Mortgage vs renting advice needed.

Br0k3buth4ppy

I am, at present, in private landlord rented property and my partner is currently renting from the local housing authority. We want to set up home together. I have adult children living at home with me and he lives in a one-bedroom flat. He can't request a larger home from the local authority to house us all as, because my children are adults, they will not be taken into consideration for housing. I am currently living in a privately rented house which isn't suitable for my partner's mobility needs, therefore we need to move into a home suitable for all of us. I am still currently tied in to the mortgage of the previous marital home which my husband lives in and has done since the breakdown of our marriage 12 years ago. He can't remortgage as he's long-term unemployed and the mortgage was obtained using our joint incomes at the time though he pays the mortgage using money from his very healthy pension. I currently pay £500 pcm rent and my partner pays £300pcm. Our combined incomes are approx £2400 pcm and, as almost all other bills will be, in effect, halved, once we are living in the same home, we should be able to afford to pay up to £750pcm in a mortgage repayment. We don't want to be paying £750pcm in rent when that money could be best used paying a mortgage on a house for myself and my partner. We don't have any savings and, as long as we are living in rented accommodation we don't have any opportunity to save a deposit. Is there any way whatsoever that my partner and I could obtain an interest only mortgage?

Thrugelmir

You need to remove yourself from the other mortgage. Would appear that your ex is in a comfortable position, one which they would have no need of changing.

Do you have an equity stake in the property?

Br0k3buth4ppy

My husband can't re-mortgage the house he's in as he is disabled and not working. I don't pay anything towards the mortgage on that house but am co-owner. We have an agreement that, as long as my husband needs the house he will live in it and pay the mortgage. On his death the house will be mine to do with as I see fit and constitutes a 'divorce settlement' for me. One of our children lives with him. He can't afford to give me what would be a fair settlement and, should I force one on him, he will have to sell the house to pay it which will benefit neither of us.

dimbo61

Your ex could write a will on Monday leaving his half of the house to RSPCA, OXFAM etc
Sorry 12 years is far to long to wait and all the kids are now adults ?
The only person losing out for the last 12 years is YOU !

GMS

No, you couldn't get an interest only mortgage.

Without a deposit you will not get any mortgage unless you have family willing to put property and/or savings up as collateral.