Mortgage worry

themull1

Can someone offer any advice, my husband left me and my two kids(12 and 8) two weeks ago. I work part time, i get £1000 per month, child ben £134 per month, ctc/wtc £570 per month, £320 maintenance. We have £70000 mort with 9 years 4 months to run.

The Bank seem hopeful that i can take over the mortgage, and i'm going in for an appointment on wednesday. But if i leave the mortgage as it is, the ctcredits end when my daughters reach 18, which will be £105 a week. Then i wont be able to keep up with the payments.

Am i right in thinking the only way to do this is to try and overpay every week approx £60 so i can get the mortgage paid in 6 and a bit years to tie in when the ctax credits could end? then i would have to get a remortgage to pay off husbands share of house, i have no credit cards/loans. i'm 42.

themull1

The mortgage is £800 per month at the moment.

shortchanged_2

Can you not consider increasing your working hours as the children get a bit older?

hillcats

Maybe you will be able to remortgage in later years to a better deal, I do agree with you about the overpayment in the short term though. best of luck with this.

themull1

shortchanged wrote: »

Can you not consider increasing your working hours as the children get a bit older?

i dont work the school hols, i work full weeks the rest of the time, 39 out of 52 weeks. civil servant, i could get a job in the holidays when the kids are older, but i dont even know what percent husband can take when mortgage is paid off, or whether he would settle for a fixed sum ie twenty grand at the end of the mortgage? i dont know the law regarding this.

babyb06

You need to step back and consider the whole picture. You need to get some advice from a solicitor (some will do the first half hour free) or from citizens advice. You have said that your husband left you two weeks ago but seem to have sorted out a maintenance payment already? You need to ensure that this is the correct amount for him to pay.

Also, the whole financial situation is important - savings, pensions, mortgage, cars. Your husband may have to pay towards the mortgage and then when kids are older he can force a sale and you divide proceeds or he is entitled to X percent, or you may get the whole of the equity in the house and he keeps other assets and you pay the mortgage yourself.

Just don't panic yet - it is too early to be making big decisions about how much you have to pay off and don't make any agreements with your husband without obtaining legal advice first.

Next few months will be tough, but there is light at the end of the tunnel. Good luck!

golfiematt

in my opinion, the mortgage payments need to be as low as possible short term until you work out what spare cash you get each month. just focus on your kids 1st, keeping your job 2nd, plus make sure you dont overdo the thinking (easier said than done). although the house matters that you keep it and live in it, for now its material and low priority. re assess the situation in a year or whenever you think you can move forward. good luck with everything.

moneysavermum_2

In my opinion, you need to see a solicitor as they dont normally make you sell your home if the children are still living there. Your ex may be made to contribute towards your mortgage for a time to allow you to settle. Also he will get his share once your youngest is 18 (mesher order). I would have thought a £800 mortgage would be extremely difficult to manage on a single wage. His name would stay on the mortgage pending his share out at 18.

dimbo61

Dont overpay one penny on the mortgage and build up your savings in a seperate account /ISA in your name.
You do need legal advice but dont forget that solictors get paid! to sort out the legal part of divorce and will be happy to send lots of letters at £80/100 a time sorting out the CD collection ETC
Your husband will be unable to get another mortgage while he is still on the existing mortgage ( unless he is earning big money!) and at the same time I am not sure if the mortgage company will allow you to take over the mortgage on your own!
Its not a 50/50% split as the courts will look at your income and what your EX earns
I got 30% from the sale of the family home so my EX wife got 70% ( one child)
You EX should pay 20% of his net take home pay ( got any old wage slips?) or bank statements in maintence but if he is paying close to that getting the CSA involved is a huge pain in the !!!!!!!
For now pay the mortgage and bills and put some money away in the "emergency fund" as your savings ( dont tell the EX) and keep things friendly with your husband.
If you can sort things out without the solictors it will save you thousands in legal fees
GOOD LUCK

dimbo61

You dont talk/write about the equity in your property and how much your EX might want as his share?
Could your parents act as guarantors for the mortgage company?
Do you have savings to buy your EX out ( hence building up savings!)
YBS take into account many benefits and I am sure other lenders do to

black_taxi_2

your mortgage/lender should be sympathetic---only 9 years left which is a major positive--might extend mortgage which is fine.main thing is to keep roof over your head.

i agree dont o/p-to AVOID any possibilty of having to get a bank loan--its about a survival plan till you get things sorted