Afternoon all,
I have recently split up with my partner and have moved out of the house that we have been living in since 2006.
We have a joint mortgage of 258k with 24 years left on the mortgage.
Bought house for 315k, put 25k deposit down.
Value of house approx 160k
Negative equity 98K
Variable interest rate 4.34 (PTSB)
Mortgage 1200 month NO arrears.
1 x child - not married
TRS - 323 month into year 7 (Does my TRS come off this year or will it run to until 2017 as we bought during the boom).
I will be soon be taking legal advise but would just like to know what my options are as i am not sleeping to well at the minute. Any advice on this matter would be greatly appreciated.
I can afford to take over the mortgage and would do so no problem.
My X-partner says she wants to stay in the house too but i know she would not be able to keep up the full mortgage repayments. I would also be willing to give her the house and walk away. My concern would be that she would fall behind with the mortgage repayments and eventually fall heavily into arrears. What happens then?
I am originally from the UK and will head back home. If my x-partner does take the mortgage on and then later falls into arrears, can the bank start chasing me up when i have moved back to the UK and did offer to take over the the full repayments of the mortgage.
I just want this to be resolved quickly and fairly, so we can both on with our lives.
I have recently split up with my partner and have moved out of the house that we have been living in since 2006.
We have a joint mortgage of 258k with 24 years left on the mortgage.
Bought house for 315k, put 25k deposit down.
Value of house approx 160k
Negative equity 98K
Variable interest rate 4.34 (PTSB)
Mortgage 1200 month NO arrears.
1 x child - not married
TRS - 323 month into year 7 (Does my TRS come off this year or will it run to until 2017 as we bought during the boom).
I will be soon be taking legal advise but would just like to know what my options are as i am not sleeping to well at the minute. Any advice on this matter would be greatly appreciated.
I can afford to take over the mortgage and would do so no problem.
My X-partner says she wants to stay in the house too but i know she would not be able to keep up the full mortgage repayments. I would also be willing to give her the house and walk away. My concern would be that she would fall behind with the mortgage repayments and eventually fall heavily into arrears. What happens then?
I am originally from the UK and will head back home. If my x-partner does take the mortgage on and then later falls into arrears, can the bank start chasing me up when i have moved back to the UK and did offer to take over the the full repayments of the mortgage.
I just want this to be resolved quickly and fairly, so we can both on with our lives.