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Mortgage advice
Fizzy14
Posts: 1 Newbie
Looking for some advice with regards to a mortgage I am currently on. Split up from my partner last year and moved into a private rented property and my ex stayed in the mortgaged property however I still remain on the mortgage as a joint owner. I have recently discovered he hasn't kept up with the repayments as was the agreement when I moved out as it's half what I have to pay in my rented property. So my question is what am I best doing? Try and take the house back and sort the arrears and take him off the mortgage or try and come off it myself? I've thought about selling it which he is in agreement with but it's not worth anywhere near what we owe on it (interest only) so we would end up with a large shortfall... Also we have poor credit ratings so I think remortgaging would also be out of the question.
Sorry for the lengthy post just wanted to explain the situation in full. Any advice would be most appreciated
Sorry for the lengthy post just wanted to explain the situation in full. Any advice would be most appreciated
0
Comments
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The chances of a lender being willing to release either of you in the circumstances you describe, are slim and none...
You are both tainted by the mortgage arrears and if there is no equity, a remortgage is impossible.
Talk to the lender about selling at a loss and make an agreement as to how you repay any shortfall after the sale, perhaps using a loan or monthly payment arrangement, then get the property on the market. Do not market without the lender's agreement to sale at a loss, as it has ultimate decision making power if it does not want to permit.
The longer this drags on, the further into the future before you get it resolved.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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