Ex-partner is wanting to sell the house.

NRAM was bought by Landmark. My mortgage was always a repayment mortgage and now I'm wondering if I've missed a letter. Did they change yours to interest only automatically or was this you? They cannot sell new products surely?

I'm in a similar position except the ex hasn't decided to play any games about the house lately. I want rid of it but it's in negative equity and needs £££ spending to bring it in line. Will be cutting my losses soon but if I've not been repaying it properly like I thought I was it's gonna be harder.

In my opinion you'll find life easier getting rid, getting her out your life and saving the legal cost spiral. At best they'll go through mediation, at worst court, but is it worth the cost and stress? Get it sold, rent something and then build up to something new in the future. It'll be more expensive for you but this is a problem that won't go away by being stubborn really. Sooner it's sorted the sooner you all can move on.
 
They are bleeding the people dry.

He needs to go bankrupt hand the keys back. Start again with a clean sheet. At least then it's over in a few years.
 
VincentHanna said:
Indeed, until you have completely paid off a mortgage, the bank owns the house.
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But it will be paid off eventually, and you will have gained something material of considerable worth instead of lining the pockets of landlords and ending up with nothing.

On the matter in hand, I thought individuals named jointly on a mortgage means 50/50 whatever and whenever. That includes 50/50 of any debt, not just equity gains.
 
What a mess!
Just shows you should fully cut ties if at all possible after a break up.
I'm still not sure
-who had paid what
-how much equity is in the house paid
-if the kids are not hers

I feel sorry for the girl. No good deed goes unpunished.
If she is trapped in a mortgage when she wants to get her own place that's brutal.
Its also hard that OP has been paying interest only for so long.
I'm guessing he isn't young with the time lengths and may be left with nothing in savings or property when this shakes out.

There are no winners.
This can't be all the story.
Don't keep financial ties with an ex!
 
Hard to say without all the info what is likely to occur here but to those who assume that finances must have been resolved during a divorce, a divorce is just the end of the marriage, any financial agreements are separate and usually come under a consent order if it’s done properly.
 
OspreyO said:
They are bleeding the people dry.

He needs to go bankrupt hand the keys back. Start again with a clean sheet. At least then it's over in a few years.
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I think you're missing the point that he's not the only one on the mortgage here... also you seem to suggest to "go bankrupt" as though it is something you do on a whim. There might well be some equity in the property and you think a solution is for the OP to both screw himself and his ex over for the next few years?
 
OspreyO said:
They are bleeding the people dry.

He needs to go bankrupt hand the keys back. Start again with a clean sheet. At least then it's over in a few years.
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She's a co-signer on the mortgage. OP "going bankrupt" (and I don't think you appreciate the consequences of that) would mean that he's dumping the full debt on her, I believe.
 
h4rm0ny said:
She's a co-signer on the mortgage. OP "going bankrupt" (and I don't think you appreciate the consequences of that) would mean that he's dumping the full debt on her, I believe.
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The alternative seems to be waiting 10 yrs and then realising they've made zero progress with this house they are right back where they started. Only 10yrs older.
 
dowie said:
I think you're missing the point that he's not the only one on the mortgage here... also you seem to suggest to "go bankrupt" as though it is something you do on a whim. There might well be some equity in the property and you think a solution is for the OP to both screw himself and his ex over for the next few years?
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Are they not already screwed.

Where will equity come from? Thin air?
 
OspreyO said:
Are they not already screwed.

Where will equity come from? Thin air?
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What do you think would be solved by your suggestion?

You don't know how much equity there is, quite possible there is a small amount like a 4 figure sum... OP suggests there is some equity - I mean he's owned a house for 15 years and they did at least have a repayment mortgage for a short period.
 
Thanks for all the replies and continued discussion. There is a lot to quote and correct in lots of posts but having just got back from work now is not the time. There is more details I can give that I didn't really want to post but may have too. I shoukd have time before work later to reply.

@coolsurfer i don't play wow. Not for at least a year. I may have loaded it and played for an hour since but that's it. I don't play video games anymore not for a long time. Overtime is not an option a better paid job is what I have been trying to get since I was made redundant in 2015. I am vaping to help quit smoking. My repayment mortgage is over £1000 per month. Hence the interest only.
 
dowie said:
That what I'm asking you - what do you think bankruptcy would solve here?
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And I'm asking you how does a small amount of equity charge the situation in any way.

I'm not in the UK but we've had lots of people in the same situation. The banks would not make deals. We also cannot walk away. The bank sells the house for less than its worth and you are still liable for any losses. So it's stalemate. Rules might be different in the UK. We also had a 10yr bankruptcy which has now been reduced to 3 I think.

Bankruptcy gets you away from this debt and forces people to make deals with you that they have to abide with. It ruins your credit, for a long time and you basically have to do everything through cash for a number of years. It has implications for directorships.

The problem for the OP is that he needs to force the bank to make a deal. Even if that's too switch it to himh and his wife and take the ex off it so how does he do that. The ex also needs this even if she doesn't know this yet.

In Ireland they have a mortgage to rent scheme. https://www.housingagency.ie/Housing-Information/Mortgage-to-Rent-Scheme

But the OP needs to consider in 10-15yrs time if there is a crash and negative equity or simply can he afford to be living month to month until he retires. Maybe it's time to look at other options instead of kicking the problem down the road where its not going away.
 
Its not all doom and gloom. The OP is not in negative equity. If the wife gets working, and they can increase cashflow. Change the mortgage and/or switch to a cheaper rent. Very quickly he'd be in a better place.
 
Rule of thumb is your mortgage should ideally not be more than a third of your income. Otherwise you are very vunerable if one partner can't work for any reason. You have no margin of safety.
 
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