Advice on balance transfer and Mortgage issues please?

Vixxx_2

Hello,

I am looking for advice on 2 money issues.

My first is:

I own a house with my ex boyfriend that we currently rent out. He did not pay his part of the Mortgage for a year, so I was paying partial payments. We have been renting it out now for over a year, but the rent has not been topped up to match the difference between that and the Mortgage. Due to this, I have Mortgage arrears leading to a poor credit rating. We have a Together Mortgage and have arrears of over £11K on the loan section.

My ex boyfriend now wants out of this situation (I did 2 years ago, but he would not sell). He is saying that either, I take on the house and he will give me half the shortfall (house is worth about £140 now and we owe £175K Inc arrears) or I give him half the short fall and he will take it on. I am not in a position to give him £17.5K. I would rent the house out.

Is it possible for my partner to take the house on with me? He earns enough to come in with me, but he wants to buy his own house for us to live in, so I would rent this one out.
How would this work?
Would I be making the right decision if I (could) did do this?

The second issue is:

I have approx £3’300 on 3 credit cards and an overdraft. I am not making any headway in reducing these because the APR is high.

I cannot get a loan or a 0% interest free credit card to balance transfer.

My partner is willing to take out a 0% interest free credit card for me so that I can pay off my debt monthly. This is the only option we can think of to get me out of this situation.

I have a few questions on this.

1) Is it actually possible for my partner to take out a 0% credit card (he had a good credit rating) and balance transfer my debt?
2) How will this affect his credit rating? I will pay £200 per month with out fail.
3) He is going to apply for a mortgage (on his own due to my credit issues), should we wait until this has been applied for?

Any help you could give me on theses issues would be greatly appreciated. These are causing me sleepless nights L

Thanks.

opinions4u

If you have £11k of mortgage arrears your credit rating is shot to pieces.

You shouldn't be able to find any new line of credit, nor should you seek it.

Given the arrears situation on the property, I think you should seek advice from the CAB or Shelter urgently.

I don't see why you would want to add a new partner, with a potentially decent credit rating, on to a mortgage that would immediately shatter that.