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Mortgage query

  • 26-05-2015 11:33pm
    #1
    family_guy
    Registered Users, Registered Users 2 Posts: 1 ✭


    Hello,
    I know there has been some similar queries over the months on this site so apologies if some people think that this is similar.

    I married into neg eq a few years ago. The apartment we are in is about 200k in neg eq at the moment. Prior to getting married I was of the opinion that no one held a gun to those that borrowed and I was fairly strict on that. I know that perhaps I am coming across as having rose tinted glasses now but obviously my position has softened since. What really gets me is that my other half was trying to cover the mortgage as much as possible and I helped where possible. The problem is that the mortgage was about 80-85% of my other half's salary. That is why I started to think that maybe it wasn't just the people that signed the mortgages. I still feel that way to a degree but the banks have to be culpable to a degree as well. There was not a shred of stress testing on my other half prior to the mortgage (again I don't think that the documents should have been signed either but the way the letters are worded back then and the financial layout of repayments (interest free at the time) suggest that it is easy to cover).

    Sorry for digressing. My other half was unable to cover the mortgage by themselves over the last two years since we welcomed our new baby and while I am paying "rent" it is not enough to cover the mortgage. I am trying to save to be able to afford a family home and if we continued to pay this mortgage we would never be able to get a house while we paid off this neg eq. we felt. Now we seem to be completely screwed, we both would love to become parents again but we cannot in the apartment we are in as it is too small. I am at a loss to know what to do at the moment and am contemplating migrating but I also feel that it isn't correct to just hand back the keys to the place we are in. Any one in a similar situation that has some information to assist? At present we both are getting depressed with our situation and have started rowing in the evenings after work because neither of us feel we will ever get out of this situation.

    Thank you for any help and for reading.


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