mortgage woes.....!

stuckinmyflat

well this is one of my first posts (have posted the same question elsewhere advised to post here too) have been reading them for ages tho. dont know where to start??????? well im a recent graduate unfortunately i only achieved a 2:2 hons degree in management and hrm (0.6% away from 2:1 but uni dont inflate marks ,which i can understand i got what i deserved).

i currently work for the nhs (only 18hrs a week but get paid around £890) my partner works as a security guard earning around £1000 a month. my OH had surgery in feb and was not able to work for 4mths and was getting statutory sick pay, around £270 a month.

my OH is desperate to move home (republic of ireland) was never supposed to live here that long (now has been here in the uk for 6 years). my OH has a child from a previous relationship and pays £250 a month maint.

we currently own a flat bought for £65,000 thro northern rock, we are in alot of negative equity, flat next door has been on the market for 9mths and currently trying to sell for £43,000. i am struggling to get a full time job (never mind a graduate position!) plus OH has second surgery on 2nd september, and will be off for the next few months ,i feel like we are drowning here, during his last surgery i was still getting student loan of £479 a month , with this gone i dnt know how we will cope.

sorry i have gone on and on .......... just wanted to let u all know abit of background. basically my OH wants to do a runner , hand the keys back and move to the republic of ireland, ive tried explaining that this is not a good idea but would like others opinions on how this will effect us so i can show him this post ????????

Tixy

Do you joint own?

What is the bal of the mortgage?

For the sort of shortfall you would be looking at (bearing in mind they will sell the house off cheap and charge fees for the reposession and sale etc) banks won't just accept you disappearing.

A bank has 12years to take court action on a mortgage shortfall.

At the very least both your UK credit ratings will be completely shot. In addition to that they could decide to make you bankrupt in your absence.

Assuming you might one day want to return to the UK this really isn't a good plan. In fact you might well be better off considering making yourselves bankrupt before you go. That way it would be over with and you wouln't be potentially hiding from a creditor for up to 18years.

I'm not saying at all that bankruptcy is a suitable option for you, impossible to say without knowing more about your finances - and you would need professional free advice anyway from one of the debt charities.

Would it be an option to rent out your property? would rent that you could get cover the mortgage repayments? if you could do that it would possibly allow you to keep the UK asset and still move to ireland.

Do you have other debts (aside from the mortgage and student loans)?

andymc29

Have you thought about renting the flat out and then leaving? A letting agent can manage the property for you and you'll get most of the rent payments, this should be enough to cover your mortgage payments and keep you in the green with the bank.

KingElvis

The last thing you should do is a runner, you really want this thing hanging over you for 15+ years?

Deal with it properly then move on.

Good luck :-)

katsu

stuckinmyflat wrote: »

basically my OH wants to do a runner , hand the keys back and move to the republic of ireland, ive tried explaining that this is not a good idea but would like others opinions on how this will effect us so i can show him this post ????????

What is he suggesting you do? Go with him? Stay here alone and face the consequences of him leaving?

Does he know the Republic is bad for jobs now?

Perhaps he should look to reduce his maintenance - at least whilst he is off sick?

If you post an SOA then people can advise how you can cut back to get through his sickess and reduced pay.

RAS

Hi

His maintenance payment sound excessive when he was working. Right now it is completely unreasonable. The CSA rate is 15% of income and £5 per month if he is purely on benefits.

is there any way you can get WTC, as I assume he is over 25?