relationship break up mortgage advice please

dodgy123

Hi,
My girlfriend left me in 350,000 debt, eating value beans on toast for the next 25 years should allow me to service the debt
Me and my ex-girlfriend have 2 mortgages, (i persuaded her to keep our last house as pension) Due to this i have been paying the bulk of both mortgages for the last year until we rented out the last property.

One house has equity in it but our most recent house has wiped out all that profit, with money i have spent doing it up changing from 3 to 2 bed ( a stupid idea now), redemption penalties, and the declining housing market.

Would it be wise to pay her off and not take her name off the mortgage until the redemption penalties have expired, is there any way of doing this?
I think we have parted on good terms, but don't want to pay her a load of money and then find that she decides she is entitled to more in the future if houses go back up.
My other option is to threaten selling both properties and both share the resulting debt.
Or option 3 tell her i won't pay either mortgage anymore and let them get repossed - this may seem crazy but it might stop the sleepless nights.

Any advice greatly appreciated

PasturesNew

Sell and divide.
Clean start all round.

hobo28

Agree with PasturesNew. Personally I'd sell both and divide up the debt. But be aware, she is also liable for the mortgage in equal payments ie. she should be giving you 50% of the mortgage each month. Now you've split, you should at a minimum be asking for that or at least compensating for you servicing the mortgage when properties are sold.

You can take her name off the mortgage usually without redemption penalties. Ring your mortgage company up and ask them how much it would cost to transfer the properties into your sole name. Usually there's a small charge and of course legal fees. Neither should be much.

Don't go for option 3 as it has long term consequences.