i bought a house in 2005 with a joint mortgage with my partner. the relationship finished in 2010
the purchase price was 270,000
we borrowed 200,000
i own another house on my own.
in 2008 i took half the money from the joint mortgage over into my own house.
since we broke up we have rented out the house. but the rent doesn't cover the mortgage.
i am paying my mortgage in my house which now includes half the money from the new house.
joint mortgage; 88,000 including arrears of 4,000.
single mortgage now 33,000 as i paid a lump sum into it.
i am collecting the rent and putting it into the joint mortgage. but she was topping it up to meet the amount required
she has stopped topping it up now for almost 2 years with the result that the mortgage has gone into arrears.
the house is now worth approx 130,000
i don't know what to do with this?
the bank will let me buy her out but i'll loose the tracker morgage of now 1.1%. and be put on a buy to let rate of about 5%
she wants half the furniture also.
i don't know if it makes financial sense to buy her out of a house worth only 130,000 when i will have to pay another 88k to pay off the mortgage and i will have paid 135,000 in total when i have paid off the mortgage that's now on my own house.
should i pay the property tax as well?
she says she will not pay it.
i am paying for everything while she is getting off scott free by just ignoring everything to do with the house.
any advice would be greatly appreciated.