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House in negative equity, joint mortgage with ex, 1 child
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stellabrillante
Posts: 22 Forumite
Hello,
I have been posting rather randomly trying to piece it all together and get a full picture of what is going to happen to my ds and I when / if I go down the br route.
I have a mortgage on my house with my ex for £205,000. The house is now worth only £180,000. I changed the mortgage to interest only when ex and I broke up and the repayments now are £430 but as I'm on a variable rate, this could change drastically if predictions for next year are to be believed.
£430 is a less than I would pay to rent elsewhere so do you think there would be any chance of us staying put? I'm not particularly attached to the house but for now at least, it would make financial sense to stay as opposed to pay more elsewhere. Obviously, there is also the fact that ex's name is also on the mortgage and he has been unemployed since November. We could rent it out but it takes me back to my initial question in reference to having to increase my outgoings if I was to rent.
Thank you!
ps. to save up to rent elsewhere, where do you put the money and do you disclose it to the OR?
I have been posting rather randomly trying to piece it all together and get a full picture of what is going to happen to my ds and I when / if I go down the br route.
I have a mortgage on my house with my ex for £205,000. The house is now worth only £180,000. I changed the mortgage to interest only when ex and I broke up and the repayments now are £430 but as I'm on a variable rate, this could change drastically if predictions for next year are to be believed.
£430 is a less than I would pay to rent elsewhere so do you think there would be any chance of us staying put? I'm not particularly attached to the house but for now at least, it would make financial sense to stay as opposed to pay more elsewhere. Obviously, there is also the fact that ex's name is also on the mortgage and he has been unemployed since November. We could rent it out but it takes me back to my initial question in reference to having to increase my outgoings if I was to rent.
Thank you!
ps. to save up to rent elsewhere, where do you put the money and do you disclose it to the OR?
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