Joint Mortgage but Im the only one paying

JimmyTheWig

candytwinkle wrote: »

The property is empty and been on the market for months, I've dropped the price to the lowest I can.

It strikes me that you can't afford to do anything other than drop the price.

CLAPTON

how much is house on the market for ?
how much is the mortgage?

candytwinkle

Valued at £134,000, dropped it to £126,00 which would just cover everything £112,000 mortgage £10,000 secured loan and all selling fees

FraudBuster

who is going to tell the mortgage co you are renting it?

Identification of undisclosed Buy-to-Let risk

When a customer lets out their home without advising their mortgage lender, it means the debt is incorrectly priced and risk is increased. Getting early notification of properties to rent with Mover Alerts allows the lender to be proactive in protecting its position.

http://www.experian.co.uk/consumer-information/mover-alerts-information.html

jw2003

dunno if it's of any use to you but we were looking at all our options with regards to moving - including getting a buy to let mortgage - and there are lenders with LTV's more favourable to you, not as much as 90% but definitely 85%.

Don't go bankrupt if you can avoid it, it's not worth it, could your girlfriend go in on the mortgage with you? (would your ex need to know this?). Could you get permission to rent it out if you were to move back in in a couple of years? (circumstances do change after all, you could put it back on the market when your financial situation and the market improves?)

RenovationMan

candytwinkle wrote: »

"The other alternative is to stop paying the mortgage and go bankrupt"

What would be the implications of that? obviously i'd not be able to get any credit for a while but then neither would she.

You would be able to walk away from the debt and the problems completely, your ex would be left with the problems just as she has left you with them. The downside is that the Official Receiver would spend 12 months nosing around in your affairs and distributing all of your remaining savings and assets to your creditor(s). After 12 months you will be discharged. Your credit history will be shot for 6 years, but then it might be anyway.

incher

From Renovation Man's description, I'd do anything to avoid going bankrupt!

Do the two relatives who work with you have any power in relation to whether you keep your job? If not, and it's simply that you don't want to face some unpleasantness, I'd move back in if I were you. Or go with the plan of telling your mortgage co that you intend to move back in at some point but need to rent it out whilst going through your divorce.

Hope things work out for you.

JimmyTheWig

What does your ex want to happen, out of interest?

MobileSaver

candytwinkle wrote: »

Just lots of unpleasentness from her and her family, 2 of whom I work with. Were not divorced yet and so Im trying to keep it all as decent as it can be but she is a physco.

I know it won't be anywhere near as simple as this but I think your ex needs to be given a stark choice.

She can either pay half the mortgage in which case it would be perfectly reasonable for her to not want your new partner living there.

Or she can continue not to pay anything and accept that you will move in with your new partner who will help you pay the mortgage instead.

Can you explain the situation and choices to her family and get them on side?

candytwinkle

Update: took the secured loan off the property by way of a personal loan and dropped the price by another £10,000. I decided to sell because I could then pay off the joint mortgage to get rid of the ex.

Although I did get permission to rent it out in the end, Called them and told them I was going to move back in as suggested and then it wasn't a problem but had to pay a £100 admin fee.

Hope it sells now because She won't pay a penny no matter what I say