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Need advice please
virgoean
Posts: 10 Forumite
Hi everyone, any advice would be so helpful please
To cut a long story short....
My husbands wife divorced him 6 years ago, he gave her the house which has equity of about 200000. He kept his pension and a small amount of cash. The mortgage is interest only without an endowment about 80000 with four years left until the end of the term.
My husband is still on this mortgage, he has no financial interest in the house. The mortgage company knows but state there is nothing they can do. The court order states she has to make best endevours to remove my husband from the mortgage, she is on benefits and wont work, im guessing shes getting the interest on the mortgage paid, so cant get a mortgage in her own name. My husband agreed to this so that his daughter who is now 18 stayed in her home. She is still in education so even if we could afford to go back to court they wont do anything. We cant afford a solicitor, and cant get legal aid as we earn £300 a year to much to qualify.
We cant get a mortgage together because of this situation, I have an interest only mortgage with my mum, which lasts another two years. We wont get another mortgage together due to her age and income now she has retired.
Appart from us not getting a mortgage together, I lie awake worrying about the amount still owed on his ex wifes house and whether they will knock at our door for it one day!
Thanks for reading......
To cut a long story short....
My husbands wife divorced him 6 years ago, he gave her the house which has equity of about 200000. He kept his pension and a small amount of cash. The mortgage is interest only without an endowment about 80000 with four years left until the end of the term.
My husband is still on this mortgage, he has no financial interest in the house. The mortgage company knows but state there is nothing they can do. The court order states she has to make best endevours to remove my husband from the mortgage, she is on benefits and wont work, im guessing shes getting the interest on the mortgage paid, so cant get a mortgage in her own name. My husband agreed to this so that his daughter who is now 18 stayed in her home. She is still in education so even if we could afford to go back to court they wont do anything. We cant afford a solicitor, and cant get legal aid as we earn £300 a year to much to qualify.
We cant get a mortgage together because of this situation, I have an interest only mortgage with my mum, which lasts another two years. We wont get another mortgage together due to her age and income now she has retired.
Appart from us not getting a mortgage together, I lie awake worrying about the amount still owed on his ex wifes house and whether they will knock at our door for it one day!
Thanks for reading......
:j This is me taking control :j
Debt : OD 2500 Loan 8032.82 Loan 7024.88
MBNA CC 4000 MBNA CC 3000 Santander CC 2026.49 :eek: so scared I won't be able to sort all this out. This wasn't living beyond my means it was just living:(
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