Help to get Rid!!

beecher

Mrs_Bumble wrote: »

The actual mortgage balance of £94K against a value of £104K is just over 90%LTV but I don't think NR are lending up to 90% at the moment but you will have to ask them, I would also be surprised if they would release him from the liability at the moment as it would be a big stretch to allow you to take on the mortgage in your sole name.

Value's £94k from what the OP says so it is a 100% LTV atm.

Mrs_Bumble

Apologies yep so 100% LTV at the moment.
Would check the house value on a site like zoopla, just in case.
But I think that your choices are going to be, very, very limited.

Tamazapan

Was valued £89,500 lowest and £94,500 highest this was in January this Year by William H Brown

gizmo111

I would consider selling the house, and then splitting the balance after and taking out a loan etc each for 50%. If you continue with the current product you are stiff financially linked.
Or rent the house out and use the rent to pay the mortgage and save up anything you can over the next couple of years to go towards any NE that is still hanging around when you want to sell.
If you move back in to the house and keep the joint mortgage then you will be financially associated with Micheal for a log time and will never get a clean break. Also it wil lstill be half his house and in theory he could move back in at any time.
IMO moving back into the house with your current boyfreind is not a good idea, as he will resent paying towards Micheals debts, and also you haven't been together very long.

Mrs_Bumble

http://www.zoopla.co.uk/

Check to see what houses in the area have actually sold for, as there is a difference between asking prices and sold prices and maybe you will be pleasantly surprised.

Have to agree with Gizmo111, that you should think very carefully before actually taking on the mortgage committment for the next XYZ years, it is one thing to sit in there for a while and ride out a bit of NE but completely another to sign yourself up to it for the long term.