Is your partner buying something else? I spoke to GMAC (now Oakwood homeloans) a couple of days ago as my property is up for sale with an ERC of nearly £5000, which means I would come out with negative equity. They said if you port the mortgage, i.e buy something else they drop the charge or if you go with another mortgage company they will drop the charge. Don't know how viable getting another mortgage is on a property thats up for sale, this is something I need to look into (does anybody else know?) But if it is possible to do this if you could find a lender with a lower ERC, then use this to barter with GMAC?

Thanks for your comments, I have spoke to the mortgage company GMAC/ Oakwood homeloans, they will not let me hand the property back and it's not really a case of them chasing us for the money because when the house is sold when we sign all the paper work at the solicitors to enable the sale to go through, if all the money is not there then there would be no sale and as I cant see my husband turning up with any funds i would have to pay! Can't really rent out the property as I would have to change the mortgage for a start and also the house needs a lot of work doing to it and couldnt really afford any maintenance and probably would get the wrong kind of tennants, who were willing to pay rent for a property which needs so much work doing to it! The mortgage company did say they would waive the ERC if I got a mortgage with another lender (which sounds a bit strange) and they are sending me confirmation of this in writing but I am assuming nobody would want to give us a mortgage when the house is up for sale???

Hiya I'm new!! Just after some general advice really, basically I have split up with my husband and put our house up for sale. Niether of us are living in the house! I am currently looking at renting somewhere until the house is sold as going back there is not really an option! The mortgage is in joint names but currently comes out of my account! Already (not long broke up) my husband is having 'difficulties' paying his half of the bills / mortgage. We bought the house 18 months ago and are tied in till Jan 2009 and face ERC of nearly £5k (GMAC!!!) Due to the current house market climate we have put the house up for less than we bought it for, just to shift it, however with estate agent fees, solicitors and the early repayment charge I fear 'we' will come out at least £10 k in debt! What I fear more is that I will end up with all that debt, plus all the mortgage payments till the house is sold! Starting to think about just letting it get repossessed cos he's not gonna pay his half realistically, and I just want to cut and run. Don't really understand how repossession works, is it worth considering or is it a road I really don't want to go down????