ok I'm leaving dp. we have a house together but what with the housing market the way it is the house is going to be worth at least 10k less then we paid for it. So what happens as it will have to be sold. Will I owe money on a house I will no longer own? Thanx
yes I'm on the deeds. Can't remember if it's 100% morgage or not. We had another house & sold it for more then we brought it for but then brought a house which was worth more money. Actually thinking back I think it is 100% morgage. Am I doomed?!
Presumably you can negotiate a way to pay the money back over a loooooooooooooong time. I know people who did this in the previous market crash. The sold at a loss moved into rented (because they had children) and got the interest capped and had to repay x amount per month for the next 5 years or something.
Just move out and worry about sorting this out later.
Is there a possibility your Ex could afford to take on the mortgage on his own with a lodger (or 2)
have thought about saying to him to get a mate or 2 then sell at a later date but his not going to be in the best mood when I go. Yes I think we may have put 15k towards our current house from the other one.
It doesn't matter how much you put towards it orginally, or whether mortgage was 100% or not. What matters is the current property value (or in reality sale price) and the amout of outstanding mortgage.
The difference between the 2 is what will tell you your answer.
You should get an annual mortgage statement. This should give you an idea of the amount outstanding. I assume it is a repayment mortgage rather than an endowment? Otherwise there are additional complexities.