Hey! I've separated with my wife and we own a house together. She's moving out soon but will continue paying her half of the mortgage as she doesn't have to pay rent where she's moving. Obviously, this situation can't continue indefinitely so I'm wondering what options we have? These are the options we've looked at:
1. Rent the house out on a long term lease. I don't think this would work as the house is in the country with awkward public transport and you have to drive to get to any shops etc. We're within 20 miles of Dublin though and it is a nice location for a family. There's also the issue of the rent not covering the mortgage so it could end up costing us more to rent somewhere else etc.
2. Rent a couple of rooms but again this would be tough because of the location and it's not really something I'd want unless I found friends of family who wanted to do it
3. Sell the house. This would be the last thing I'd want to do as the house is on family land and it would kill me to part with it. Also, we could be in negative equity and also we are 16 months off being allowed to sell because of one of our planning application conditions.
4. Find myself another partner and get her to pay half
We also have a fairly large credit card debt. The card is in my name but it was used by both of us. What we'd like to do is for my Ex to get a loan to clear her half and then I'll deal with my half but it's so hard to get loads these days. Do you think the bank would be willing to cut 2 loans to clear the card so we can take over half the debt each? I'll be ringing them soon to see what my options are but it would be good to have some idea of what's possible before hand so I don't get fobbed off.
So, is there any other options we're not aware of? Probably not, but I thought it best to ask just in case!
Thanks!
1. Rent the house out on a long term lease. I don't think this would work as the house is in the country with awkward public transport and you have to drive to get to any shops etc. We're within 20 miles of Dublin though and it is a nice location for a family. There's also the issue of the rent not covering the mortgage so it could end up costing us more to rent somewhere else etc.
2. Rent a couple of rooms but again this would be tough because of the location and it's not really something I'd want unless I found friends of family who wanted to do it
3. Sell the house. This would be the last thing I'd want to do as the house is on family land and it would kill me to part with it. Also, we could be in negative equity and also we are 16 months off being allowed to sell because of one of our planning application conditions.
4. Find myself another partner and get her to pay half
We also have a fairly large credit card debt. The card is in my name but it was used by both of us. What we'd like to do is for my Ex to get a loan to clear her half and then I'll deal with my half but it's so hard to get loads these days. Do you think the bank would be willing to cut 2 loans to clear the card so we can take over half the debt each? I'll be ringing them soon to see what my options are but it would be good to have some idea of what's possible before hand so I don't get fobbed off.
So, is there any other options we're not aware of? Probably not, but I thought it best to ask just in case!
Thanks!