Mortgage nightmare

AnotherJoe

In what way is that different to the current situation?
Why not live in a house that you only need to pay a mortgage on, as opposed to taking in rent from someone for that house then using that to pay the mortgage plus rent somewhere else (which si paying soemone elses mortgage)? And how does that alter the situation if you died?
Buy life insurance to cover the latter eventuality.

P.s. Just seen mrginge's reply. Very nice and indeed spot on.

Floxxie

Wakeham82 wrote: »

yes i could live in the house. the problem then arrises if something were to happen to myself, the house would then belong to my ex partners name so my wife and 2 children would have nowhere to live.

You need to sever the joint tenancy so that you hold it as tenants in common and then write a will so that your share of the property is left to the person you want it to. Make sure you have adequate life insurance to cover the outstanding mortgage. (By the way severance is not difficult to do)

While you hold as joint tenants, your ex would inherit the property on your death.