fed up!

mumof4littleones

It was my ex's choice to buy the property for me in joint names as an investment for the children. The new mortgage for the new property will be £160,000, I will put a deposit down and clear all the debts, it sounds harsh but I put down a large deposit on the marital home so will be using this as a deposit on MY new home! He has agreed to pay me £300 per month for the children and on paper I will be able to afford the repayments. At the minute we are paying £600 a month on debt repayments and have had the debts for years but are unable to clear them, I really want them cleared once and for all .

p00hsticks

mumof4littleones wrote: »

on paper I will be able to afford the repayments.

Make sure that you allow plenty of leeway for rising interest rates or you are going to end up completely stuffed - personally, unless I'm missing something, the idea of taking on a £160,000 on a $14,000 salary strikes me as very risky, even with your ex chipping in and benefits....

mumof4littleones

I have looked into renting and for a 3-4 bedroom house I will be looking to pay approx £850-£900 per month, if I buy, the mortgage will be approx £945 per month. I have worked out the following (very rough) budget,
Money In
Pay £950
Child tax credit £790
Child Benefit £260
Child Support from ex £300
Money Out
Mortgage £945
Council Tax (reduced rate) £75 max

Leaves £1280 a month (£320 a week) to pay for water, gas, electric and food. I thought this was manageable:(

AnxiousMum

Child support from ex is £300 per month? Is that using the CSA guidelines or is that a private agreement? For four children, he should be liable for 25% of income.

Jowo_2

mumof4littleones wrote: »

I have looked into renting and for a 3-4 bedroom house I will be looking to pay approx £850-£900 per month, if I buy, the mortgage will be approx £945 per month. I have worked out the following (very rough) budget,
Money In
Pay £950
Child tax credit £790
Child Benefit £260
Child Support from ex £300
Money Out
Mortgage £945
Council Tax (reduced rate) £75 max

Leaves £1280 a month (£320 a week) to pay for water, gas, electric and food. I thought this was manageable:(

Download the MSE budget planner and do a thorough budget - your high level budget is completely worthless. I can't see any expenses there for child care, transport, insurance and so on. This will stop the finger in the air guess work.

It sounds a healthy budget but still worth factoring in some risks, the type that happen in real life, to see if you've got sufficient contingency.

If you lose your job and/or the child support isn't paid, and/or interest rates go up, this can be catastrophic. You need to model a pessimistic scenario, too, one where your income changes and your major expense (mortgage) goes up, too, to know how much 'cushioning' you have. Good luck.

mumof4littleones

AnxiousMum wrote: »

Child support from ex is £300 per month? Is that using the CSA guidelines or is that a private agreement? For four children, he should be liable for 25% of income.

Thanks for your reply, these guidelines are from the CSA.

Oldernotwiser

I can't see how you're going to get a £160,000 mortgage on a combined income of less than £40,000.

Mojisola

mumof4littleones wrote: »

Where shall I start, I have 4 children aged 3 5 7 and 9 and have seperated from a 15 year marriage. :(I work 12 hours a week and take home £14,000 a year. We have just sold our house to find myself and the kids a cheaper house to buy and pay off the outstanding debts. I cannot get a mortgage by myself so we have decided to buy my new house in joint names so I could get he mortgage but I will be 100% responsible for the mortgage and bills etc, hubby will rent somewhere. I'm not sure if this is a good idea or not, I have no family to help in any way so need some good advice.:(

Please consult with a solicitor - I think this is a really bad idea.

He will still be an owner of the property, even if it's only a part share. You will both be linked financially for the length of the the mortgage. He will not be able to get some benefits if he needs them if he has an interest in a property that he doesn't live in. He won't be able to get a mortgage on a property for him to live in. You will not be able to stop him coming into the house whenever he wants because he is an owner. How will you manage if one of you loses your job or becomes ill or interest rates increase?

Some of these things might not matter now but if he gets together with another partner things might change a lot.

I would think you would be much safer all round renting for the moment.

Sublime_2

I think you would be a lot better renting somewhere. Perhaps you could sell up, and then go on the housing register?

paddedjohn

mumof4littleones wrote: »

I have looked into renting and for a 3-4 bedroom house I will be looking to pay approx £850-£900 per month, if I buy, the mortgage will be approx £945 per month. I have worked out the following (very rough) budget,
Money In
Pay £950
Child tax credit £790
Child Benefit £260
Child Support from ex £300
Money Out
Mortgage £945
Council Tax (reduced rate) £75 max

Leaves £1280 a month (£320 a week) to pay for water, gas, electric and food. I thought this was manageable:(

is this correct? if so then it seems that families are better off splitting up and getting benefits. £2300 income per month for part time work is a joke, i work a 42 hr week and only take home about half that.