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mortgage matters

  • ofornot
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  • Fresh Boarder
  • Fresh Boarder
12 years 1 month ago #54093 by ofornot
mortgage matters was created by ofornot
Hi i dont know if anyone can answer my questions but here goes.

I am in a situation where divorce is on the cards, we own our property on a shared ownership scheme (we own half housing association owns the other)we pay a mortgage for our 50% and a rent to cover the h/a fees. i was wondering what happens if you apply to cancel a mortgage as we are a year in and have been tied into the deal for 2 years. do we have to pay to come out of the mortgage? i dont want any financial strain to be put on my wife as this is soley me who is not happy with the marriage. i just dont know where to turn.

also with the housing prices here in the uk there will be negative equity for the house which once again i do not want to be put on to my wife, if we sell the property.

the only way i can see would be for one of us to take on the sole responsibility for the house ie buying the other out, but how does this work in the present climate.

please help as i am really bogged down with this whole thing.

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  • AliPat
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12 years 1 month ago #54126 by AliPat
Replied by AliPat on topic Re:mortgage matters
If you check your mortgage agreement there will be a clause about early redemption. There is likely to be a charge.

Someone else will have to advise you about the HA part of the house

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