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Negative Equity And Seperation

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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............

http://www.wikivorce...Seperation.html

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I'm a sympathetic bloke, but as soon as I see LTVs in excess of 100% I just can't seem to find an ounce of the stuff - in what world can 125% IO have sounded like a sensible economic venture?

Would have happily taken the (now illusory) proceeds from appreciation, so now suck up the losses.

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Sad situation to find yourself in, if she really bears no fault for the relationship breakdown.

But really she never 'owned' any of it, just rented the money from the bank to surround herself with a 'dream home' and the belongings, it seems.

How can people not see the illusion for what it is?

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Sad situation to find yourself in, if she really bears no fault for the relationship breakdown.

But really she never 'owned' any of it, just rented the money from the bank to surround herself with a 'dream home' and the belongings, it seems.

How can people not see the illusion for what it is?

I don't know how people didn't see it as bloody stupid when they signed up for it.

But the same goes for shared ownership, IO, etc.

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OH Holy ****, how many people are stuck in these situations ?

I know a couple who moved from their spacious 2 bed rental flat and bought central London studio at the peak of the boom. Their relationship is falling apart. When they had their usual fall outs in the past they would take over different bed rooms until they calmed down. Now when they don't speak they sit in opposite corners of the room and communicate via post it notes on the fridge. The last time I was there she had even put a toilet cleaning rota up on the bathroom wall.

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I know a couple who moved from their spacious 2 bed rental flat and bought central London studio at the peak of the boom. Their relationship is falling apart. When they had their usual fall outs in the past they would take over different bed rooms until they calmed down. Now when they don't speak they sit in opposite corners of the room and communicate via post it notes on the fridge. The last time I was there she had even put a toilet cleaning rota up on the bathroom wall.

sounds dreamy

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If she short of money...................can't she find "Other sources" of income?

Jokes apart anything over 80% & i have ZERO time for them.

Mike

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http://www.wikivorce...Seperation.html

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.

Hang on, so its not even like their house has fallen much in value, i make £220k/(1.25) = £176k.

So in reality they only have £16k depreciation, the remainder £44k has been spanked.

Edited by Mikhail Liebenstein

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Hang on, so its not even like their house has fallen much in value, i make £220k/(1.25) = £176k.

So in reality they only have £16k depreciation, the remainder £44k has been spanked.

It is a bit like complaining her credit card is in negative equity - well duh.

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As the house is worth 60K less than the morgtage, what exactly is this "everything" that she has worked for?

tim

That's what I was thinking. House bought with no equity so no deposit lost.

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Sounds like a selfish cow to me all she is losing is a house and a git of a boy friend.

he's going to lose the house, the sports car the motor bike free recreational sex and the use of her credit card. The poor bloke must be devastated.

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  • 146 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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