Help

fryup · 30 May 2014 at 9:57PM

I have split with partner and have 156000 mortgage 16 year term I only bring 18000 in to the house and currently paying interest only i don't even know where to start as I know my income is not enough to cover the mortgage I have . Any advice on how I can make the best out of this situation ? Not sure how I can get a better deal etc on such a low income or make a dent in repaying if it leaves me nothing to support the kids .confused

quicklee99 · 30 May 2014 at 10:04PM

Extend the term so you can at least cover repayments now, over pay when funds permit. Once your in a better position look at reducing the term again.

midnight_child · 30 May 2014 at 10:16PM

@Quicklee - If OP is on IO then extending the term wont help!!

midnight_child · 30 May 2014 at 10:25PM

Hi Fryup,

You may be better posting this onto the debt free page for more targetted advice.

Obviously you either need to increase income or reduce outgoings in the longer term but I would visit the bank to explain situation

Increase income is probably the best option and maybe one of these is possible.
Does your ex pay any maintainence for your Kids? If not should they?
Do you have mortgage outright or with your ex? If joint, can you afford to pay your half and come to an arangement with ex?
As a single parent are you eligible for some benefit payments?
Can you up your working hours or move to better paid job?
Can you sell the house? Obviously you will need somewhere to live but do you have family locally you could move in with?