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21 February 2011

How can I get out of my joint mortgage?

I took out a joint mortgage 3 yrs ago with my partner. I put up the £14k deposit, and pay the whole mortgage every month plus all utility bills etc from my sole bank account. We have split but both live in the house as neither can afford to leave. There is minimal equity. If I left he wouldnt pay the mortgage and house would be repossessed. If he left I could continue to pay the mortgage. I dont earn enough to take over the whole mortgage with the building soc. He doesnt work, I do. What are my options to make the break? We bought the house to renovate, it is ex council so wouldnt sell easily or quickly. It is 80% done but not in a good state yet to sell for a good price. A similar house has been for sale for over 2 years. Do I have to stay here with him and continue to pay for everything whilst he earns nothing and contributes nothing?

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