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part ownership
pfrench
Posts: 4 Newbie
we're in a motgage at present but repayments are high is part ownership an option can anyone help?
0
Comments
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I suspect the usual costs associated with selling apply here. To be honest, I don't know but I woundn't consider part ownership. You will be jointly and serverally liable for the mortgage payments so if the other person does a runner or refuses to pay, the mortgage company will come after you. Potentially, this puts you in no better position than you are in now.
Have you considered renting out a room?
If you get really desperate, another option is to sell it to an investor who is prepared to rent it back to you.
Sadly, it looks like interest rates will rise over the coming months, depending on your mortgage type, it could get worse. Sorry to sound like doom and gloom - lots of us know the feeling!
Good luck.0
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