Advice please re mortgage payments

Concerned_separated

Hi,
I am a regular on here and get lots of hints and tips from this board. I have re registered as this is a sensitive issue.

I have been separated two years and struggling to pay mortgage by myself.
Payments 629 per month
Left to pay 100000
Years left to pay 17

My husband is not contributing towards the payments and is not likely to do so. We have four children who live with me. My youngest is 11 so I would like to stay in home until she is 18 if possible.

I have a permanant part time job and was able to work full time for the past year and a half to cover the payments. My hours are reducing again and covering the payments will be a major struggle.

I was thinking of asking to go interest only for short period. I could try for more hours again but the long hours have been stressful also.

I thought if I paid interest only I could save a bit for when we have to sell.

Any advice appreciated regarding interest only, will it go against me in the future. I have not even informed the mortgage company about the separation.

ACG

You wont be able to get Interest only.
You may be able to extend the term though to redce your payments.

You may also be able to take your ex to the courts to get payments from him for the mortgage and maintenance - however he MAY be able to try and force the sale of the property.

Might be worth speakng to a solicitor.

dimbo61

CSA ?
He should be paying 25% of his income for his 4 kids

Concerned_separated

Thanks for replies.

I dont think I would get far getting my ex to pay as he is self employed and has debts.

ACG why would I not be able to get interest only. I have heard of others who did?

The_J

Concerned_separated wrote: »

Thanks for replies.

I dont think I would get far getting my ex to pay as he is self employed and has debts.

ACG why would I not be able to get interest only. I have heard of others who did?

You would generally need to demonstrate a repayment/investment vehicle of some kind these days.

Simon_gloster

Concerned_separated wrote: »

Thanks for replies.

I dont think I would get far getting my ex to pay as he is self employed and has debts.

ACG why would I not be able to get interest only. I have heard of others who did?

Depends on the lender. As J said, generally a no no if you have nothing to prove how to pay it back........however, if things stay as they are, payments may become erratic.

Most lenders have sympathetic helplines. You will have to go thru the most intense budget analsys of your life if they are to consider it.

At the end of the day, it handing in the keys, repossession or the lender helping? Its costs lenders lots to repo therefore they will try other methods and CONSIDER interest only at last resort maybe for 6 to 12 months then repayment again.

As I opened the post with, it does boil down to the lender...sub primers for example would he harder.to convince.

opinions4u

Any change to interest only, or reduced payments other than interest only, will be temporary.

They will not agree to a seven year arrangement. How and when will you restore full payments?

Agreeing reduced payments (including interest only) is likely to negatively impact your credit file.

Concerned_separated

Thanks so much for replies.

I never realised about impact to credit file. I have been managing up Until now so will continue on. I could work full time come September with all kids out of primary school.

We have a PPI policy which was taken out with the mortgage for £6000 which I have been meaning to get sortedso that taken off the balance could help.

My lender is Birmingham Midshires not sure what sub prime means but it was self cert and we borrowed way more than I was comfortable with. You live and learn unfortunately.

I also have an endowment policy that I took out way before very first mortgage which matures in 5 years. I was gonna leave it running and hopefully it will pay something out towards the balance.

The thought of struggling on with payments by myself then exH still being entitled to half when we sell does not sit well with me.