How to get out of mortgage?

co734

Hi everyone
Ineed some help and advice on how to get out off my mortgage.
It is a bit of a long story but here goes. My boyfriend and I recently split, we had been together 5 yrs and have a 4 yr old son. We purchased a house 3 1/2 yrs ago. it was a 100% mortgage and we both own half of it.
My son and i are now living with my nan. Iam quite happy to sign the house over to him as there is no money in the house, he would like to have the house but does not earn enough money for the mortgage company to agree to it (he hasn't asked them yet).
I would like to know if anybody has any ideas over what to do with the house. i can't go live there as he has been violent towards me, so that is not an option. I can't pay anything towards the upkeep of the house as I am on a low-income and am paying my nan rent.
Any ideas and advice would be very much appriacated.
Thanks

opinions4u

1. You are liable for the whole mortgage payment whether you live there or not. It is 100% your debt and 100% his. If the payments aren't made, your credit file will be damaged.

2. Any change of ownership needs the agreement of the lender, you and your ex. Without this it can't happen.

3. If there is negative equity in the property, then perhaps you should pay half of this to your ex if he is to take on the whole debt in his name (but don't make any payments if the change of ownership isn't going ahead).

I suspect the right outcome here will be to sell up and come to an agreement with the lender on how the negative equity will be repaid.