Hello, I wonder if anyone knows of anything I can do.
2 years ago I bought out my exhusband with my brother, we planned to live in the 4bed property together as a home. 15months ago my brother moved out and into his girlfriends because he had managed to get into personal debt and so did not want to pay his way anymore. Obviously I tried, and am still trying, to get him to pay towards the house but to no avail. He is now on the path of bancruptcy. After 6months of trying to pay it on my own I had to let the property and subsidise the rent to cover the mortgage, while I stayed with family to get back into credit. I obviously now rent a flat and still subsidise the mortgage. My brother is still not interested as he did not put a deposit down so feels he has lost nothing, I however did put a deposit of 35k down. The house now has no equity and because I am in a fixed rate, a penalty to change or sell. I thought I was making the right decision by letting the property but apparently if I still lived there I could go interest only. Does anyone know of any avenues I could take to bring the payments down or if any will be available to me if I have to buy out my brothers interest in the property when he is bancrupt? I am unable to get a mortgage by myself or a loan for that matter. I feel as if I am in a no win situation, I never wanted to be a landlady and there seems to be a lot of hidden charges. My single parent tenant who was homeless due to a housing shortage and has 3 children one of whom has special needs is happy in the house and is a good tenant. I am drained and tired of struggling while my brother wipes his debts clean and goes on foreign holidays! I dont think I could live in the house again, for the 3rd time. I can see the future holds reposession for me as I start to fall into debt to upkeep the property even tho my personal outgoings are very low.