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Negative Equity and Seperation

  • elle elle
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12 years 4 days ago #69606 by elle elle
Negative Equity and Seperation was created by elle elle
I am after some advice. I am not married but in a long term relationship. We purchased a house 2 years ago and took out a 125% mortgage, interest only for £220k. The house is now worth £160k with the recent price drops leaving a negative equity of £60k. I can no long stay in this relationship and live with his behaviour issues.

I also don't want to walk away from my dream house, with all my belongings. I contribute double what he does as I have a great job and don't see why I should lose everything I have worked hard for. Do I have any options other than stay with him and ride out the property drop? (this really is not an option). I can pay the mortgage on my own but know that in the current market no-one would give me a £220k mortgage on a £160k property. Also I don't really want to be paying off his half of the negative equity. He has already run up my credit cards and loans with a motorbike, sports car etc

I really can see no way out right now............
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  • D L
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12 years 3 days ago #69981 by D L
Replied by D L on topic Re:Negative Equity and Seperation
Hi there

The law relating to separation of co-habitees and divorce could not be more different.

I set it out in full in this thread:

www.wikivorce.com/divorce/index.php?opti...t=7&limitstart=0

Take care
Amanda
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  • jitsuka
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10 years 3 months ago #222831 by jitsuka
Replied by jitsuka on topic Re:Negative Equity and Seperation
Bankrupcy is probably you're only choice, 125% interest only mortgage was patently stupid decision in this market...
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  • Carole_previousMARGARET1
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10 years 3 months ago #222842 by Carole_previousMARGARET1
Replied by Carole_previousMARGARET1 on topic Re:Negative Equity and Seperation
I also have financial issues that are a barrier for me.

One things for sure being told you have made stupid decisions dosent help when you have come here for support not to be judged.
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  • chris75
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10 years 2 months ago #222906 by chris75
Replied by chris75 on topic Re:Negative Equity and Seperation
It is worth remembering that this is a support site and we should be attempting to assist or offer moral support to our fellow members. If you are unable to do so then it would perhaps be better to move on to another post.
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  • MrsH2013
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10 years 2 months ago #222956 by MrsH2013
Replied by MrsH2013 on topic Re:Negative Equity and Seperation
jitsuka wrote:

Bankrupcy is probably you're only choice, 125% interest only mortgage was patently stupid decision in this market...


The original post was knocking on two years ago so hopefully the OP has sorted something out by now.
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