Mortgage Problems

jameswright2

Hi, I am just wondering if anyone has experience or advice with my issue.

I currently own a property with my ex ( girlfriend ) she ended up being added to the deeds just before we separated in order to get some equity out ( the worst thing I ever did ) anyway she has paid nothing towards the house for over five years.she wants her name off as much as I do.

I rented it for a while but now I am back living there. the last time it was valued it was in negative equity it could possibly be out of it now but not by much, I could maybe walk away with £8000 I have not had it valued as of yet.

The one bonus is the mortgage is so low £100 a month on interest only which is helping as I have credit card debts of around £25,000 which I am gradually getting on top of .

So what would you do ?

1.Sell the house and cut your losses ? I would have to rent so paying debts would be harder.

2.Stay put until the debts are paid which is going to be a long time and I just want to get the ex off the house and move on.

or any other options the Mortgage company do not want to know I have called them so many times over the years and they just say we would need to make a new mortgage application and for that I would need a deposit which obviously I do not have and with £25,000 debt would not get accepted.

its such a strange situation and nobody seems to know what to do, I just want to get Debt free and get a new house in my name but currently it looks like I will be 80 by that time that happens.

thank you for all comments good or bad and yes I know I have been daft.

lee111s

Take in a lodger?

Thrugelmir

With only £100 mortgage interest to pay. You are better off staying put and paying down your debts. While you are in negative equity little point in worrying about your ex either. Unless shes willing to pay off the negative equity. Until your debts are repaid. The mortgage can stay as is. Once gone you can overpay and clear the negative equity.

Not your mortgage companies problem to resolve. Defaulting on the debt does you no favours and may simply create yet more problems.

jameswright2

@thrugelmir thanks for the reply, I am not sure if the value of the property has gone up since my last valuation I need to get a new one, if it is worth more and not in negative would you still sit tight, the debt seems like it is going to take years to shift.

hildosaver

Focus 100% of your effort on paying off the £25,000 debt. You are in a better position right now than if you did sell it (lets assume you did get £8,000 from the sale - that would still leave you in £17,000 debt but with no doubt increased monthly outgoings due to higher cost of rent making it harder to pay down the debt).

Stay in the house, accept the fact you are going to be there for several years and you will have to live within your means during that time also. It's tough going but it is what you need to do.

Thrugelmir

While the situation is far from ideal. You need to do what is financially best for you. Hopefully in time you'll find an exit route.

jameswright2

thanks it makes sense, I have been doing my best with the debt moving cards to 0% its all currently interest free which helps.