Mortgage worry

themull1

thanks everyone, equity about 50,000, mortgage o's 70,000 husband has said he will take name off deeds/ mortgage if he gets ten grand now and ten grand in 8 years time, i thought what i could do is retake out the mortgage for 81000 on my salary for 20 yrs at approx 579 a month, then overpay 460 pm and eventually bring down the term to just over 8 yrs ish.

Then review giving him the second ten grand at the end of this period, seeing mortgage advisor tomorrow, and then arranging solicitor to put all this ten grand malarkey in writing.

Thought i was entitled to 20 percent of husbands salary for the kids? which is what i'm getting off him.?

I've added a grand onto the £80,000 mortgate as i think thats how much it would cost to borrow the extra, and i've estimated at the mo that a solicitor will be £500 ish, but ive got enough for that. What does anyone think|? my priority is keeping the house for the kids, i'm good with money, i can keep to a budget, i just don't want to uproot the kids, they've been through enough. I know i don't sound devastated, but we've argued for years, and to be quite honest, i don't really miss him.

gratefulforhelp_2

CSA website for calculator for child maintenance. See a good family law solicitor asap to sort out the "big picture" and if your ex is not paying mortgage at present, maybe - in consulatation with a solicitor - consider a mortgage holiday to reduce the equity in the house from which he will some day take a share.

southantrim3

themull1 wrote: »

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.

Hope you're able to get something sorted out. Think the most important thing is to get legal advice (from Solicitor or CAB) first of all and go from there.

Take care.

dimbo61

You could ask to go interest only for perhaps a year but please dont take a mortgage holiday as this could effect your credit score and hence your chance of getting a £80K mortgage,
Its big of your EX to say he will take his name off the house if you give him £10K now and £10K in 8 years only thing is its not up to him!!!
Only the mortgage people can do that

themull1

I think ive sorted the mortgage, taken 79000 over 25 yrs, including his ten grand, my dad will give him another ten grand when my first daughter turns 18, if he keeps up the maintenance payments. i'm going to overpay to reduce the dd payments, so when my tax credits stop i will have reduced monthly payments enough to afford to live in the house on m,y part time salary.

Seeing solicitor to get his name off deeds, sort out payment of money, and a marriage solicitor to arrange something in writing to say he will not try and take over the house when eventually we get divorced. I know it can be overturned in court, but i don't think he will go that far, although i never thought he would leave his family either.....

debtdesperado

It's good that you have verbally sorted out what is going to happen with the money and the house, but PLEASE don't make any moves/give anyone any money/sign anything or burden yourself with extra debt UNTIL you have spoken to a solicitor.

The reason for this is that you really need financial settlements to be approved by the court, or else to be put in a legally binding document - what you have to remember is that agreements can be overturned if one party later claims that they didn't know what they were signing. So for example, if you give your ex cash now and a bit more cash in the future, but your house suddenly triples in value, because he didn't take legal advice he could argue in future that you scammed him out of what should have been his, and you could end up having to pay him more. If you get legal advice, he will also need to take legal advice, so he won't be able to claim that the original agreement was a bad one.

I know people moan and complain about how much solicitors cost etc, but you have to consider the cost relative to the assets that you are talking about. So yes, paying £150 an hour for advice on dividing a CD collection, as one of the other posters points out, is ridiculous, but paying the same for advice on settling an asset worth £80,000 plus is just sensible. Remember that a fool and his money are soon parted - and a fool it is who refuses to pay for legal advice when large amounts (and your family's security) is at stake.

What I would say though is that when you go to a solicitor with your worked out plan for the finances, don't let them talk you into 'going for a bit more'. Don't be greedy, as the only person who gets rich in money fights is your lawyer!

Money brings out the worst in people, and large sums of money only amplify that. You are to be applauded for sorting out something with your ex, and you sound very sensible and focused.

As the other posters have suggested, don't overpay the mortgage, keep your overpayments saved separately. Now would be a good time to buy your husband's share of house from him as property values are depressed, but if you can't manage it financially, don't worry. It's more important, as you say, that you can stay in the house and keep your children secure, than to own an asset outright, but struggle to keep them clothed and happy. So take proper legal advice to work out what is best for you. Best of luck.

themull1

Thankyou everyone. Its difficult having to sort stuff out, and trying not to feel down about being deserted!!

pawlala

£800 monthly repayments seem a bit steep for only £70,000 debt

mine was £62000 a couple of years ago and it was only about £350 a month. Try shopping around for a better deal if you are not currently tied in?

themull1

pawlala wrote: »

£800 monthly repayments seem a bit steep for only £70,000 debt

mine was £62000 a couple of years ago and it was only about £350 a month. Try shopping around for a better deal if you are not currently tied in?

We were tied in at approx 5.99 and had reduced the term by four years as well,had 9.4 years to run. this new mortgage i'm hoping to get is 505 per month for 25 yrs £79950 mortgage, but i want to overpay to bring monthly dd down rather than the term.

pawlala

Well straight away you can put that extra £295 back into the OP pot each month. Will make a huge difference!