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Hello all
james316
Posts: 18 Forumite
Not sure if this is the correct place to post, but need some advise.
My partner and I started a 40 year mortgage 18 months ago.
As times change, it looks as though we are going to be splitting. Neither of us can buy the other out, nor afford to keep the Mortgage going on our own.
Obviously we would need to sell the house which is roughly valued at the same as when we bought it.
Just some advise needed on how to go about this, if we will end up owing any money to the bank etc....
Much appreciated.
James
My partner and I started a 40 year mortgage 18 months ago.
As times change, it looks as though we are going to be splitting. Neither of us can buy the other out, nor afford to keep the Mortgage going on our own.
Obviously we would need to sell the house which is roughly valued at the same as when we bought it.
Just some advise needed on how to go about this, if we will end up owing any money to the bank etc....
Much appreciated.
James
0
Comments
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A little difficult to answer your question since you don't give a clue as to value of house and size of mortgage !
It is probably that if you sell now (hopefully you didn't go the unfortunately - in my opinion - common FTB route of a 5 year fix or similar) you will be liable for ERCs (Early Redemption penalties) - this could be sizeable.
The formula is:
sale price - selling costs (solicitors, agents etc) - mortgage balance - ERC's (and any termination charges, usually minimal) = money left
If money left is a negative figure that's what you owe.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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