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Negative Equity and House for Sale
kayb1985
Posts: 1 Newbie
My house is currently on the market and is in negative equity. The debt will be split between myself and my ex partner. How long do I get to pay the debt owing on the house back to the mortgage lender? Can I spread this over a period of the time? The minimum amount owed will be £2,500 each.
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Comments
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You cannot sell the house without clearing the entire mortgage balance at completion - the lender will not release the charge on the property until it is.0
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We can't answer this. You need to make an agreement with your lender before you achieve a sale. As things stand you will not be permitted to complete a sale without an agreement in place.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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Unless specifically agreed otherwise, you have to clear the mortgage on completion. This is a secured loan and the minute the house is sold the debt has to be paid. Can you raise the funds elsewhere?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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