Will I be made `homeless`

silvercar

MuffinTops wrote: »

Hi sexymax,
If you're asking me if that would mean a new mortgage, no it won't. It's just changing the names on the account. Mortgage account number, terms, interest rates would be the same. It would just be your mortgage rather than a joint one. If the bank are aware that you are the only person paying in they'll approve it. In effect you're legally stating that you'll take full responsibility for making the monthly mortgage payments - which you're already doing anyway.

It cost me a couple of hundred pounds I believe. It was a while back but it was very simple. My ex just needed to sign a document a couple of times and I was the sole owner. Feel free to PM me anytime if you want to talk about it.

I don't think you need to panic though. I really think you'll be ok.

If her agreement is necessary to come off the mortgage and deeds, she is not going to agree to it unless there is an agreement already in place to say she has no entitlement to the equity.

silvercar

BoGoF wrote: »

Even if you could continue interest only why would you want to.

Seems like you are struggling financially and £89k (at least) could give you a new lease of life.

Because the benefit system is currently paying the interest on the mortgage, so OP doesnt have to pay housing costs himself.

With £89k in the bank, OP would not be entitled to any help with his rent and may lose other benefits.

MuffinTops

silvercar wrote: »

If her agreement is necessary to come off the mortgage and deeds, she is not going to agree to it unless there is an agreement already in place to say she has no entitlement to the equity.

Hi Silvercar. How can you be so sure she's not going to agree to it? It's an option I think is worth looking into and if she doesn't agree maybe look to see if there are any other avenues based on sexymax having proof she's not paying a penny into it?

Thrugelmir

As the other party has never resided in the property. Would she be entitled to 50% of its current value? A question to ask.

BoGoF

silvercar wrote: »

Because the benefit system is currently paying the interest on the mortgage, so OP doesnt have to pay housing costs himself.

With £89k in the bank, OP would not be entitled to any help with his rent and may lose other benefits.

God forbid someone could stand in their own 2 feet.

MuffinTops

Oops, I meant maybe the op could look to see if there are any other avenues - sorry. I wasn't giving you a to do list

Fosterdog

Maybe the first thing you need to do is speak to your lender and see what they suggest, although bear in mind they will look at ways of making more money off you.

I don't quite see why £90k won't be enough for you to buy a new home/flat, it may not be the place you want or even the area you want to live but that's double the price of houses I have been looking at recently, of course they require some work but there's enough left over for that.

Again as everyone else has suggested use the money to rent, you'll have a nice nest egg to see you through for a good few years of living comfortably.

The good thing is you have two years to find a solution so don't let yourself get too worked up about it, take your time to find what will work for you and speak to as many agencies as possible who can help with these situations.

BoGoF

OP also said they had an endowment they stopped paying into......so how much is that going to pay out and when?

Please don't say you cashed it in!

dancingfairy

I would get some help from one of the Age charities or somewhere like your local CAB or phone National Debtline or CCCS - they should be able to tell you what options you have available to you.
Best of Luck
df

sexymax

Thanks for all your comments..
1st my childrens mother was confronted regarding opting out..not interested
shes currently has been living in a new housing assoc house 3 bed £90.p wk
as far as shes concerned she can get approx £90k for doing f.a.
2nd My 2 children stay with me on and of and we live in east London. The £250k I recon the place is worth is for a 2 bed mid terrace victorian house not exactly Buckingham palace. ! and big point..I`ve lived here 23 years and renovated the place....its my home..I dont want to move..anywhere
and yes i did cash in the insurance some years ago when I was trying to keep my head above water..so theres no money there !