Dumping a mortgage

[MK Shrimper]

All, just a bit of advice needed (and I think I know the answer).

If you don't know, last year I split with my long term missus of ten years and the house we bought together went on the market. Had plenty viewings, but not a single offer.

Fortunately we were quite amicable and we could sit in the same room and watch the box without ripping each other's throat out. In the last few months I've got a new missus MK, and it's now completely changed. We don't speak, we communicate via email, written messages and texts as a few weeks ago we had one hell of an argument where things were said that can't be taken back.

Now I could afford the mortgage on my own (just with a bit of belt tightening), but she's being stubborn for the sake of it and refusing to go down that path.

As the house prices drop there hasn't been a single viewing for weeks now and I'm seriously considering just giving the keys back to the bank and walking out.

I know this will probably mean that I'll never get a mortgage again (I'm almost 37) or any kind of credit but I'm going insane living like this.

Advice?

 

[McNasty]

All, just a bit of advice needed (and I think I know the answer).

If you don't know, last year I split with my long term missus of ten years and the house we bought together went on the market. Had plenty viewings, but not a single offer.

Fortunately we were quite amicable and we could sit in the same room and watch the box without ripping each other's throat out. In the last few months I've got a new missus MK, and it's now completely changed. We don't speak, we communicate via email, written messages and texts as a few weeks ago we had one hell of an argument where things were said that can't be taken back.

Now I could afford the mortgage on my own (just with a bit of belt tightening), but she's being stubborn for the sake of it and refusing to go down that path.

As the house prices drop there hasn't been a single viewing for weeks now and I'm seriously considering just giving the keys back to the bank and walking out.

I know this will probably mean that I'll never get a mortgage again (I'm almost 37) or any kind of credit but I'm going insane living like this.

Advice?

Paul, never the best thing to do.

PM on it's way

Ken

 

[Andyhsufc]

i suppose you could talk to your estate agent about how you could market the house better. Saw a house programme a couple of days ago and they held like a house party sort of thing where they really marketed the property (pick of the week in newspapers, leafletting etc) and then invited people to this party. The people involved got 15000 more than they wanted

 

[Southend_Lady]

Can you not just ride it out for a while? For the sake of your future credit etc, it isnt worth the risk of giving up. Once the market picks up a bit you will be fine. Hang in there!

 

[MK Shrimper]

Can you not just ride it out for a while? For the sake of your future credit etc, it isnt worth the risk of giving up. Once the market picks up a bit you will be fine. Hang in there!

Easy to say Sam, but I'm spending my free time stuck in my basement.

 

[Southend_Lady]

Easy to say Sam, but I'm spending my free time stuck in my basement.

Yeah I know thats prob really like hell at the moment but you will feel even worse if you loose your house. Cant you spend more time at mates houses and stuff?

 

[MK Shrimper]

Yeah I know thats prob really like hell at the moment but you will feel even worse if you loose your house. Cant you spend more time at mates houses and stuff?

Got a few up here, but I'd feel like a burden. Most of my mates are still in Essex and London and they've got families of their own anyhow.

 

[Crabby Shrimper]

Can't you buy the house yourself, if neccessary using a third party? I don't know if a buyer has to disclose their identity or not tbh, if not then it may work.

 

[Southminster_Shrimper]

And i thought my previous arrangement was complicated.....I once had 3 mortgages...yeah wtf!!

As this is quite a personal issue you can PM if you want any help from me m8....you know that....

 

[TrueBlue]

an argument where things were said that can't be taken back.

That you dance like a fag and you got a small python?

 

[Irish_Shrimper]

Sorry to hear that Paul mate - i'd echo the others in saying most definitely do not dump the mortgage. Is it feasible to rent an apartment or something in Milton K until the time comes when someone buys the house from you and the ex?

 

[TrueBlue]

All, just a bit of advice needed (and I think I know the answer).

If you don't know, last year I split with my long term missus of ten years and the house we bought together went on the market. Had plenty viewings, but not a single offer.

Fortunately we were quite amicable and we could sit in the same room and watch the box without ripping each other's throat out. In the last few months I've got a new missus MK, and it's now completely changed. We don't speak, we communicate via email, written messages and texts as a few weeks ago we had one hell of an argument where things were said that can't be taken back.

Now I could afford the mortgage on my own (just with a bit of belt tightening), but she's being stubborn for the sake of it and refusing to go down that path.

As the house prices drop there hasn't been a single viewing for weeks now and I'm seriously considering just giving the keys back to the bank and walking out.

I know this will probably mean that I'll never get a mortgage again (I'm almost 37) or any kind of credit but I'm going insane living like this.

Advice?

look in the words of Mike Strutter (and yes I am friends with Paul Kaye in real life)

You got grief? I'm your brief

you up **** creek? I'm your ****ing paddle!

look mate just let me come up there and have words with her she will sign the rest of the house over to you no problems

 

[cockles is back]

Paul, never the best thing to do.

PM on it's way

Ken

if theres any man that can help you in this department its Ken helped me out greatly and honestly people he really is the man to talk to

 

[Ron Manager]

I'm sure Ken has given you some excellent advice as a mortgage broker, as he always does. However advice from the point of view of a mortgage lender - why not consider letting the property out?

Rental income is actually rising as the demand for rented properties outstrips supply with people holding off on buying for themselves. Considering the circumstances your lender should be happy to give you permission to let it out - that way they still receive their payments after all. Believe me banks don't like re-possessing properties and only do so as a last resort so they will look to help with a solution to your problem.

You can ride out the current storm by having someone pay your mortgage for you and live in the property whilst you rent yourself. You and your ex keep your credit rating in check and hopefully make a profit on the eventual sale of the house further down the line to help towards the deposit of your next purchase.

If you'd like some more detailed information on what you'd need to do just send me a PM, I'd be happy to give some further advice if you need it.

 

[steveo]

have you considered renting the house out and hopefully getting enough to pay the mortgage until the market picks up and you can get a decent price? Giving the keys back is daft. The bank will only be interested in getting back what you owe them and will sell it quickly and cheaply meaning you will probably lose any equity you have built up which will be a terrible waste of all those years.

 

[MK Shrimper]

Thanks for the advice guys, I shall be speaking to Ken & Gary and I'm sure they can sort me out. Renting does sound like a good idea.

Cheers.

 

[Pubey]

Easy to say Sam, but I'm spending my free time stuck in my basement.

i know an austrian amateur builder who might be able to give you some tips on making your cellar more habitable. maybe even turn it into a nice little sh*g pad!

 

[MK Shrimper]

i know an austrian amateur builder who might be able to give you some tips on making your cellar more habitable. maybe even turn it into a nice little sh*g pad!

Lol, I went out of my way not to say "cellar" as well.....! Arrgh!

 

[londonblue]

Easy to say Sam, but I'm spending my free time stuck in my basement.

You're not Austrian are you?!

 

[MK Shrimper]

You're not Austrian are you?!

Arrghhhhhhhhhhhhhhhhhhhhhhhhhhh :madman: