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Selling - negative equity
Comments
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It would keep things nice and tidy if you got a cheap personal loan over 12 months. Use this to pay any shortfall, fees etc. As you have stated, it should be no problem to pay off as you will be saving money when living with family. Dont forget, your ex-partner should be paying his share too.
It may also be an idea to post this on the Mortgages & Endowments page as their are some great mortgage advisers who will give you some sound advice.0 -
The other potential option depends on what your ex may be doing.
Are they moving into rented or are they going to be buying another house?
If they are going to buy another house, they may be able to port all/some of the mortgage saving all/some of the early repayment charge.
Can neither of you afford to keep the house by living there and taking in a lodger for example?
NR are probably the only lender who may agree to waive any early repayment charges, but it will be hard work.
DO NOT just hand the keys back - unlike the States this is not a sensible option here at all.
Interest and charges (including solicitors, estate agents/auctioneers fees) will be added to the mortgage debt until the property has been sold and they will really rack up. Not to mention the damage that will be done to your credit file for the sake of something that you may have been able to sort out.
I would suggest that you agree to split any shortfall down the middle and arrange personal loans to cover your shares.
Try and negotiate with NR in the meantime, but plan for the worst and hope for the best.
Good Luck - not a great position to be inI am an IFA (and boss o' t'swings idst)You should note that this site doesn't check my status as an IFA, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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