430 a month
    :kisses2:
    to find a rainbow you must go through the rain
    to find true love you must go through the pain
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    You will need to get a legal opinion on that, have a look here http://www.communitylegaladvice.org.uk/ might be able to point you in the right direction.
    Who maintained the mortgage whilst you have not been in the house? I assume if you move back in then you will maintain the mortgage? so I would have thought that if you can keep everything amicable the fair thing would be to work out who has paid out what and divide anything up on that basis.
    I am a Mortgage Adviser

    You 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.
  • Tamazapan
    Tamazapan Posts: 119 Forumite
    Ok great thankyou i will have a look at hat website.
    :kisses2:
    to find a rainbow you must go through the rain
    to find true love you must go through the pain
  • beecher
    beecher Posts: 2,497 Forumite
    Tamazapan wrote: »
    Ok cool thank you and sorry when you mean over pay do you mean monthly paymet? has been on interest only until now and the paymeny has gone down to £430 a month

    If it is interest only, you're going to be waiting longer til you can sell up unless you move to a repayment mortage. Make sure you think through what payments you can afford as what will you do when the SVR moves upwards? Work out what the payments would be at 7-8% and make sure they're easily affordable.
  • Tamazapan
    Tamazapan Posts: 119 Forumite
    It has moved to a repayment morgage now i beleive tho im going to check my self tomorrow when i call them which is why its gone down to £430 a month from £604.40. I need to check the rate thats on etc. I can afford the £430 a month but not the £604.40 not on my own any way as i have other commitments
    :kisses2:
    to find a rainbow you must go through the rain
    to find true love you must go through the pain
  • Mrs_Bumble
    Mrs_Bumble Posts: 1,028 Forumite
    beecher wrote: »
    If it is interest only, you're going to be waiting longer til you can sell up unless you move to a repayment mortage.

    How do you mean? If it is interest only will wait longer to sell?
    I am a Mortgage Adviser

    You 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.
  • Tamazapan
    Tamazapan Posts: 119 Forumite
    No its not any more as of August payment has gone to repayment morgage and is £430 a month.
    :kisses2:
    to find a rainbow you must go through the rain
    to find true love you must go through the pain
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