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What a fookin mess!!

(7 Posts)
Scruffyhound Thu 07-Nov-13 00:32:13

I live with my partner who has a house in his name. He pays the mortgage.
I own a house which I rent out at a £150- loss per month. Halifax are shit they put the mortgage up and I cant swap as the house is neg equity. I owe 107k it was 105 until they charged me 2,500 for changing the mortgage to a higher interest rate. So im stuck with them.
My tennant of 2 years moves out the end of this month. I cant afford to not have anyone in the house. So I have done the following:

1) rang for advice from a debt management charity. They said a DMP for my loans and cards. This will free up the money for the mortgage until it rents/sells.

2) The house is up for rent and waiting for a vauation to maybe sell.

3) Applied for jobs back in that area ( currently 1 1/2 hours away but close to my family)

Scruffyhound Thu 07-Nov-13 00:41:52

Sorry pressed post. Does anyone know what to do in this situation? I took a loan out this year to cover childcare and to help with the mortgage shortfall. Then my car packed in so 3 k got spent there. I have a credit card and a store card and one( other loan which will be paid off in the next 6 months). The plan was get to next year we would be better off as my son turns 3 so we get 15 free hourz a week. I have just changed jobs so I travel 1/2 the distance hoping to
save £80 there and poss £50 on breakfast club. I m worried about it all. I had today off work throwing up and the runs my nerves feel shot I have had 4 panick attacks over the last week( not had any since I was a teenager and my mum left). I have my dad who is mentally ill who lives near my own house. There is too much going on!!

I want to move back to my family but not like this. Me and my partner will be split up until he gets sorted. I really dont know what to do. Oh also my DS1 is fro. my ex husband who lives near my house. My DS1 is starting to miss him more. But changing schools again as well. Any suggestions would be great.

Rockchick1984 Thu 07-Nov-13 08:58:49

Sell the house you currently let out, add the shortfall onto your DMP? You may have to sell for less to get it sold quick, but work out what 6-12 months of mortgage payments would cost you if its empty, may be worth selling for less than market value to avoid that situation! Do you and your partner share finances, could you both cut back elsewhere to cover things?

Preciousbane Thu 07-Nov-13 09:06:37

I think it is probably time to sell your house and cut up your store card as well as they tend to charge shocking interest.

What year did you buy your house and what is the local market like where your house is?

Well done for speaking to a debt management charity, companies that give this advice and set people up on plans take a cut so best to avoid.

I'm sorry your Dad is ill is he getting any support from any services? It may be worth giving Mind a ring for advice.

43percentburnt Thu 07-Nov-13 10:37:02

You can sell the house for less than you owe. The solicitor will pay themselves and the estate agent, the mortgage lender will get the remainder. You will owe them the remainder. Lots of solicitors say they are not aware of this. You need to find one that is. They may have to argue with the lender for you, they will cite Halifax building society vs Barratt.

Alternatively will your partner help with the mortgage payments until a new tenant moves in. In some areas people are desperate for rental houses. Do you use an agent? Is it listed ad available from x date
you may get someone immediately.

Don't re-let the house - you can't afford to be down £150 a month on the mortgage. Sell it, even if you make a loss.

How much do all your other debts come to? Store card, credit card, remaining loan, any overdrafts?

Which debt charity did you speak to?

Scruffyhound Sun 10-Nov-13 22:56:46

Hello thanks for all the replies. The house is up dor rent with 2 agents now. The electrics are a bit buggered thats going to set me back£ 320 then whwn its let I pay a £300 finders fee plus 10% each month for having it managed. Im going to do the DMP. I have been given a estimate of 95k for my house I owe 107k so if this goes with the DMP how does that work? Thanks very much so far. I have been off work for a few days with stress. So fed up. Bet there are loads of people in this situation!

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