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mortgage transfer of equity and the paperwork
jaks101
Posts: 82 Forumite
I am in the process of removing my ex from the property and have recieved the paperwork through and there is a question about
"WHEN YOU HAVE FOUND OUT WHAT PAYMENTS YOU NEED TO MAKE INTO A SAVINGS PLAN YOU MAY FIND IT HELPFUL TO ADD THESE TO YOUR MORTGAGE PAYMENTS AND PUT THE TOTAL PAYMENTS IN THE COLUMN OPPOSITE"
I know this is in relation to having adequate savings to pay the intrest only mortgage off at the end of the term of 20yrs remaining.
the only reason i went onto interest only in the first place was because the ex refused to continue to pay the mortgage 2 years ago. this was for affordability.
I now earn more money and will continue as i become more experianced in my line of work.
I currnetly pay £500 into a savings account each month I am worried if I say this they may work out that it is unafordable for me to pay the intrest and this savings as I am at the top of my affordability and the mortgage will be refered to an underwriter in RBS .
I will have a pension lump sum that would cover the ammount when i retire although this wont be for another 33 years.
-
the long and short of it is that i dont have a real plan of how to repay the money as i see the interest only as a temporary measure.
what should i put as my ammount in the letter as i have to fill it in, i am going to write a covering letter as well explaining my plan for the future
"WHEN YOU HAVE FOUND OUT WHAT PAYMENTS YOU NEED TO MAKE INTO A SAVINGS PLAN YOU MAY FIND IT HELPFUL TO ADD THESE TO YOUR MORTGAGE PAYMENTS AND PUT THE TOTAL PAYMENTS IN THE COLUMN OPPOSITE"
I know this is in relation to having adequate savings to pay the intrest only mortgage off at the end of the term of 20yrs remaining.
the only reason i went onto interest only in the first place was because the ex refused to continue to pay the mortgage 2 years ago. this was for affordability.
I now earn more money and will continue as i become more experianced in my line of work.
I currnetly pay £500 into a savings account each month I am worried if I say this they may work out that it is unafordable for me to pay the intrest and this savings as I am at the top of my affordability and the mortgage will be refered to an underwriter in RBS .
I will have a pension lump sum that would cover the ammount when i retire although this wont be for another 33 years.
-
the long and short of it is that i dont have a real plan of how to repay the money as i see the interest only as a temporary measure.
what should i put as my ammount in the letter as i have to fill it in, i am going to write a covering letter as well explaining my plan for the future
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