Help to get Rid!!

Mrs_Bumble

Check the interest rate and type of product that you are on with Northern Rock, as if it is on their standard variable rate SVR then the rate could come up and monthly payments increase.
Check the legal standing in relation to splitting any potential equity etc. Keep an eye on property prices on sites like Zoopla, and just watch to see when you can realistically sell up and cut your losses.

Tamazapan

Ok great thank you sorry if i seem dumb at all its all new to me this im only 23 and expected to be with Michael a long time as we had been going out 7 years!! So wasnt expecting all this.

Mrs_Bumble

Not dumb at all, these things happen and it doesn't matter how old you are! Lot of things to take in and it is all new

Tamazapan

Thanks Mrs Bumble you have been a great help. I will speak to morgage company tomorrow and get all the facts and arrange to see a solicitor get first 30 mins free lol so can see what hey suggest and if they have any other ideas.

Mrs_Bumble

Phone call to that legal helpline, could mean that you are prepped to ask the right questions in your 30 mins ;-)

Tamazapan

Very true just had my break and ive requested they call me 2morrow so ill speak with them in details then depending what they say go from there. :@P

beecher

Mrs_Bumble wrote: »

How do you mean? If it is interest only will wait longer to sell?

No, I just meant if it was interest only it'd take you longer until the outstanding mortgage equated to the house value, as you wouldn't be paying any of the capital.

You say you can't afford £600/month which is a concern

Use
http://www.moneymadeclear.fsa.gov.uk/tools.aspx?Tool=mortgage_calculator

to work out what the payments would be at 8% If the payments would be impossible to pay, think twice about taking this on - your ex should be paying half of the mortgage as he's just as responsible and you don't want to be left paying an unaffordable mortgage yourself on a house which is still in negative equity.

Tamazapan

I cant afford just £600 on my morgage no as there is all the other bills too my car to run and then theres food i need. so no £600 would be too much for me alone!!

Tamazapan

Just remeberd i can get into morgage online and have done so this is what it says now:--

Loan PartLoanRepayment TypeOutstanding BalanceCurrent PaymentPayment At Standard Variable RateStart

DateRemaining Term1 Mortgage Interest Only£94820.59£538.20£377.0022 Aug 2007 28 yrs 1 months 2 Unsecured

Loan Repayment£9942.13£66.20£53.5022 Aug 2007 28 yrs 1 months Total£104762.72£604.40


Which is where he gets £430.50 from for the monthy payment from this tho looks like would still be an interest only morgage!!

Is this correct my understanding??

And what is the varible rate at currently??

Mrs_Bumble

Was this a Northern Rock together mortgage when you took it out? because it looks like you have a balance that is the mortgage with an unsecured loan.

Now if the balance on the actual mortgage bit is around the £94,820 then you could possibly look to sell the property, clear the mortgage, have some to meet the selling costs and pay some off of the unsecured loan. Then by agreement you could both agree to split whatever is left of the existing unsecured loan and split 50/50 and walk away.

Think from memory that Northern Rock SVR is around 4.79% at the moment.

Give Northern Rock a call tomorrow and ask them to confirm that the actual mortgage part is around the £94K.