Housing/mortgage advice

[Matty_Jack04]

Hi all I'm hoping that since there is a wide array of people on here someone has ideas to help with a situation I currently find myself in.

I bought a flat with my mrs 5 yrs ago in a joint mortgage 50/50 split, 2 years ago the relationship finished the plan was that she was to buy me out and I'd move on whilst she kept the flat in her own name, I was fine with that and agreed to it.....I'm still here basically dossing in a house I pay half for.
Now I don't have the money to move out and pay for 2 houses it will be hard enough living on my own without keeping up mortgage payments on this place, so I'm looking for help on what I can do to get out and move on with my life.

earlier in the year she went to the lender to see about taking the house on and she hasn't got a chance of being mortgaged herself (her words) the house is worth around 10k less than we paid for it 5yrs ago (going by sales in the area) and as I said previously money is an issue so I'd prefer not to take on anymore debt if possible, this break up is becoming less and less amicable by the day as I'm sure you can understand so leaving and not paying my half on the assumption she will pay will in time bite me on the ass I also don't want black listed or anything like that so just getting up and leaving doesn't seem like an option either

im totally stumped which is why I'm posting here thanks in advance for any help

:aok:

[Purple & Green]

It sounds like you need to sell and just take the hit - if you've had a repayment mortgage then your capital loss might be completely offset.

In the meantime I'd look to switch your mortgage to interest only until you get the situation resolved.

Another option would be to rent out the property and split the income and expenditure until you can sell? Without knowing the financial specifics its hard to know what suits you best.

[Wembley67]

Exactly the same scenario I found myself in and as P&G said, take the hit, walk away and start a new chapter in your life....the relief cannot be described once it's done.

Good luck though :agree:

[Matty_Jack04]

It sounds like you need to sell and just take the hit - if you've had a repayment mortgage then your capital loss might be completely offset.

In the meantime I'd look to switch your mortgage to interest only until you get the situation resolved.

Another option would be to rent out the property and split the income and expenditure until you can sell? Without knowing the financial specifics its hard to know what suits you best.

Iv thought about renting it out but I may have to move into council accommodation at least to begin with anyway and I'm unsure if they will class the rent as a second income and how that will effect my application.

il definitely take on the interest only advice though! Can't believe I've not thought of that over time thanks mate

[Matty_Jack04]

Exactly the same scenario I found myself in and as P&G said, take the hit, walk away and start a new chapter in your life....the relief cannot be described once it's done.

Good luck though :agree:

Thanks mate not the best scenario in the world, just want to get back on track not interested in point scoring or anything just to get on with my life hopefully 2013 is the year :aok: