Mortgage Debt

SW4

I bought a house with my now ex boyfriend 6 years ago, I moved out after 4years after splitting up.

To cut a long story short we are now faced with a property which is worth less than what we bought it for and it appears we are un able to sell it.

After being apart for 2 years we both want to move on with our lives. We are un able to rent the property as it is in negative equity and out mortgage lenders have said no.

I'm swaying towards handing the keys back to the bank but am unable to find any information which helps me find out how this will damage my credit rating and for how long for etc.

I have been to citizens advice on numerous occasions and all they do is look up information on the internet.

Is anyone able to help me with this?

Thank you

Thrugelmir

SW4 wrote: »

I'm swaying towards handing the keys back to the bank

You and your ex partner will be liable for the shortfall.

How much is your shortfall?

Depth_Charge

SW4 wrote: »

I bought a house with my now ex boyfriend 6 years ago, I moved out after 4years after splitting up.

To cut a long story short we are now faced with a property which is worth less than what we bought it for and it appears we are un able to sell it.

After being apart for 2 years we both want to move on with our lives. We are un able to rent the property as it is in negative equity and out mortgage lenders have said no.

I'm swaying towards handing the keys back to the bank but am unable to find any information which helps me find out how this will damage my credit rating and for how long for etc.

I have been to citizens advice on numerous occasions and all they do is look up information on the internet.

Is anyone able to help me with this?

Thank you

Hi

The useful National Debtline fact sheet link below on mortgage shortfalls might help - it mentions credit ratings - from what you have put it does not look good on that front Im afraid.

http://www.bdl.org.uk/images/11_EW_NDL_Mortgage%20shortfalls.pdf

sammyjammy

Is your ex still living in the house? Are you both still paying the mortgage?