Will I be able to keep my house?

akku_2

OK, been a bad year.

I've lost my job and we are paying the mortgage on PPI now.

My wife of nearly 10 years is leaving me.

In order to avoid losing the house I will need to pay her a proportion of the equity, at least half I guess, maybe a bit more. (That is a solicitor job to finalise.)

However...

I will need to remortgage the house at a very high proportion to its value. We owe maybe £120K on it, early termination fees on the mortgage are a couple of thousand on top of that. House is worth somewhere about £180K

I will be lucky to land a job earning more than £30K in the short term.

I will probably need to borrow £160K or £170K against the house.

I appreciate most lenders won't like that I don't earn much and I will not have an employment history with who ever does hire me.

Am I likely to find some lenders regard the fact I'm already in the house to be a good thing and reduce my risk and thus lend me like 6x salary?

Am I looking at spending Christmas in a cardboard box under the railway arches?

Is this doable?

Thanks for opinions.

holly_hobby

I am so sorry for the situation you find yourself in ...

But I have to be honest and say that in respect of your current financial circumstances, I do feel your best and only option, is to sell the property and have a clean break.

I am sorry if this isn't what you wanted to hear, but I feel the increased financial commitment (even if you do somehow find a lender who will accept your employment status & just about 6 times income) will be too much on top of everything else.

I wish you well & hope this helps

Holly

opinions4u

I'd get the house on the market if I were you.

And then find somewhere to rent.

Keep your proceeds from the eventual sale to one side to fund a deposit for another house - but don't rush in to that until your life is settling down again.

Stressful times. Good luck.

Alternatively, try counselling, either alone or with Mrs Akku.

www.relate.org.uk

akku_2

It will cost me as much if not more to rent! I've looked at the rental market round here.

I am part way through renovations, so it looks like a building site here.

I have spent thousands "customising" this house to meet specific requirements of hobbies I have.

I'd have to sell all my stuff, sell the house at a knock down price, and then spend as much renting somewhere smaller.

I really don't want to sell now. I'll lose everything I've worked for for the last 25 years. And it will be too late for me to start again.

I think if I lose the house on top of everything else this year I'll not be able to carry on.

I'll let you know how I get on.

Bank robbery is looking attractive right now!

dimbo61

OMG someone with PPI and its paying out as well !!!
Stay in the house and good luck in finding a job

ruggedtoast

Sell it and buy a flat. Find rich widow. Remarry. Job done.

akku_2

dimbo61 wrote: »

OMG someone with PPI and its paying out as well !!!

Its the only PPI I have and I take it every time. I look at it as risk management. I've been made redundant 3 times in my career. Saved my house 3 times. Mortgage PPI claims call centre people do appear to be the lowest form of human life when it comes to dragging out claims, giving misinformation and all that. But end of the day, I kept my house.

I know PPI has a bad rep but I've claimed on it more than my car insurance...

I suspect that having claimed on it means I can't say I was missold it LOL.

I'm looking to joint remortgage with a family member or something. They get to share the investment potential and I get to keep my house. Its an option I'm looking at.