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confused at next move
helen0302
Posts: 1 Newbie
I have an interest only mortgage on property I live in with new partner. my ex husband is on this mortgage but have been to court and he is not entitled to any equity (this is very little anyway). My new partner has had financial problems but is starting to rebuild his credit rating. He has a good job and in maybe 2 years could apply for a mortgage himself. we are both 51.
Should I stay as I am and hope I inherit enough money in the next 18 years to pay off interest only mortgage (quite likely to happen but feel like I am burying my head in the sand, but it means mortgage payments are pretty low, £300 pm)
Or do I try and sell my house and buy with new partner.Monthly mortgage payments would be more, maybe 800 pm but we could manage it.Would be difficult though if rates rise.would need to find a deposit too. maybe 8k at 5%
Or he could buy on his own without waiting to sell a place and I move with him( would be happy to move from present property ) This way I could maybe rent my house out, but could my ex husband stop me if he wanted. he is awkward.
If I stay put I have 100% of approx nothing. If I move with new man (been together 6 years so stable) how could I have an interest in the new property? Would that be less short sighted irresponsible option? Or should we stay put and be happy paying a cheap mortgage but have worries over paying it off?
Should I stay as I am and hope I inherit enough money in the next 18 years to pay off interest only mortgage (quite likely to happen but feel like I am burying my head in the sand, but it means mortgage payments are pretty low, £300 pm)
Or do I try and sell my house and buy with new partner.Monthly mortgage payments would be more, maybe 800 pm but we could manage it.Would be difficult though if rates rise.would need to find a deposit too. maybe 8k at 5%
Or he could buy on his own without waiting to sell a place and I move with him( would be happy to move from present property ) This way I could maybe rent my house out, but could my ex husband stop me if he wanted. he is awkward.
If I stay put I have 100% of approx nothing. If I move with new man (been together 6 years so stable) how could I have an interest in the new property? Would that be less short sighted irresponsible option? Or should we stay put and be happy paying a cheap mortgage but have worries over paying it off?
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