should I pay his mortgage

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rion

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Hi I would be grateful of your views on my situation. My fiance bought an appartment in 2006 for 150000 he still owes 141000 on this an has become unemployed he worked in construction.

My question is I have saving of 35000 should I pay this off his mortgage which I really dont want to do as It is an appartment with lots of stairs up to it an isn't suitable for when we start a family. I would like to keep the money and use it for a house that is suitable for our needs which idealy would have a garden for children to play.

There are 3 bed houses going on the market in my area for 80000 which have garden which is so down heartenin. My fiance cant pay this mortgage now as is on unemployed he wants to go to uk and declare himself bankrump to get rid of the mortgage.

Will you give me your views on this matter as our heads are all over the place we want to start a family soon but know his house is unsuitable for us to live with children. thanks!!..
 
You are almost getting into relationship advice here so AAM might not be the best forum. My own feeling is that you should leave the debt with him to manage and if you want to buy a house, buy a house. There is nothing stopping you from helping him as much as you can but you are in a good position financially. Don't let his problem drag you down and force you to live somewhere you don't want to.

Going to UK and declaring yourself bankrupt is not a simple solution. There are consequences.
 
Hi and thanks for quick response am new to this forum could you advise me on were best to post. tks
 
I think that you already know the answer, no, its not what you want to invest your hard earned savings into.
 
Your boyfriend owes 141,000 and more than likely his apartment is in negative equity so if you were to give him your 35,000 it wont make much of a dent in his debt.

My advice is to keep your hard earned cash. Can your boyfriend rent out his apartment?
 
rion said:
Hi and thanks for quick response am new to this forum could you advise me on were best to post. tks
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Where you posted is fine. I just meant that this it might be hard to seperate the pure financial issues at hand from the relationship aspect i.e. you are engaged to be married to this person.
 
Thanks sunny, cashier we have been trying to get it rented but with no luck there are so many houses for rent in this area that I'd say his house would be the last house anyone would rent because of no garden. If we did get it rented it still would only cover half the mortgage as rent has gone down a lot in the area.

I would like to be saving money for a house that is suitable but at the min my spear money is going intop this house to keep it going alto my finance wouldn't let me pay this months rent so as of mond we are in arears. All advise welcome as this is really affecting our relationship at the min as can mnot think of anything else.

Should I let my fiance go in2 bky and be blacklisted for ever. thanks!!
 
Could you buy a house yourself - have the mortgage, house etc. in your name & let him move in?

With his negative equity (and the fact that he's unemployed and has a mortgage to pay) it's unlikely you'll get joint mortgage approval.

However, if you take out your own mortgage, in your own name, using your savings as a very sizeable deposit, you can soprt out the issues around who owns what later on.

I am assuming you are working & could make the repayments on your own?

Just saw your latest post there - you said "we're in arrears" - techniclly, he is in arrears. Sorry if that sounds harsh but you need to separate the financial issues from your relationship. It's great that you want to help him out but you seem to be very involved in his financial problems.
 
Thanks moneyhoney yea in an ideal world in my mind thats what I'd like to do buy a house on my deposit income but will feel so bad leaving this house for him do deal with he knows we couldn't move in there when we have children.

Is it realistic of him to go bankrupt or is there a better way.

many thanks in advance..
 
SOunds like you are renting a place and also have his apt. Is it in the same town/area? If so stop renting and move into his apt. It makes no sense to be renting and also for him to be paying a mortgage on an apt.
Have you had the apt valued and have you tried to put it on the market?

My advice keep saving. He will have to look for alternative work or go to the UK or further a field for a while to get earning.
 
I rent out my brothers house for 50e a wk which is so reasonable and I dont want to up and move in2 a house that I know will only be suitable for a short period as we are trying for a baby at the minute and his house is not suitable for children ie to high up etc
 
Perhaps you should wait until this stress is out of the way before bringing a baby and extra expense into the mix.
 
niceoneted said:
Perhaps you should wait until this stress is out of the way before bringing a baby and extra expense into the mix.
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+1.
You dont even live together now, so trying for a baby and bringing the situation of who lives where to a head would be very stressful.

I dont think you should pay off his mortgage if you never plan to live there, how much NE is he facing, if he were to sell his place how much would it go for?
 
Other posters will say I am wrong and that there is a legal and moral duty to pay one's debts but your boryfriend should just return the keys and go away. Absolutely crazy to pay 141.000 for something worth probably 70.000. Anyway, even if he could pay it off, he's not able to.

Yes, I know this is "wrong" but if he were my son I wouldn't help him except to say declare bankruptcy in UK (not quite as quick and easy in UK as some suggest - you should read the posts in this and other websites).
Going to UK may be a good break that he - and you - needs, and maybe he'll get a job there. Bankruptcy in ireland is a joke -dont attempt that.
 
Thanks again for all your views as we are going round round in circles just cant decide what is the best thing to do. The house is prob worth 70000 so he is 71000 in negative equity

I am coming 36 so really need to be starting my family sn
 
rion said:
I am coming 36 so really need to be starting my family sn
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Lots of people can relate to that one!

Not to complicate things even more but if you're planning on having a baby, will you still be able to work/get good maternity leave so that you could pay a mortgage? With your fiance not working, things could get tough if you're not working & have a mortgage to pay.

Would renting a house (that's baby-friendly) work??? You have plenty of savings and can buy in the future when you see how things work out in terms of family.
 
Yea moneyhoney think I will leave of buying the house for a while till I c how things go as i am happy enough living in my brothers house for now. I would love advice on what to do with my finance's house do I put all my wages into paying his monthly repayments?? and will they (ptsb) take away his tracker as he has missed a payment. tks
 
What has your fiance doing about trying to solve his problem or is he leaving it all to you?? Has he spoken to the bank, are they aware he is unemployed? Can he restructure his debt maybe go interest only for a while? He can't just bury his head in the sand as the hole will only get deeper.
 
Yea he is bury his head he has wrote a letter to bank asking for a 6 month holiday but has had no reply so he has now stopped paying his monthly repayments. He says he isn't paying it now and wants to declare himself bankrump
 
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