URGENT ADVICE NEEDED - mortgage woes

PasturesNew

Could you give up the rental where you're staying for work, then rent a double room on a Mon-Fri basis, or take a room in a shared house during the week .... travelling back to your original home at weekends.

That'd save you in rent/bills

benjo

just a thought but, even if you did put the house etc into your name - wouldnt your credit files still be linked since you would so recently have had a mortgage together, still be living in the same property etc? dunno, I could be a mile off the mark there, but worth checking before you make a decision.

pwllbwdr

What do you mean by "house sale would generate close to 70-75 percent due to work needed"? Does this mean you think it would sell for only 60-65K? If so that is the value at the moment, and you are deep in negative equity.

alibongo54

If your mortgage is on repayment you can ask about interest only.

If you rent the property without your lenders knowledge and they find out and believe me they can you could incur a Field Collection Agents fee - a person the lender can send out to see who is living at the property. The lender can then load your current interest rate and add a fee to your mortgage if they find out its rented out without their consent - also your household insurance is not valid if you have not let your insurance company know its rented out.
Contact CCCS - credit consumer counselling to discuss your unsecured loans they can put together a free debt management plan.
Suggest your partner speaks to her employee - if her employer finds out she is in debt and she has not told them that is worse. They maybe able to help her - I could not see the debt affecting her promotion- if they have a union they will help her in confidence.
Dont place everything in your name - if for any reason your relationship broke down you would then be solely liable for ALL the debt, you would not be able to place the mortgage in your sole name anyway.
If you have arrears on your mortgage speak to your lender about capping the arrears, you would have to pay minimum of your monthly commitment for 6 months and then the arrears could be added on to your mortgage balance.
Contact any unsecured loans and credit cards but I seriously recommend you contact CCCS.

silvercar

I can't see a lender allowing you to take on the mortgages and charges in your name only. All 3 charge holders would have to agree and why would they? With negative equity there is every chance that a repossession would leave them out of mpocket, in which case they would want the power to chase both of you not just you alone.

Previous posts on this thread have hinted that if one of you remains in the property -even if only at weekends, your tenant woudl in fact only be a lodger. This gives them less rights and more importantly doesn't require the lenders agreement to let out.