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Some advice please!!
bornagainspender
Posts: 2 Newbie
Hi ,
I am sure that there are lots of posts like this on here but I would really appreciate some advice, or thoughts really on my situation. This is my first post but I do read the threads daily and am committed to Martin Lewis!!
Basically, love costs and I am now in a postition of having separated from a previous partner but I still have a house with them. These are the basics:
House is a three bedroom terrace in a good area of Swansea close to the city and the sea!
Bought in 2006 for £128,000.
Mortgage: Currently £114000 (ish) with HSBC on a tracker, so its a really low interest rate at the moment
Monthly repayment- £580
My ex still lives in the house but my name is still on the mortgage so I am tied in.
House is cerrently valued at betwen £105000 and £109,000 so its in negative equity
So, could anyone offer any thoughts on what I should do:
1) We can't sell the house as its in negative equity
2)HSBC have told me that at the moment I cannot take the mortgage on, on my own as I wouldn't meet their affordability criteria (I have some credit card debts - about £7000)
3) My ex has said that if I want the house I will have to give him £5000 (to 'buy him out').
I am not sure what to do!! Should I wait until the house price go back up and then we just sell it
Or do I try take on the mortgage myself - and rent the house out!!
I understand that these are only the basic facts, but if there is anyone out there who has any thoughts on my stuation and could offer some guidance, I would really appreciate it.
Over for over-inflated house prices again!!!
Many thanks in anticipation of your help
I am sure that there are lots of posts like this on here but I would really appreciate some advice, or thoughts really on my situation. This is my first post but I do read the threads daily and am committed to Martin Lewis!!
Basically, love costs and I am now in a postition of having separated from a previous partner but I still have a house with them. These are the basics:
House is a three bedroom terrace in a good area of Swansea close to the city and the sea!
Bought in 2006 for £128,000.
Mortgage: Currently £114000 (ish) with HSBC on a tracker, so its a really low interest rate at the moment
Monthly repayment- £580
My ex still lives in the house but my name is still on the mortgage so I am tied in.
House is cerrently valued at betwen £105000 and £109,000 so its in negative equity
So, could anyone offer any thoughts on what I should do:
1) We can't sell the house as its in negative equity
2)HSBC have told me that at the moment I cannot take the mortgage on, on my own as I wouldn't meet their affordability criteria (I have some credit card debts - about £7000)
3) My ex has said that if I want the house I will have to give him £5000 (to 'buy him out').
I am not sure what to do!! Should I wait until the house price go back up and then we just sell it
Or do I try take on the mortgage myself - and rent the house out!!
I understand that these are only the basic facts, but if there is anyone out there who has any thoughts on my stuation and could offer some guidance, I would really appreciate it.
Over for over-inflated house prices again!!!
Many thanks in anticipation of your help
0
Comments
-
Do you have any savings for a decent sized deposit? I think this will make all the difference as to whether you should/can buy another property.
If you have no deposit, I'd be highly tempted to demand to move back in again, and tell your ex to give you £5k to buy you out!I love surprises!0 -
Thanks for this. I am paying to live somewhere else at the moment and don't actually want to live in the house even if I do take the mortgage on alone. I would rent it out.
I can't really understand why I would have to 'buy' my ex out if the house is in negative equity???0
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