Can we release the equity/ or sell

Mummy2211

Morning.

This may be a little confusing as i am totaly confused on what to do.

So.. My partner owns our house with this Brother and his wife. The mortage is currently at £149k, and the mortgage was with Amber Home Loans, But this has now been sold on to Morgan Stanley, so we have just been told by Amber, I haven't a clue on who Morgan Stanley are but by a quick search they are another broker.

Our current situation is we are £50k in debt, from loans and credit cards, this is from where were went self employed back in 2013, but ended in 2015, when we both went back to full time employment, I sorted all our debts out with creditor with the help of national Debt budget sheet, all creditors agreed to the payment terms (low payments as we then had mortgage areas)

My partner is now in another job that pay less money, and hates the job (currently looking for a new one) He has now said he just wants to sell the house and pay off the debts and then look to buy again later, But we wont ever get back on the property ladder with his credit history until they come off his file once paid off.

Can we, would we be able to release what we can in the house? we would of course need to ask his brother and wife to agree to this, Even though we took out a £30k loan 6 years ago, so they have no money in the house, but I was going through a divorce so was advised not to take on the Mortgage until this was completed, and my partner was unable to take the mortgage on his own as they said he didn't earn enough. They don't nad haven't paid anything towards the house, and have had their money out, but to the mortgage the aretill the owners along with my partner.


So do you think we would be able to take the money out frhe house? We have about £80-90k in the house, but wouldn't want to take more than £50k, just to get everything paid off and then we are debt free, and can move on again.

Thrugelmir

Unlikely that equity will be released for the purpose of debt consolidation with the sums involved. Selling up at least draws a line under the past. Enabling you to move forward. Not having the worry of creditors to deal with will improve your quality of life.

Mummy2211

The only problem with selling up is getting back on the property ladder, and having to rent some where that is actually higher than what we are paying on our mortgage. Our mortgage is only £400 at the moment, and renting will be twice that plus more. Id rather not sell the house, we are on top with all our payments, its just the outstanding debts we have, that are being paid but at a low rate.

We cant get another loan to pay off all the debts, because my partner has the defaults on his credit file now.