URGENT ADVICE NEEDED - mortgage woes

simbamk1

Me and my partner moved out of our mortgaged house to live closer to work and my brother rented house.. this has now gone pear shaped as my brother has moved out.we dide not tell the mortgage company who is now webb resolutions after gmac sold it, we have a secon charge and 3rd charge with differrent companies.......the problem is we think we can afford the rent where we live and but if interest rates move up we will crumble.....the main problem being my missus works in a building society and isin line to become a branch manager within 6 months.......any repossession or bankruptcy against both of us will stop her career dead......I need to transfer everything mortgage 2nd charge and 3rd charge into my name. So if worst comes to worst I take the heat and her hard earned career will be lost and our happiness and our relationship possibly.....please help me with advice and our best course of action.....many thanks

cake21

I'm sure someone will be along with more experienced advice soon, but in the meantime I would be soooooo cautious about taking on all the charges in your name. I understand your reasons and I'm really sorry to sound pessimistic, but what if the relationship goes pear-shaped further down the track? Money worries can sometimes be too much pressure.

More positively, how about checking out the Debt-Free-Wannabe board for advice on how to reduce your outgoings?

Any chance of getting permission to let from the lender and finding another tenant?

Matt1982

Contact your mortgage lenders and secured loan lenders to note you propose to let the property and see if they will allow you to let and then just let out.

ALternatively what is the total amont you owe across all 3 charges? who are the charges with ?and what is the value of the house? what is the rental you can achieve on the property

Conrad

sim - c'mon give some details at least!!

Are you borrowing 100% or 50%
Is your credit perfect?
Your utility bills need to show the correct address
If it's a buy to let the criteria is VERY tough

As I say, you need to give clear and meaningful info if you want replies that make sense

simbamk1

Hi thanks for. Replies

First time using this so here's more detail basically the house value is now 90k as it dropped, I have 75k 1st charge with webb resolutions, 12k with endeavour personal finance, and a 9k charging order attached from northern rock, I was made redundant twice in 2years so we fell behind with a lot of things, I am not worried in the least about placing everything in my name as if something were to happen my partner will lose her job and the chance to further her career. The house needs a bit of work to get it up to scratch, webb res said they would not allow us to let until arrears are cleared....mean time we are renting close to where we work as transport costs and stress of travelling was too much.....just need advice on how to trasnfer all into my name, we were managing but won't be able to pay for 2 houses and pay arrears as well as do the work needed to the house and our credit rating is bad also.

Many thanks

Thrugelmir

Why not sell up and start a fresh?

Interest rates aren't going to stay low for ever. Rent for a while and take the opportunity to get your financial affairs in order.

benjo

could your gf get a house share for mon - thur come home on friday, travel in on monday? might be a little cheaper.

simbamk1

Is it possible to sell for less than the loans outstanding as I am in negative equity, also really need to know best way to get my partner off mortgage in case the worst happens, can the second and 3rd charges become unsecured, or would they block the sale.....perhaps then we could do an iva or if in just my name I could go bankrupt and clear our serious debts without affecting my partner we don't want a mortgage anymore the stress is too much rather be debt free totally

Thanks again

Joe_Bloggs

You are only 6K in negative equity according to your figures. Sell the house! Perhaps approach Citizens Advice Bureaux on how to approach your numerous lenders with this proposal. Some of the lenders are going to be left with a small but unsecured debt.

If your partner is so worthy to be a branch manager then perhaps they can offer an alternative suggestion. As a manager they will be experienced in understanding the financial scrapes that many of us go through.
J_B.

Gorgeous_George

I'd find a new tenant or, better still, a lodger under the rent-a-room scheme. You live in the house with your lodger but spend all of your time in your gf's rented property

Make sure that you manage the lodger well and choose carefully.

Other than that, get another job and do not spend anything that you do not need to.

Alternatively, move back in to the owned property and do the travelling - maybe share lifts.

GG

simbamk1

we both live jointly in cardiff been together 7 years left the house to rent to my brother who has since moved out to get it to the standard to rent privately we need to do some work.

my partner is in line to be branch manager but they do quite alot of checks and a house repossession or the likes would make it very difficult we both moved to city to save money and be close to work, house sale would generate close to 70-75 percent due to work needed, which we could afford to do with it rented to brother. we may be able to afford to do work but in the worse case scenario i dont want to risk her career at all...i would rather take heat and wipe slate clean if worst came to worst at least one of us would be left intact at the end of it instead of us both being tainted with bankruptcy or repossession for years...need to remove her name and try our best to manage otherwise