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HELP on getting equity out for relationship split
Comments
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If you can only JUST afford the mortgage on your own then it's time to sell.
A slight increase in interest rates will leave you screwed.
Also, your 14k "equity" in the house isn't real money. If you try and sell now you'll see it doesn't exist. If you are lucky you can sell the place and pay off the outstanding mortgage. If you are unlucky you'll need to get a small unsecured loan to pay off the negative equity.
Put simply: DO NOT LET YOUR EX LEAVE YOU WITH THE NEGATIVE EQUITY.
That's what will happen if you do what you plan. She'll end up with 7k and you'll end up with the negative equity.
Sell the place as fast as you can.
How many times do I have to say this although negative equity is not something we would chose as a desirable situation its not the end of the world either,provided you are in for the long haul. Also why do you think that the £14K equity doesn't exist, although there is a general stagnation/fall in house prices, with houses satying un sold for longer. Not everywhere in the country is experiencing plummeting prices, just yet.0
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