Selling a property with a shortfall on the mortgage

Jennisquick

Myself and an ex-partner own a small property in Northern Ireland, we've had a cash offer from a developer which would leave us with a £30k shortfall on the outstanding mortgage. Neither of us has the money to cover this in savings, but I have another property I can mortgage my half against. My ex on the other hand would probably have to take out a loan to cover his.

It all seems increasingly complicated to me, but selling the property is the best option for us as the market in NI is unlikely to increase greatly in the next 10 years. What is the best way for us to go about funding this shortfall? Has anyone done anything similar in recent years?

Many thanks for your help!

Thrugelmir

Speak to your lender. Explain the situation and see if they can assist in any way. You seem to have the outline of a solution to the issue.