My sister bought a house in 2008 with her partner of 10 years. Unfortunately they have split up almost a year now and he has refused to pay his portion of the mortgage leaving her to pay it all.
She approached her mortgage lender to remortgage in her sole name but they turned her down based on her earnings. The negative equity is about 80K.
She has also tried to have the mortgage transferred into her sole name however her ex has refused to acknowledge all letters from her solicitor.
She wants to hand the keys back and walk away or to stop paying his portion of the mortgage,
I however am more concerned about her credit rating if she were to carry out these options.
Is there any other options available to her ?
If she were to sell up would she be liable to the 80K negative equity or is she liable for 40K ?
If he refuses to pay the 40K will the banks chase her for that portion also ?
how would this affect her credit rating ?
Any advise would be greatly appreciated
Thanks
H
She approached her mortgage lender to remortgage in her sole name but they turned her down based on her earnings. The negative equity is about 80K.
She has also tried to have the mortgage transferred into her sole name however her ex has refused to acknowledge all letters from her solicitor.
She wants to hand the keys back and walk away or to stop paying his portion of the mortgage,
I however am more concerned about her credit rating if she were to carry out these options.
Is there any other options available to her ?
If she were to sell up would she be liable to the 80K negative equity or is she liable for 40K ?
If he refuses to pay the 40K will the banks chase her for that portion also ?
how would this affect her credit rating ?
Any advise would be greatly appreciated
Thanks
H