Best Investments?

eskbanker

Scarla wrote: »

I can't sell the house as it's jointly owned and my ex will not agree to the sale, I have already broached the subject. Initally he said he would pay the mortgage payments, he now says he won't and will only pay a small sum for the children

Sounds like it may be worth seeing a solicitor or at least getting some advice from CAB or similar - it doesn't sound reasonable to me that ex should have joint ownership (with right to refuse sale) without any obligation to make any mortgage payments.

Scarla

Thank you Powerwin. Not sure if I can take risks now after sleeping on it, but will consider.

I have worked out that if I can exend the term to 20 years, overpay by £200 per month at the moment and use the money I will have in the pension when I am 55, approx £38000 as it stands now, I will have to find approx £27000.

I know I will have no pension for my retirement but I can always sell the house with my ex once the children have left home/should I not have the shortfall. This does not take into account any inheritence I may receive if my parents should pass away. I am not counting on this, I hope it doesn't happen.

Now just have to get my mortgage provider to agree to 20 years. Don't know what I will do if they don't.

Scarla

Sorry, missed your posts whilst typing. I will ask him again and put your suggestions to him. Would he be entitled to half of the house if I alone have make all of the repayments from now on?

masonic

Scarla wrote: »

...use the money I will have in the pension when I am 55...

That relies on the assumption that you will get access to your pension at 55. Current proposals are that the age private pensions can be accessed will rise to the prevailing state pension age minus 10 years.

Scarla

47-years-old. I took out the policy on the basis it would be drawable when I reached 55.

ViolaLass

Is your ex paying through the CSA?

masonic

Scarla wrote: »

47-years-old. I took out the policy on the basis it would be drawable when I reached 55.

The T&Cs of mine states quite clearly that I am entitled to take benefits from the age of 55, but I don't think it is beyond the power of the Government to interfere with that. I am not relying on being able to access mine before I'm 60.

Edit: Anyway, it doesn't matter much if you are 47 and have 15 years left on your mortgage. I thought you were extending from 15 to 20 years because you were younger than 55 when your 15 year mortgage term ended.

Scarla

No ex not paying through CSA at the moment, we have only recently seperated so it's early days. But he is being an a-rse and changing his mind about paying for the children so will not rule it out. Was wishing for an easy transition, but it appears not to be the case.

Regarding taking my pension when I am 55, I suppose I will just have to wait and see and keep my fingers crossed. Just have to have a plan in place regarding overpaying, will increase overpayments every year when I have a salary increase and chuck everything else at it. It's not going to be easy, just want to make sure children are not affected because of my actions.

lavandergirl_2

Don't rule out taking a lodger as you still have time on your side. The children would have flown out of the nest.

Thrugelmir

Scarla wrote: »

Regarding taking my pension when I am 55, I suppose I will just have to wait and see and keep my fingers crossed. Just have to have a plan in place regarding overpaying, will increase overpayments every year when I have a salary increase and chuck everything else at it.

Carry on working. By not withdrawing your pension it will increase in value.

Worry about the mortgage at a later date. Not an immediate problem.