We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Selling - Shortfall
poppyg_2
Posts: 322 Forumite
Hi All
Hope someone can give me some advice.
I have split from my ex who i had joint mortgage with. Either of us would find it difficult to take on the mortgage alone. I currently live in the house with baby i had with my ex and i am paying the mortgage and bills but mortgage is at reduced rate as am on maternity pay until november so have mortgage arrears of approx £1.5k.
House is worth approx £95k, have £89k remaining on the mortgage with monthly payments being £570. On top of this we have a £30k unsecured loan but with the same mortgage provider (it was a birmingham midshires mortgage plus account we took out 2 years ago)
Anyway am wondering about selling the house and cutting losses but worried about the huge shortfall we'll have and wondered what people could suggest?
My original plan was to get ex taken off the mortgage but have been told i would need to pay the arrears off and make at least 3 clear payments before this could be done and am scared of getting to this stage and have my mortgage provider turn me down.
Also worried that i could end up with the house and debt in just my name, want to sell in the future say if i struggled to make the payments and it would then be just me left with the shortfall debt.
Any advice much appreciated x
Hope someone can give me some advice.
I have split from my ex who i had joint mortgage with. Either of us would find it difficult to take on the mortgage alone. I currently live in the house with baby i had with my ex and i am paying the mortgage and bills but mortgage is at reduced rate as am on maternity pay until november so have mortgage arrears of approx £1.5k.
House is worth approx £95k, have £89k remaining on the mortgage with monthly payments being £570. On top of this we have a £30k unsecured loan but with the same mortgage provider (it was a birmingham midshires mortgage plus account we took out 2 years ago)
Anyway am wondering about selling the house and cutting losses but worried about the huge shortfall we'll have and wondered what people could suggest?
My original plan was to get ex taken off the mortgage but have been told i would need to pay the arrears off and make at least 3 clear payments before this could be done and am scared of getting to this stage and have my mortgage provider turn me down.
Also worried that i could end up with the house and debt in just my name, want to sell in the future say if i struggled to make the payments and it would then be just me left with the shortfall debt.
Any advice much appreciated x
Money doesn't make you happy so I'm skint but cheerful :beer:
0
Comments
-
Tricky one. Even if you paid off the arrears, the lender may not allow a name to be removed from the loan. Can your income cover the loan (3 time income) plus high LTV? Even if you did all this you could be lumbered with all the future shortfall debt.0
-
I could afford but at a struggle and as you say mortgage provider could well refuse to allow my sole name on the mortgage and loan and if they did accept it in the long run if something happened and i was unable to meet the payments i could end up in a worse position in the future, e.g. end up being reposessed. Really dont know what to do.Money doesn't make you happy so I'm skint but cheerful :beer:0
-
What was the loan for? Was it for something you could sell?0
-
No unfortunately not, was for debt consolidation - wish we hadnt taken out the type of mortgage we did but too late to do anything about that now
Money doesn't make you happy so I'm skint but cheerful :beer:0 -
Remind your ex that he is jointly responsible for the mortgage and arrears. He needs to chip in to help cover the payments and any shortfall should you jointly decide to sell.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.4K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.8K Spending & Discounts
- 244.3K Work, Benefits & Business
- 599.6K Mortgages, Homes & Bills
- 177.1K Life & Family
- 257.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards