Mortgage dilemma

Lynith72

I still have a mortgage with my ex husband as I can't get a mortgage to cover my remaining balance. He has no dealings with the mortgage. I've tried to sell with no luck. He has had a cash pay off from my dad. Thanks dad. I owe the remaining balance of £133000 my pension is under £13000 with 15 years to go on an interest only mortgage with TMB who are no longer trading. I have a tenant in and the rent just pays the mortgage and insurance and no profit. I live with my partner and dot know what to do? Please help. Find someone to help me I'm desperate. Know one so far can give me advice....please help

foxy-stoat

Have you been submitting your self assessments every year with HMRC? No profit doesnt mean no tax to pay.

I would out the tenant and sell it at the best price - you say you tried to sell it, was that with the tenant in, or the wrong price?

Lynith72

Yes I declare every year. I tried to sell with out tenants and with. I've offered tenants good deal on house. First come. Ìve already checked my evaluation and I'm down by £41000 in equity.

enthusiasticsaver

Why on earth did your Dad give your ex a cash handout?

How much is the property valued at? I am not sure if you mean the property is in negative equity? Both you and ex are jointly liable for any shortfall in mortgage.

Lynith72

Dad gave him £17000 to go and sign over the propera to me. We have grown up sons who where involved in the decision. I bought in the Peak and put £60000 in but the crash has lowered the value of the property.

Lynith72

I bought the property for £191000

Lynith72

Ánd valued at £150000

enthusiasticsaver

Lynith72 wrote: »

Dad gave him £17000 to go and sign over the propera to me. We have grown up sons who where involved in the decision. I bought in the Peak and put £60000 in but the crash has lowered the value of the property.

Presumably though you cannot put the property just in your name as the mortgage has to be in the same name as the property. This way it looks like your ex has walked away with £17k and you are having to shoulder the whole £41k loss especially as he is not helping with the mortgage despite being named on it. Did you get any advice before going ahead with this course of action?

The property was bought at £191k with presumably a £60k deposit (all from you?) and a mortgage of £131k and the value is now £150k? If you sell for that presumably there will only be enough to cover the mortgage and give your dad the £17k back leaving you with nothing.

enthusiasticsaver

Can you afford to up the repayments to start repaying any of the capital? I am sorry but I cannot see any way that you can benefit from this. You either get the tenants out or try and sell with them in situ or you start repaying the capital so that eventually you get to a point where the rent is more than the mortgage and you start to see some profit.

You have suffered a fairly catastrophic loss of value - which area of the country is it? Your Dad has misguidedly in my opinion bought your ex out of a house which is worth less than it was bought for. Ideally you would have sold, repaid the mortgage and both suffered the hit in value. If it has not regained its value 10 years after the crash I wonder if it will ever. Certainly there is no indication house prices will rise significantly over the next few years.

Lynith72

I'm making an overpayment of 100 going to 200 next month. I do have a stocks and shares isa worth 40000 and bonds of 23000 this is starting to make money as it does nothing in the bank. I was hopi g to get a repayment mortgage but know one is offering. I've got an excellent credit rating and never missed a payment.

Lynith72

Northeast of England