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What's the best solution?
Sarahsaver
Posts: 8,390 Forumite
Just got awarded the house in my sole name 
...but on the condition that the ex gets 40% of the equity when I sell, cohabit, or the youngest child leaves full time education. He is 3 yrs old at the moment. Should I wait and forget about it? Or should I scrape around and save up to pay him off soon as possible? I would need about 35k !!!
Wheres the best place to put the dosh? I cannot borrow much, unless I take some cash from my credit card (0%) and put that in a high interest account.
Any ideas, others experience of similar scenarios?
I already have an endowment policy bcos the mortgage is interest only.
...but on the condition that the ex gets 40% of the equity when I sell, cohabit, or the youngest child leaves full time education. He is 3 yrs old at the moment. Should I wait and forget about it? Or should I scrape around and save up to pay him off soon as possible? I would need about 35k !!!Wheres the best place to put the dosh? I cannot borrow much, unless I take some cash from my credit card (0%) and put that in a high interest account.
Any ideas, others experience of similar scenarios?
I already have an endowment policy bcos the mortgage is interest only.
Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.
0
Comments
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Hi Sarah
The only thing that springs to mind is when is the equity measured, and who does the measuring?
If it's up to you to arrange when the 40% is paid then I think I would be tempted to wait for a fall in property prices and sell when there is no equity and give the sh*t 40% of nothing.0 -
What I thought too. Just that even if it's during a 'low' in prices I still need to raise the dosh, and I spose sooner is better than later. House cost £89,950, valued at £175,000, £82,000 outstanding on the - interest only - mortgage.Member no.1 of the 'I'm not in a clique' group :rotfl:
I have done reading too!
To avoid all evil, to do good,
to purify the mind- that is the
teaching of the Buddhas.0
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