Uninsured, interest only mortgage

ALIBOBSY

I would say sell and get your ex to agree to split the negative equity down the middle.

BUT there is that money from your Mum and Dad, if the deposit had been a joint one saved up by you and the ex it would just have to be lost.

Do you think there is any chance the ex could afford to pay up the £20k half of the deposit he borrowed? Or perhaps would he agree to sign a document to say he owes it to them and pay them back in installments-this may depend on how much he wants out of the mortgage. I think you need to calmly tell him the bank won't let you take over the mortgage alone so if he wants out you want half the deposit and half the negative equity when it sells.

Before you speak to the ex I reckon its mum and dad you need to talk to. I know its hard to admit things went wrong, and I know many of the older generation are really in the loop properly about the housing situation now-my mum still talks about borrowing as much as possible at the start of a mortgage to buy as big as possible because over time "your wage will shoot up and it becomes easier to pay". If they can walk away from some or part of the deposit or at the least let it be long term "pay it back as and when you can" type loan you can sell up, get ex to cover half the neg equity (and half the costs) and just pay back mum and dad over the next few years.

TBH I can't see the bank letting him come off the mortgage unless it was a lot lower, so your ex needs to understand its not just going to be here sign this off you go.

Most of us have been through bad relationships and often we end up financially worse off as well its really tough, but things will get better in time. I think best bet is to sell up and move on.


Good Luck
Ali x

Thrugelmir

Sell up and split the difference between you.

The money you were gifted has gone. Nothing can be done about this now.