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what to do?
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andrew_setchfield
Posts: 2 Newbie
Hi. We are in a bit of a tizz. Its a nice tizz to be in but we need some help in deciding what to do.
We have our own home which has a 130K mortgage on it. this is split between myself and my partner, both names on the deeds as joint tennants.
I am self employed and at the moment things are a bit difficult with high interest rates etc. We have been lucky enough to inherit a house which is now almost sold. There will be some money coming along from that to the tune of some 250K. we have to look towards our retirement as we are both 50. My pensions are dire. but my partner her being a civil servant is great.
We have both worked hard all our lives and earned all we have. My business is struggling. I dont want to risk losing the house in the business goes down.
I suggested to her that we pay 1/2 off the mortgage and remove me from the deeds making her the only name on the deeds. so in the event of the business closing any creditors cannot get their hands on the house putting my family on the street.
I suggested then that we invest the rest and over the course of the next 5 or so years it will accrue interest possibly sufficient to repay the balance of the mortgage. The money is all in her name anyway as it was her fathers house. we are not married although we have been together for the last 14 years.
I do need to protect my family a little. The business has been trading for the last 15years its slow but not stagnant.
all help appreciated.
confused.:o
We have our own home which has a 130K mortgage on it. this is split between myself and my partner, both names on the deeds as joint tennants.
I am self employed and at the moment things are a bit difficult with high interest rates etc. We have been lucky enough to inherit a house which is now almost sold. There will be some money coming along from that to the tune of some 250K. we have to look towards our retirement as we are both 50. My pensions are dire. but my partner her being a civil servant is great.
We have both worked hard all our lives and earned all we have. My business is struggling. I dont want to risk losing the house in the business goes down.
I suggested to her that we pay 1/2 off the mortgage and remove me from the deeds making her the only name on the deeds. so in the event of the business closing any creditors cannot get their hands on the house putting my family on the street.
I suggested then that we invest the rest and over the course of the next 5 or so years it will accrue interest possibly sufficient to repay the balance of the mortgage. The money is all in her name anyway as it was her fathers house. we are not married although we have been together for the last 14 years.
I do need to protect my family a little. The business has been trading for the last 15years its slow but not stagnant.
all help appreciated.
confused.:o
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