Mortgage flat sell dilema

betty_blu

Hi

Help needed please 2 years ago to save money and travel time my boyfriend moved in with me and his then lodger and girlfriend agreed to take over the flat and pay at set amount (Bills are still in boyfriends name) recently they have given us notice as to save up to buy there own place they are moving back to parents.

We’d like to sell the flat but the dilemma we have is that the amount remaining on the mortgage is more than the flats worth & my Boyfriend is tied into a fixed deal (5 years) of which 2 remain with a 3% penalty if redeemed early mortgage, plus similar properties in the same block have been on the market since January and are so far not selling.

We have been told we can re rent it out but again the rental income will be £100 less than his monthly mortgage payment.

In the past he also ran up debts from various loans and credit cards and is now in a debt management scheme to clear these

His in full time employment What I’d like to know is what is the legal status of us just stopping the mortgage payments and allowing the bank to repossess it??

Or any other advise or suggestions would be much appreciated.

Emmzi

if you allow the bank to repossess, they will come after you for the shortfall. Plus legal fees. Plus the early redemption fee. Plus cleaning, estate agency, etc etc etc.

Which if sold at auction as a reposession is likely to be a lot bigger than the shortfall if you sell it.

Why do you want to sell it?