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  • FIRST POST
    • Daxx1888
    • By Daxx1888 15th Jun 17, 3:21 PM
    • 3Posts
    • 0Thanks
    Daxx1888
    Advice needed please.
    • #1
    • 15th Jun 17, 3:21 PM
    Advice needed please. 15th Jun 17 at 3:21 PM
    Hi,

    Just a little background. Myself and my ex wife owned a property together however when we got divorced I foolishly allowed her to stay in the property and to keep my name on the mortgage until our daughter turned 16. She is now in a position where she can no longer afford to live there and is prepared to hand the keys back leaving both of us up the creek without a paddle. The house has been on an interest only plan for the last 3 years meaning there has been no dent made on the actual balance since then. She is now prepared to walk away from it which would potentially mean both of us owing money out for the balance once the house is sold.

    I have been thinking that if she is prepared to give the house up then I could potentially move back in and take over the payments by myself and get back onto a repayment mortgage. I make pretty good money now so it would allow me to still have my foot on the ladder as at present I am living with my new partner and paying to her what I would pay for a mortgage and have nothing to show for it.

    I suppose the question I am asking would be, is this a good idea or could this be a bad move for me?
Page 1
    • Caz3121
    • By Caz3121 15th Jun 17, 3:49 PM
    • 10,465 Posts
    • 6,853 Thanks
    Caz3121
    • #2
    • 15th Jun 17, 3:49 PM
    • #2
    • 15th Jun 17, 3:49 PM
    Is the property in negative equity?
    • Daxx1888
    • By Daxx1888 15th Jun 17, 4:23 PM
    • 3 Posts
    • 0 Thanks
    Daxx1888
    • #3
    • 15th Jun 17, 4:23 PM
    • #3
    • 15th Jun 17, 4:23 PM
    Yes it is.
    • Caz3121
    • By Caz3121 15th Jun 17, 4:36 PM
    • 10,465 Posts
    • 6,853 Thanks
    Caz3121
    • #4
    • 15th Jun 17, 4:36 PM
    • #4
    • 15th Jun 17, 4:36 PM
    Yes it is.
    Originally posted by Daxx1888
    If your ex is wanting her name removed from the property/mortgage then you would need to speak to the lender about the possibility of getting a mortgage in your name only. They may require you to bring the LTV down. Do you have capital to be able to do that? (take it from negative equity to say 90% LTV)
    If you don't have the cash available, selling may be better (and better than handing keys back)
    • Daxx1888
    • By Daxx1888 15th Jun 17, 6:04 PM
    • 3 Posts
    • 0 Thanks
    Daxx1888
    • #5
    • 15th Jun 17, 6:04 PM
    • #5
    • 15th Jun 17, 6:04 PM
    Thank you caz, I'll discuss it with the mortgage company tomorrow.
    • clairebeth
    • By clairebeth 16th Jun 17, 12:49 PM
    • 90 Posts
    • 22 Thanks
    clairebeth
    • #6
    • 16th Jun 17, 12:49 PM
    • #6
    • 16th Jun 17, 12:49 PM
    I'm not sure if this is a helpful thought at all, but perhaps you could

    1. Change it to a repayment mortgage by using one of the current low rates available

    2. Instead of paying your child maintenance directly to your ex wife, pay it onto the mortgage, therefore ensuring a roof over your daughter's head?

    It's just a thought, but it sounds like your ex isn't very good with money, so what's to say she will be able to secure a home for your daughter if they move out?
    • aneary
    • By aneary 16th Jun 17, 2:12 PM
    • 155 Posts
    • 81 Thanks
    aneary
    • #7
    • 16th Jun 17, 2:12 PM
    • #7
    • 16th Jun 17, 2:12 PM
    I'm not sure if this is a helpful thought at all, but perhaps you could

    1. Change it to a repayment mortgage by using one of the current low rates available

    2. Instead of paying your child maintenance directly to your ex wife, pay it onto the mortgage, therefore ensuring a roof over your daughter's head?

    It's just a thought, but it sounds like your ex isn't very good with money, so what's to say she will be able to secure a home for your daughter if they move out?
    Originally posted by clairebeth
    Do not change how you pay child maintenance, without consulting a solicitor, especially if there is a court order in place for that.
    • clairebeth
    • By clairebeth 16th Jun 17, 10:53 PM
    • 90 Posts
    • 22 Thanks
    clairebeth
    • #8
    • 16th Jun 17, 10:53 PM
    • #8
    • 16th Jun 17, 10:53 PM
    Yes, that's true ^^ I wasn't thinking do it willy nilly, was just thinking it might be a better option for the whole family.
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