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Morgage - Flexi Or Standard?
Options
samjocky
Posts: 83 Forumite
Hi
Next year I am selling my house and should end up with about £65K profit. I am going to put this into my partner's house to reduce his mortgage (we are riding off into the sunset..... ) However there is a sting in the tail. He currently pays the CSA £600 a month for 2 kids and he comes under the "Old" rules whereby his mortgage gets taken into account. His mortgage is currently high - £610 a month - but when I put my lump sum into the household, the CSA will take that into account. A reduced mortgage = more CSA to pay. I REALLY dont want to put my kids inheritance into the mortgage only for the CSA to take it away to pay his 2 kids' mum more dosh. So, the options we have are: 1. Take out a One account and technically overpay, keeping his payments as £610 a month to the mortgage.
2. Find a repayment mortgage that lets us overpay to the tune of £610 a month. (we gain too, by reducing the term of the mortgage)
Has anyone got any better ideas or advice please? I am not against the principle of him paying maintenance to his kids but AM against the CSA demanding more money based on his mortgage payments. If he was under the NEW rules, he would pay so much less, only 20% of his net income - (but that is another grumble entirely!!)
Next year I am selling my house and should end up with about £65K profit. I am going to put this into my partner's house to reduce his mortgage (we are riding off into the sunset..... ) However there is a sting in the tail. He currently pays the CSA £600 a month for 2 kids and he comes under the "Old" rules whereby his mortgage gets taken into account. His mortgage is currently high - £610 a month - but when I put my lump sum into the household, the CSA will take that into account. A reduced mortgage = more CSA to pay. I REALLY dont want to put my kids inheritance into the mortgage only for the CSA to take it away to pay his 2 kids' mum more dosh. So, the options we have are: 1. Take out a One account and technically overpay, keeping his payments as £610 a month to the mortgage.
2. Find a repayment mortgage that lets us overpay to the tune of £610 a month. (we gain too, by reducing the term of the mortgage)
Has anyone got any better ideas or advice please? I am not against the principle of him paying maintenance to his kids but AM against the CSA demanding more money based on his mortgage payments. If he was under the NEW rules, he would pay so much less, only 20% of his net income - (but that is another grumble entirely!!)
0
Comments
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Can't the CSA take account of your financial position as well? If they are aware of you.
Personally I would just keep all my finances completely seperate, if you use OneAccount the CSA will be able to connect the two of you.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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