Seperating, how can I afford mtg?

mkbswimstar

The mtg as it stands is £450 interest only monthly, so would be cheaper than renting.

sharp910sh

mkbswimstar wrote: »

Is there anything I can do in retrospect, can he sign something now that gives me my part if we split? Would the mtg co have to know?

There is nothing which can be done. At the end of the day you cannot afford it. Your salary is tiny. You will need to get a better job.

I would simply split the excess money after selling and look to rent. It may sound nice that you could have a £450 a month mortgage but that will not happen on your current salary.

Gentile

Make sure you get your 100k back if you decide to go down the path of selling up !

pleasedelete

How long have you lived together? For example iF your income has been the same for 4 years he as put £60k more ino the pot than you. Swings and roundabouts.

Without his salary you would not have had enough to buy an woud have paid rent for xxx years as well. Not so simple as just looking at who paid the deposit.

mkbswimstar

Totally understand were you are coming from. Is there a way I can stop my equity being wasted on rent?

InMyDreams

mkbswimstar wrote: »

Totally understand were you are coming from. Is there a way I can stop my equity being wasted on rent?

Use your income to pay for your rent?
Move to a cheaper part of the country?
Check what benefits you may be entitled to? (http://www.turn2us.org.uk/benefits_search.aspx)

Edited to add: Paying interest only on your mortgage is just as 'wasteful' as renting it's just you are paying a bank instead of a landlord and it's a hell of a lot more risky (even if it was allowed).

RAS

You need to go to the turn2us website and work out how much help you can get towards the mortgage. They will pay interest only on the initial mortgage (not on second loans etc).

You may well be able to afford the house if you are prepared to scrimp on the rest.

Do however get the financial side sorted out urgently becausee he can claim 50% of the equity in 10 years time unles you sort it now.

have you considered the possibility of taking a lodger - tax -free income although it might affect your benefits.

mkbswimstar

Loving the lodger idea, used to have 2 lodgers years ago. Also good as security in the home. I have found out that any equity i do get doesnt affect my child tax credits i would be entitled to, so this half's my rent costs per month.