Living in Spain, trying to sell UK house, no funds left-PLEASE HELP!!!!

Feverdiva

3 years ago I moved to Spain with my OH and young daughter.  Initially I kept my UK house in case I decided to move back and I was paying the mortgage & other expenses using the savings I had.  Last year I decided to put the house on the market but it's not shifted.  I now have no savings left and cannot afford to keep paying out every month.  The mortgage is interest only so it's not a vast amount but still more than I can afford.  I've spoken to the EA and they feel it's competitively priced, it's just that there's a lot of competition in the area.  I still owe ~119k on the mortgage and it's up for sale at 122.  What are my options here?  The house in Spain in in my OH's name, I have no income as I volunteer at a school and I have no savings.  Bankruptcy?  I've read something about assisted voluntary sale but I'm not sure if that's a UK thing or not.  I tried calling Citizens Advice and Stepchange but they said that, as I am no longer a UK resident, the couldn't help me.  I'm losing sleep over this and it's making me ill, any advice would really be appreciated!

Col_67

Can't you rent your house in the UK to offset your costs and maybe make a little extra income? ? If you choose bankruptcy you risk losing your house before you get a chance to sell it and could end up with a mortgage shortfall should the house get reposessed after your bankruptcy has been completed 

Feverdiva

I've looked at renting but would likely only just make enough to cover the mortgage and insurances-when I factor in possible repairs etc it's not really viable :-( 

Thrugelmir

Voluntary repossession is an option. Speak to your lender. Though they might not commit until the mortgage is in arrears. 
Downside will be that you trash your credit history in the UK. 

[Deleted User]

When last year did you put the house on the market? How many viewings have you had and has anyone put in any kind of offer? 

steampowered

As the agent says the property is competitively priced, it should shift sooner or later.
Could you take a part time job to generate income?

Doozergirl

If you speak to the lender, they may well
allow you to sell with a shortfall and transfer the rest to a loan.  You can drop the price then, remembering that every month is money in interest wasted.  

It would be worth looking at getting yourself a small income.  

Bankruptcy does seem like using a cannonball to kill a fly.  

Ms_Chocaholic

Does the house need any work or even just basic sprucing up that would help it sell? Do you have family here in the UK who could do this for you.

If you are willing to post the link to the sale page then myself and others may be able to give you some advice on the saleability  of your property.

Retireby40

Why are you volunteering? Surely if your below retirement age which you must be then why are you not working to help keep up repayments. Maybe even a part time job in spain would be enough to tide you over?

markin

You may be able to get a payment break if you ask.  But rent covering the costs is better than not, are you on benefits in spain?

zagubov

Doozergirl said:

Bankruptcy does seem like using a cannonball to kill a fly.  

You have a proper gift for metaphor; I'm stealing this as it's better than my "using a combine harvester to trim your window box".
Or "getting a surgeon to amputate your hands when you don't like the gloves you're wearing"