advice needed scared to death<long one>

hi, im hoping someone might help me out here
my husband has left me and my kids<from a previous relationship> and hes happy<no choice> to pay the mortage till the house is sold. he dosnt want any of the profit. now i dont want to sell the house.its all ive got , when we got our first house 4 years ago it was just my mortgage with my credit rating and i never had to show proof of income.because it was based on my account. now il have to go on benefit<working tax> but will only have a income alltogether of £290. but if i get some permenant cash in hand cleaning jobs i can roll together another 70 pw. my income would be just enough to clear a intrest only mortgage fixed at 10 years. now what would the best way of doing this?. tell the bank the real situation and see if they will execpt the beneifts ect and understand that if i default they get the house and 80,000 equity?. or just tell them that we have split up and im taking over the mortage. want to go on intrest only and tell them im bringing in 360 a week but not how and hope they take my mortgage offer on the basis of my accounts again?. this really is destroying me and the kids and need some real advise. thank you so much xxwendy
You're not drunk if you can lie on the floor without holding on

Replies

  • bailsbails Forumite
    3.2K Posts
    Hi Wendy, I'm really sorry I don't know enough about these things to help you properly but just wanted to say I was so sorry to hear about your situation and I hope someone can offer you some good advice soon. Take care x
    The 1,000 Day Challenge:
    Feb 16, 2016
    500/30,000
    1.67%
  • robwendrobwend Forumite
    2.9K Posts
    bails wrote: »
    Hi Wendy, I'm really sorry I don't know enough about these things to help you properly but just wanted to say I was so sorry to hear about your situation and I hope someone can offer you some good advice soon. Take care x

    thank you bails so much. update is hes now agreed to pay half the mortgage for 10 years till the kids have left school then we will split the equity down the middle, so its a investment for him like a pension, but im going to get a sol to draw this up so if he defaults he looses all equity, hopefully a sol can do this, i wont bother informing the bank. as long as they get there money they dont care.will just remortgage next june as normal and hopefully all will be ok, but if anyone has any advise please do xxx
    You're not drunk if you can lie on the floor without holding on
  • cal1_2cal1_2 Forumite
    103 Posts
    i'm also very sorry to hear about your situation!
    However, I'm not sure this is the best way forward??
    Hope you don't mind me asking but what is the outstanding mortgage, how many years left to run & what are your monthly payments? You say you have 80k equity in the home, how much is your home worth?
    i'm not simply being nosy:o , but I believe there may be other (better) options depending on the above.:D
    Do you receive any maintenance for your two children from their father?
    Sorry there are lots of questions, just trying to find the best for you & your lovely children:T
    Kind regards xx
  • robwendrobwend Forumite
    2.9K Posts
    cal1 ive pmed you with the info hun xx
    You're not drunk if you can lie on the floor without holding on
  • cal1_2cal1_2 Forumite
    103 Posts
    i've pm'd you back x
This discussion has been closed.
Latest MSE News and Guides