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Help needed - selling v renting
poppyg_2
Posts: 322 Forumite
Hi all
Not posted on this forum before am usually to be found in the DFW lurking reading info but hope you can help with my predicament!
I own a house jointly with my ex. I am living in the house with our child - the ex is not contributing to mortgage or bills. Am in arrears of approx £1.5k as currently on maternity pay so came to an agreement with my mortgage provider to make reduced payments for the time being. Am due back in work full time from November. There is no equity in this property and there is a loan in joint names with our mortgage provider for £30k - again I am paying this as it is only me living at the property and the loan was taken out largely to consolidate my debts.
My partner owns a flat and shares with a friend (his friend is a lodger, name not on the mortgage). This friend is moving out very soon and my partner would really struggle to meet the payments on his own. Also he is currently paying a lot of money anyway sharing with someone considering he spends virtually all his time at my house, seems daft us both having properties.
Basically in a bit of a dilema over the options:
1. Partner rent his flat out and move in with me (my long term aim is to get ex taken off the mortgage but my mortgage provider say i need to pay arrears and make 3 months full payments before i can move forward with this)
2. Partner sells his flat, uses equity to put down a deposit to buy a house for us to move into and rent my house out (house prices are cheaper in my area than in his so he would get more for his money buying a house in my area, where we both also work)
3. I cut my losses and sell my house and move in with partner in the house he buys (not an option my ex moving back in, he could not afford the outgoings with his sole income)
For info - if my partner buys a new house would be in his sole name as he obviously has money to put into it and needs to protect his interests. We have agreed tha if we get married in the future my name will then be put onto the mortgage. However, I would be a bit concerned about selling my house and the risk that if god forbid we ever did split up I would no longer be on the property ladder and would find it extremely difficult to get back on (I have a CCJ against my name)
Any advice would be appreciated, thanks for reading
Not posted on this forum before am usually to be found in the DFW lurking reading info but hope you can help with my predicament!
I own a house jointly with my ex. I am living in the house with our child - the ex is not contributing to mortgage or bills. Am in arrears of approx £1.5k as currently on maternity pay so came to an agreement with my mortgage provider to make reduced payments for the time being. Am due back in work full time from November. There is no equity in this property and there is a loan in joint names with our mortgage provider for £30k - again I am paying this as it is only me living at the property and the loan was taken out largely to consolidate my debts.
My partner owns a flat and shares with a friend (his friend is a lodger, name not on the mortgage). This friend is moving out very soon and my partner would really struggle to meet the payments on his own. Also he is currently paying a lot of money anyway sharing with someone considering he spends virtually all his time at my house, seems daft us both having properties.
Basically in a bit of a dilema over the options:
1. Partner rent his flat out and move in with me (my long term aim is to get ex taken off the mortgage but my mortgage provider say i need to pay arrears and make 3 months full payments before i can move forward with this)
2. Partner sells his flat, uses equity to put down a deposit to buy a house for us to move into and rent my house out (house prices are cheaper in my area than in his so he would get more for his money buying a house in my area, where we both also work)
3. I cut my losses and sell my house and move in with partner in the house he buys (not an option my ex moving back in, he could not afford the outgoings with his sole income)
For info - if my partner buys a new house would be in his sole name as he obviously has money to put into it and needs to protect his interests. We have agreed tha if we get married in the future my name will then be put onto the mortgage. However, I would be a bit concerned about selling my house and the risk that if god forbid we ever did split up I would no longer be on the property ladder and would find it extremely difficult to get back on (I have a CCJ against my name)
Any advice would be appreciated, thanks for reading
Money doesn't make you happy so I'm skint but cheerful :beer:
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Comments
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Anyone got any advice?
Thanks xMoney doesn't make you happy so I'm skint but cheerful :beer:0
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