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Advice needed! Pay ex off now or wait?
3xmum
Posts: 1 Newbie
I own my own house (approx value £145000) although my ex-husband has a 20% charge on the house.
Should I take a mortgage out to pay him off in full? Would this be beneficial for me in the long term? I do not HAVE to pay him his share until youngest child is 18 (14 years time)
Would I even get a mortgage as I do not work?
Maintenance: £5220/year
Benefits: £14570/year (Tax credits, child benefit, Income support)
I do not wish to sound bitter but I do not want him to gain anything and his share is growing each year (How much is average house increase over 14 years?)
Sorry for so many questions!! Advice please! Thank you
Should I take a mortgage out to pay him off in full? Would this be beneficial for me in the long term? I do not HAVE to pay him his share until youngest child is 18 (14 years time)
Would I even get a mortgage as I do not work?
Maintenance: £5220/year
Benefits: £14570/year (Tax credits, child benefit, Income support)
I do not wish to sound bitter but I do not want him to gain anything and his share is growing each year (How much is average house increase over 14 years?)
Sorry for so many questions!! Advice please! Thank you
0
Comments
-
There's no guarantee that house prices will rise over the next 14 years. In many areas house prices are still below 2007 peak prices. So the actual rise over the past 10 years averages out at around 20%. A far cry from the heydays.
Rather than pay a mortgage. Put the money into a savings account and buy him out when you can afford to do so.0
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