Mortgage advice please

[Vittoria123]

Hi all
many thanks for taking the time to read this post and I’d appreciate any feedback I get from the lovely community. Let me give you a bit of a background story . My partner owns a house where is ex lives with their child and it is co parenting . The house must be sold due to the high interest rates . He currently pays 1700 a month on the mortgage and we are renting a flat where we live with our baby where we pay 1525 a month . If the house gets sold it would go into negative equity due to the current market . Even if we downsize it would still be a squeeze . He can’t remortgage or ask for breaks and he earns over 80000 £ a year but he has a daughter at uni who needs looking after . What options he would have in terms of the house ? Any advice would be highly appreciated it .
many thanks to all

He needs to get the ex out and then move back in and get rid of the flat

OK. For a start, if he has an interest-only mortgage which is for a debt greater than the current value of the house and which he hasn't attempted to pay off for years then he doesn't really "own" the house at all, does he. His name is on the deeds but the bank is basically the owner. The interest payments are effectively rent. He has been paying to rent the house for his ex.

You don't usually get to have an income of £80k whilst being stupid. It's incredibly stupid to have an income of £80k and not be building up significant assets somewhere. I think it's rather more likely that either he does have a pot of money squirrelled away somewhere that he is hiding from you too (on the assumption that sooner or later he'll need to up sticks and leave you and your new baby too and doesn't want you knowing where the assets are) or his income is actually rather lower than that.

If he is court-ordered to keep paying the mortgage on the previous house then he will need to go to court to show that he can no longer afford to do that and to also support his new family (how incredibly irresponsible of both him and you to bring a new baby into this when his previous family weren't properly provided for - but what's done is done). If it's not court-ordered then it's the same eventual calculations but you don't have the court doing the maths - but he needs to lay out all his assets and income and divide it fairly so that he is providing for his two older children and also for his new baby and is keeping a reasonable level of lifestyle. He does not owe his ex an income or a free house - he does owe child support while his children are still dependent.

He'll need to sell the house. If there's going to be a shortfall then that amount will still be owed. He will need to pay that off somehow. He won't be able to get a mortgage for it as there isn't an asset to borrow against, so it will be an expensive loan. If he has any savings or a private pension then cashing those in to pay off the debt will be the only way to go.

If he really is so abysmally stupid as to have let this situation boil up without heading it off, then he's going to make a truly terrible father to your child. Are you sure you want to stay with him?

you really don’t need to pass judgement on my child as I own a house in Italy and so does my family (mortgage free ) so I wasn’t the one being irresponsible. I was only after some advice for him . He has always provided for his kids to a fault . I agree that he has been incredibly naive in letting his ex back in and believe you me I have been telling him for ages .