House not selling what are my options

Atomix

steampowered said:

Do you need to stay in the house?

If not, you could just stay there and keep paying the mortgage, until an acceptable offer price is achieved. Not selling affects your ex more as he won't be able to get another mortgage with the current one on his credit rating. If he wants to provide funding to bridge the gap that's up to him. You could even ask for payment holidays etc. if available though that will ultimately just mean more interest on the mortgage.

Just wondering - username is Kev. Why do you think its a she?
am i missing something?

not that it matters...

Atomix

kev101 said:

wjr4 said:

How long have you been trying to sell for? 

It went on the market back in October, I wanted it on earlier but the ex was digging her heals in being awkward. 

Ex was digging her heels in - so your a bloke... just clearing this up... Kev.

Atomix

Like i said. Selling at the moment isnt ideal. Could one of you continue, in negative equity? Whilst the other moves on? At the end of the day you both need to live somewhere... seperately, so why cant one of you stay in the property....?

Atomix

The large payout from the property, due to divorcing - aint gonna happen... need to make this clear (especially as she has run up lots of debt) so... as above

blue_max_3

I'd say one of you should keep it too. But it may depend if you can get a mortgage on your own. They may only lend 95% of the current value though. 

Atomix

Mortgage Repayments on a £119,000 Loan

We have listed below what the repayments would be on a loan of £119,000, assuming a term of 25 years and with an interest rate of 2%.

If you would like to see how the repayments vary based on the interest rate and the term of the mortgage loan, then please use our Mortgage Payments Calculator and amend the figures as you wish.

Your monthly interest payment (repayment mortgage):	£504.39
Total amount you will repay:	£151,316.00
Your total interest paid:	£32,316.00

On an interest only mortgage, your monthly repayment would be £198.33

Atomix

Less than £200 - you could pay that if you did a paper round for a living

blue_max_3

There are a lot of factors, such as affordability. You may have car payments and perhaps a credit card debt. You may be self-employed with erratic earnings. You may not have the deposit either. I'd never bank on getting a mortgage until you are offered one!

Bossypants

Atomix said:

steampowered said:

Do you need to stay in the house?

If not, you could just stay there and keep paying the mortgage, until an acceptable offer price is achieved. Not selling affects your ex more as he won't be able to get another mortgage with the current one on his credit rating. If he wants to provide funding to bridge the gap that's up to him. You could even ask for payment holidays etc. if available though that will ultimately just mean more interest on the mortgage.

Just wondering - username is Kev. Why do you think its a she?
am i missing something?

not that it matters...

To be fair, both OP and partner could have been male, but honestly a lot of people (on the internet generally, not just on here) won't notice usernames but instead just subconsciously identify OP with themselves as far as gender, age, race, etc goes, unless something in the actual post really jumps out at them as being different. Pretty normal human instinct I suspect, for better or worse.

Crashy_Time

[DELETED USER] said:

You are in a difficult spot because it's not worth enough to pay off your mortgage. If you can't take the hit all you can do is wait however many years it takes for the value to go up again.

Many people won`t want to do that though?