Wife is leaving me.

bitemebankers

19lottie82 wrote: »

exactly. so if the op takes it upon himself to pay the whole mortgage, then she doesn't have to pay anything.

Conversely, if he pays nothing, the mortgage company will go after her for it. It's a game of brinkmanship.

Thegirl

bitemebankers wrote: »

Conversely, if he pays nothing, the mortgage company will go after her for it. It's a game of brinkmanship.

With his credit rating at stake. He's already said he wants to take the mortgage over. Defaulting on his mortgage isn't going to help that to happen.

Don't do anything rash and speak to your mortgage company to see if there is something you can do in the meantime, as someone else suggested, perhaps a mortgage holiday. Try and find out all of your available choices, which includes benefits/tax credits etc.

At the moment you cannot afford the mortgage you have with the income you have.

PeterJames123

Thank you all for taking time out to help me. I have talked to my company who I now work part time for and under the circumstances they are happy for me to go back to full time. My new wage will be 21k and am hoping that will be enough for the bank to allow me to take over the mortgage and remove my wife's name. As I have lived there since 2010 instead of my borrowing 96k which we originally did I am I right in thinking I only need to ask to borrow 84k as we have already paid around 12k back?

sleepless_saver

PeterJames123 wrote: »

As I have lived there since 2010 instead of my borrowing 96k which we originally did I am I right in thinking I only need to ask to borrow 84k as we have already paid around 12k back?

That's great news on the job front.

On the specific point, if you've been paying £500 a month as your first post says, then surely most of that £12k will be interest and not repayment of capital?

Primrose

Pleased for you about the job. Obviously if you can take the mortgage over it will put you in a stronger position for the future and if you can get a lodger it may give you some financial leeway and possibly free up some cash to perhaps to reduce your mortgage longterm.

mrcow

PeterJames123 wrote: »

Thank you all for taking time out to help me. I have talked to my company who I now work part time for and under the circumstances they are happy for me to go back to full time. My new wage will be 21k and am hoping that will be enough for the bank to allow me to take over the mortgage and remove my wife's name. As I have lived there since 2010 instead of my borrowing 96k which we originally did I am I right in thinking I only need to ask to borrow 84k as we have already paid around 12k back?

You need to ask your mortgage comany for a balance, or a statement, whichever is cheapest. Then you'll know exactly how much you've let owing.