Should i sell - or take over mortgage?

A

aoc

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so... scenario.

Balance on ~Mortgage approx. €165k
monthly pmt €806 - variable with U.bank
have almost 33 yrs left to pay
current value of house approx €120k

wondering if i sold - 1) would bank negotiate balance outstanding?
2) as we have separated would the bank separate the N.E. and we each pay our half?
3) would i get another mortgage - as in could i add my portion of N.E. to the purchase price of another house and have one amount outstanding or would i have to pay my N.E. and save a deposit for another house before getting a mortgage.

i have informed bank that we are separated but as i am paying the mortgage (in full on my own as ex will not contribute) they are happy to leave things as they are........... i have checked with them i would get approval to take over the mortgage myself, but not sure if this is what i want as i will be relieving my ex of his responsibility of his portion of the N.E.

any opinions???
 
They may look at carrying the negative equity to a new property, I believe UB have done some of these.

They one think I would be fairly sure they will not do is split the negative equity and let you each pay your own half.
 
ok well that semi solves ones part......

so how is the NE treated then? do we have to have a joint loan?? so technically if one half defaults the other is left with it??
 
That's about the size of it, jointly and severally liable, if one doesn't pay the other is liable for the lot.
 
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