Marrige seperation & mortgage

xlinephil

Following a recent amicable split from my wife, I am trying to work whats best to do with our finances. We currently have a joint mortgage with £89500 left on it, and a secured loan against with for £30500. The house is worth approx. £120,000 at the most and selling up would not pay of the debts. My preference is for my wife to take over the mortgage but she could not pay both the mortgage and loan, and I could'nt be removed from the mortgage but contiue paying loan. So I pay have to take on the house and the loan and continue paying till the negative equity has been paid. But I can't really afford this.

And.... Barcleys have sold off there secured lending to Freedom finance so I cant even re configure the payments to give me more cash. I would have to start a new loan but cant as my wife is still on the mortgage. Help!!!

beecher2

I think selling up and paying off as much of the debt as possible might be the best bet. It'd mean you'd have a clean break and could keep things amicable.

Gorgeous_George

I agree with beecher2. Sell up and move on without the emotional tie of the former matrimonial home.

This may mean taking a personal loan each to cover any shortfall but, as neither of you want/can afford the property, bailing out now would be a huge weight off your minds.

GG