Ex taking name off mortgage

ALIBOBSY

Benefits do NOT pay the mortgage. They pay the interest only, this used to be paid at a government set rate which is an average rate, not the actual rate on the mortgage.
I thought they would cover your share of the mortgage interest if there is separate households (ie separation and not living together). The bank will pursue him.
Most lenders agreed not to proceed with action against benefit customers because of this arrangement, but they aren't obliged to.
There is not a cat in hells chance the lender will let him be removed from the mortgage and you will both be liable.
Alot of divorce agreements that dealt with kids used to include the wife being able to stay in the marital home until the kids were 18, but not sure how this would apply to a unmarried couple.

You need to see a solicitor asap.
BTW it is irrelevant who put the deposit down (as my sister found to her cost) on the house, unless you got an agreement to split any profit in equal shares reflecting the deposit you each put in if you go to court they will go for a straight 50/50 split of any profit.
Given recent events and the fact you have been on interest only have you thought you might be in negative equity.

Might a better long term solution be you move to rented house with the kids (you will get housing benefit), ex buys you off the mortgage and takes over the house and mortgage? Or simply sell up?
At least then you can start a fresh and move on.
With 3 kids is it definately finished or would you and partner be prepared to go to relate or simular, even if it just meant you were able to sort out future arrangements for the kids in a neutral atmosphere it would be worth it.
Good luck

ali x

babybean

Have now found out some more info, so am posting incase any one else is in a similar situation. You CAN claim the interest only mortgage help if your partner no longer lives with you, it does not not matter if they are working or not as long as they do not live in the house. Interest is paid up to 6.08% so as long as your interest rate is under you are ok.
for me, i know i am not in negative equity as i put a very large deposit down( very foolishly as a joint tenant with my ex though)if it went to court because he wants off the mortgage and we have to sell would he really get 50% of the equity even though i have to provide another home for our three children?!? scary stuff, feel very foolish to have been put down as joint tenants on the purchase, a very expensive mistake on my part.

beecher

babybean wrote: »

Have now found out some more info, so am posting incase any one else is in a similar situation. You CAN claim the interest only mortgage help if your partner no longer lives with you, it does not not matter if they are working or not as long as they do not live in the house. .

Who did you get this information from? I find it hard to believe that IS will pay the interest when a named person on the mortgage is working. Are you 100% sure this is accurate?

Mrs_Bumble

babybean get legal advice, I am sure it isn't clear cut when you are not married and you have children. Do you have access to a legal helpline through your buildings and contents insurance policy or try community legal advice http://www.communitylegaladvice.org.uk/

As other's have said the lender will only allow his name to come off of the mortgage if your income can support the whole mortgage amount and from what you have said that isn't the case, so he will be stuck with his name on it.

I am sure you have seen the information on this link but just in case

http://www.adviceguide.org.uk/index/life/benefits/help_for_people_on_a_low_income_-_income_support.htm#people_who_may_have_problems_getting_income_support

http://england.shelter.org.uk/get_advice/paying_for_a_home/help_to_pay_mortgage_interest

Is your ex going to pay support for his children?

Get legal advice asap.

silvercar

generally the equity split is in favour of the partner with residence of the children. With 3 kids I would expect you to get 60-70% of the equity. You will also get maintenance for the children and would be expected to use this to fund the mortgage to keep a roof over the kids head. I doubt you would get mortgage interest support payments as well as maintenance, but it depends on the income calculations.

jasmin49

income support will only pay the interest if you are on income support, any payments off the balance you have to find,plus you have to pay buildings insurance and mortgage insurance incase you die before its paid off.

zzzLazyDaisy

silvercar wrote: »

generally the equity split is in favour of the partner with residence of the children. .

OP is not married so the courts have no power to adjust the shares in the property, as that power is confined to financial settlements on divorce.

jodiebabes

b0rker wrote: »

Income support will pay your mortgage for you if you are unemployed?!?!?

What does anyone bother working in this country any more!?!?

My thoughts exactly.

custardy

jodiebabes wrote: »

My thoughts exactly.

lol and yet you havent read the thread
they pay the interest on the mortgage

ladypinkof66

Whats stopping any couple with children apparantently splitting up and living separately for their convenience and living separartely so that the state carries on paying the mortgage interest whilst one partner is still working - if this was the case i would imagine lots of people would get on the band wagon, somehow doesnt seem right to me nor fair on us honest tax payers.