Selling part of Your home

[type105x]

Cut i really long story short I have lost my job and the mortgage for the house is just getting the upper hand of me.

As there is only round £25,000 to pay on this house (£130,000) i am really starting to worry that i could lose the house to the bank or something like that.

So i plan on selling part of the house to someone for £25,000.... Say like 35% which would mean i could pay the house off and who ever where to pay into it would make a few pound for them selfs £10,000+

anyway i need to know if there is any web sites out there which deal with this sort of thing

Plz any help

Paul

[whiskyboozer]

Originally Posted by type105x

Cut i really long story short I have lost my job and the mortgage for the house is just getting the upper hand of me.

As there is only round £25,000 to pay on this house (£130,000) i am really starting to worry that i could lose the house to the bank or something like that.

So i plan on selling part of the house to someone for £25,000.... Say like 35% which would mean i could pay the house off and who ever where to pay into it would make a few pound for them selfs £10,000+

anyway i need to know if there is any web sites out there which deal with this sort of thing

Plz any help

Paul

I would look for other solutions and leave this as a last resort. You have lost your job, get on to your mortgage company and tell them, ask if you can go interest only. Have you applied for all the welfare benefits you are entitled to. You can speak to Citizens Advice about both these issues.

Mortgage arrears or payment difficulties : Directgov - Money, tax and benefits

This tells you about the scheme to cover the interest on your mortgage

Shelter England - Support for mortgage interest


Best of luck

[Decadence]

Can't you just advertise for a lodger or something instead? That would bring in some cash and you would not have to give your ownership away. You must speak with the bank before doing anything though. Good luck.

[Kieron]

Go interest only and extend the duration (term) of the mortgage to the maximum level until you are on your feet again.

[gandley]

or rent it out rather than lose it.

[paul1967]

DO NOT DO IT,that the worst option,as they could get the house off you and thats whats happening,go to the dhs, they will pay the interest for the next 2yrs or there suppose to be able to help gov help,ring the mortage co as you might be able to take a payment holiday as what you owe is not a lot if you owe on credit cards ring them up a alter you payments tell them this is all you can afford take it or leave it they will take it, you should get discount on council tax,but DO NOT USE ANY OF CREDIT REFINACE COMPANYS there on money progs all the time about ripping of people.

[eric pisch]

i thought you where in a very strong position if you own 50%+ of your property and it was much harder for a mortgage company to take it back

talk to them and to cab, go interest only

the renting suggestion seams like a good idea for the short term


as others said NEVER USE A CREDIT REFINANCE CO there all sharks, if they go bust or they sell your debt onwards things will get nasty and out of control

[andyk]

As has already been said - speak to your mortgage company. Explain the situation and ask to go interest only (the term makes no difference in this case, so don't worry about that) or ask for a payment holiday. They will often give several months holiday (interest still accrues of course). The mortgage company have NO interest in repossessing your home. They want to retain you as a customer.
I work with building society arrears management people and that seems to me to be what their position is likely to be.
Also, to reiterate again, do not go to loan consolidation people either. If you do get stuck try talking to CCCS
And finally, I would look for other solutions long before considering your part sale approach.

[FZR400RRSP]

I've often thought about this same sort of scenario, should it happen to me.
Firstly, don't refinance or sell part of your home to an equity-release company.
Just don't.
The bottom line, for me, has always been that I wouldn't let my house be repossessed and lose the equity I have in it.
I would sell.
Simple as that.
Sell, pay off the mortgage and move somewhere smaller.
Simple as that, that's the option I would take.
Even if I was struggling to pay the mortgage while the house was up for sale, I would ask for assistance from family and tell them they'd get it back when the house eventually sells.

[Jenn]

Originally Posted by bowfer

I've often thought about this same sort of scenario, should it happen to me.
Firstly, don't refinance or sell part of your home to an equity-release company.
Just don't.
The bottom line, for me, has always been that I wouldn't let my house be repossessed and lose the equity I have in it.
I would sell.
Simple as that.
Sell, pay off the mortgage and move somewhere smaller.
Simple as that, that's the option I would take.
Even if I was struggling to pay the mortgage while the house was up for sale, I would ask for assistance from family and tell them they'd get it back when the house eventually sells.

The problen arises if, like my mother in law's neighbours, your house is up for sale for 3 years without a buyer despite dropping the price by £60k.
And it's not derelict or anything!

[FZR400RRSP]

Originally Posted by Jenn

The problen arises if, like my mother in law's neighbours, your house is up for sale for 3 years without a buyer despite dropping the price by £60k.
And it's not derelict or anything!

Well, of course, I can only speak for myself and I'm confident I could sell my house easily enough.
I have around £100k mortgage on a 4-bed detached house valued at around £350k.
So if I were to fall into arrears, I would attempt to sell and get around £350k.
Paying off the mortgage would leave me £250k, which would easily get me a 3-bed semi in the same area we're in.
It would mean the family having less room, but it beats the hell out of letting my existing house get repossessed and I'm left with nowt.

[Jenn]

Originally Posted by bowfer

Well, of course, I can only speak for myself and I'm confident I could sell my house easily enough.
I have around £100k mortgage on a 4-bed detached house valued at around £350k.
So if I were to fall into arrears, I would attempt to sell and get around £350k.
Paying off the mortgage would leave me £250k, which would easily get me a 3-bed semi in the same area we're in.
It would mean the family having less room, but it beats the hell out of letting my existing house get repossessed and I'm left with nowt.

"Expensive" houses are way harder to sell than the averag home though. That's their problem: 4 bedroom detached 300k home, 3 years on the market and still not sold.

But for sure sell your house before you give any of your equity to anyone else! It should only be a last resort to save you losing all your equity.

[type105x]

Thanks for all the help I am looking into everything from the posts