Seperating and need some advice please :(

Hi all

I dont know what to do so I'd said I'd try here and see if I could get some help. Sorry if this is in the wrong forum

i've recently split up from my girlfriend and we have a mortgage together in both our names.. we have had the house for 5 years and never missed a repayment. The value of the property at this stage is around the 170K mark and the balance due on the mortgage is 250k

Things are dreadful in the house and im starting to fear both for our physical and mental health.. Neither can afford to take over the mortgage by ourselves and or move out while covering the cost of two places.

I need a couple of answers or suggestions on what to do.. I really am at my wits end..

1. if we rent out the property how do we even start about going about it. Is there many extra costs/tax/insurance issues? I need pretty step by step details as what to do cause i haven't a clue about how to go about this.

2. Would the bank let us sell and divide up the hit?

3. Is there any way of getting some of the debt written off so we could even take a smaller hit?

4. if it were possible for one of us to take it over would the bank even allow to remove ones name. I'd had enough hassle trying to do this with a car loan which is 80% paid and I'm coming up against so much resistance it's unbelievable.

5. IS anyone else in a similar situation and how did they resolve it/

Guys any detailed advice or suggestions would be so helpful. I just dont see how we can go on like this and I can't see any way out of it. It's a nightmare and I need help.

Sorry this is so long winded.

2. Would the bank let us sell and divide up the hit?

Ask your bank and contact new beginnings

4. if it were possible for one of us to take it over would the bank even allow to remove ones name.

I know a girl who tried to get this done and the bank wouldn't entertain it, I will ask her what the reason was & get back to you if she is willing to tell me.
What she did tell me was the answer in her case was for her to move out and her ex to take in a lodger to help pay the mortgage & he does want to keep the house, the plan is for her to sign it over to him at some time in the future. They have a good relationship at the moment so I guess that's why this is a good idea for them.

Not a lot of info, sorry .

1st - Sorry about the breakup... never easy.

1. if we rent out the property how do we even start about going about it. Is there many extra costs/tax/insurance issues? I need pretty step by step details as what to do cause i haven't a clue about how to go about this.

- Best thing to do would be look around for a management company, might cost but will prevent issues down the line... rent collection/tenant issues etc.
Tax - possibly TRS if you both move out but not sure.

2. Would the bank let us sell and divide up the hit?

Depends on the bank - some are better than others - you will have to call or better go see them.

3. Is there any way of getting some of the debt written off so we could even take a smaller hit?

Again depends on the bank - unlikely though

4. if it were possible for one of us to take it over would the bank even allow to remove ones name. I'd had enough hassle trying to do this with a car loan which is 80% paid and I'm coming up against so much resistance it's unbelievable.

Depends on your income levels - basically the bank will look at you as a new loan and decide if you were applying today would they give you a loan on your own - one option here might be to get someone else to take over the mortgage - meaning you or your ex get someone else to go on the mortgage and remove the other.

5. IS anyone else in a similar situation and how did they resolve it/
Sorry cant help here - house wasn't mine - I walked !!!

Another possible option would be to give back the house to the bank - they sell - you will be liable for the shortfall after the house sells - bank won't divide this up between you but you could some to an agreement with a solicitor to pay it. - Again you could try the bank to take some of the hit and write of some of the shortfall.