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Iva
My wife & I have been separated for 6 months but due to financial difficulties, have remained in the same house. We have joint iva, joint mortgage & all bills are still shared. We have just ended joint tax credit claim (CTC) & notified them we still living in same house, but made our own claims (her = WTC, CTC) (me = WTC) which should go into payment shortly.
Due to the circumstances of the separation I want her to leave the property & she is willing to do so. We have agreed no maintenance payments will be made as we will have our daughter the same amount of time each week, therefore both contributing to her upbringing.
The problem arises, that we are in a fixed rate mortgage until June 2012. I cannot afford the mortgage on my own & ideally do not want a lodger in unless I knew them very well, because my daughter will be staying with me at least 2 days a week. The mortgage lender are unable to change payment to interest only due to fixed rate & extending the term by 4yrs 10mth will only drop the payment by £50 p/m. The property is in negative equity & have already been told that the shortfall can be added to our iva (3 yrs left to run) if we decided to claim self repossession or to sell (highly unlikely). There would also be an early repayment clause of £4k & lender can have say into whether property sold or not.
I want to keep the property - what can I do?!!
Due to the circumstances of the separation I want her to leave the property & she is willing to do so. We have agreed no maintenance payments will be made as we will have our daughter the same amount of time each week, therefore both contributing to her upbringing.
The problem arises, that we are in a fixed rate mortgage until June 2012. I cannot afford the mortgage on my own & ideally do not want a lodger in unless I knew them very well, because my daughter will be staying with me at least 2 days a week. The mortgage lender are unable to change payment to interest only due to fixed rate & extending the term by 4yrs 10mth will only drop the payment by £50 p/m. The property is in negative equity & have already been told that the shortfall can be added to our iva (3 yrs left to run) if we decided to claim self repossession or to sell (highly unlikely). There would also be an early repayment clause of £4k & lender can have say into whether property sold or not.
I want to keep the property - what can I do?!!
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