Negative Equity - Break up - what to do

S

Sparkle28

Guest
Hi all
I know this has probably being asked millions of times but basically I bought a property with my ex partner about 5 years ago, at the time we had a lump sum of 16k and we reduced our mortgage to 316k. We are currently on a fixed mortgage for another 2 years and the balance on mortgage is €300k and I am currently living in the property (ex is paying half mortgage for time being). I do realise that this situation can't go on it's unfair for him to pay half a mortgage for a property he isn't living in.I have already tried to rent out a room and found it very difficult, and the way the rental market is at the moment we wouldn't even get enough to cover our mortgage repayments.So another alternative would be to sell and just take the hit in terms of the loss now 'cause who knows what things will be like in another 2 years. Has anyone else been in the same situation and what have they done? Way it is to rent a property out fully it could take up to 6 months to get suitable tenant, it could also take up to a year to sell the property so I'm not sure if it's just best me staying there maintaining property with the view to selling as soon as things start to improve. I have to sit down with the ex next month to discuss things but he never seems to have any suggestions and expects me to have answers but at the moment it's very difficult for anyone to have answers.
Any help/advice would be appreciated
Thanks
 
Hi In the same situation. But bought with a friend. At the minute we have one room rented and we split the difference. Like you I am living there and there is a spare third room. The only renter we have is now moving out. I don't know what the best way to split the mortgage on the house is now. Only that is was her choice to move out and I will not be out of pocket because like you I am expected to have all the answers maintain the property. Do not sell. It is not worth taking a hit.
The price of a house is only real if you sell it. Sound like you are on good terms so work out what is best and where financially neither looses out.
 
Thanks Tim - it's a real pain but nothing you can do - suppose I will just have to ride things out for two years then sell - take the loss then - we can't be attached to eachother forever it's just too difficult to move on! Good luck!
 
You should not assume the property market will come back up. What is the value of the property?

If you rented the entire property and would this cover the mortage and running costs?
 
see your bank and explain the situation and see if they are willing to do interest only for 6 months i think you both have to be there.as for renting try a letting agency it cost nothing for your first visit and they may be able to help
 
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