Income details
Net monthly*(i.e. after tax) Income self: approx €2000
nature of income e.g. private sector, no bonus, no pension
Income history: same employer for 8 yrs
Net monthly*income co owner: approx €1900
nature of income - public / charity
Income history:*same employer 5 years
Amount of child benefit received - n/a*
Amount of Mortgage Interest Supplement received - n/a
Personal circumstances so we can calculate your reasonable living expenses*- looking to sell house as split up and neither one of us can buy each other out or afford alone. Co-owner also ill and had alot of medical expense - paying interest only for 2yrs now.
The Insolvency Service has published*Guidelines for reasonable living expenses*based on the family size, whether or not you need a car for work, childcare costs and other exceptional circumstances. By filling in this information, we (or you ) can calculate what your reasonable monthly living expenses should be.*
One adult family or two adult family - n/a
Do you need a car for work or do you use public transport?* each have a car for travel to work
Number of children - none
Montly spend on special circumstances: e.g. exceptional healthcare costs co-owner approx €300 a month
Home loan Lender:* Haven Mortgages (EBS)
Amount outstanding:*€287,000
Value of home: €150,000
Interest rate: SVR
Monthly repayment: €1100 (but paying €760 mth interest only)
Amount in arrears: €6000
Summary of discussions and agreements with the bank: been on interedt only for agreed 18mth period with bank. Applied again and bank refused. Spoken to bank about situationand our desire to sell house as no longer in relationship and only one person can live in house but one alone cant afford mortgage or to sign over. Co-owner in particular having difficulty meeting full payments and i cant afford to pay more than my half. Also I paid in full for deposit and house now in negative equity of approx 60%. Bought house for €315k.
Bank had advised they need firm offer before they can discuss any write down or discussion around shortfall. Now theyve advised no write down but for us to propose how we propose to handle shortfall (approx €150k), in order for them to consider sale.
We're looking to submit this in january as buyer wants to proceed also.
Monthly rent received - n/a one room rented €300 a month which allows cover for my rent elsewhere. (Co-owner living in house)
*Credit Union*- n/a
Amount of shares - n/a
Other loans and creditors - me(none), *co-owner has other loans maybe €8000 total?
Overdraft - me €1000 outstanding, co-owner acc €1500 + €3000 on joint acc outstanding
Credit Card - me €1000 outstanding*
Credit Card - co-owner €1000 outstanding
Other savings and investments: none
Do you expect any lump sums in the medium term future?*No
Redundancy, inheritances, injuries awards: None
*How important is retaining the family home to you?* Not
Which of the following best describes your situation? Its not a family home and preventing us from moving on with our lives.
What is your preferred realistic outcome?*I want to sell the house and deal with the shortfall through a DSA which i believe is the fairest outcome as we are stuck in a situation with poor potential to cut our losses and are bith willing to take on a debt for 5-6 years even though its not through any actions of ours that the house decreased in value. Bank sanctioned and valyed at that same amount in 2008 and we are both early 30's and need some confirmation from bank at this stage re shortfall. I dont think its fair that we left with a debt for period of remaining term 30 years.