home owner , little help

shelby_

hello ! so please picture this , first time buyer , in a 2 year fixed rate repayment mortgage , on my own exciting hey !

unfortunately for me my mind is doing backflips ! so becoming a home owner at 33 has alot of positives !
right now looking long term at reality im terrifying myself !

im a single women 33 and hoping to settle down and have children of my own in the next few years , i am most possibly looking at worst case but i have to be realistic ...

say i meet someone partner moves in with me and we have a child in the next 18 months but then the inevitable happens and it all goes wrong ! partner leaves and im stuck as a single parent with a mortgage ...

i understand that housing benefit does not pay out fir home owners , there is a mortgage scheme that does however it only covers the interest of your mortgage !

childcare fees i believe cost a absloute bomb ! so that would make going to work impossible as i also havent anyone else i could rely on to look after my child whilst at work !

i am scared stiff of how i would balance a mortgage , life as a single parent ect if that happened

This also brings me to the question about remortgaging ! if it gets to the end of my 2 year fixed and i am a single parent unable to work how would i ever remortgage ?

my mortgage is just undergoing valuation so im hoping if my fears are confirmed i can still change my mind on my own flat ! any advice i would be very grateful !

silvercar

partner leaves and im stuck as a single parent with a mortgage ...

You return to work, claim child tax credits etc to help with childcare costs.

You also claim maintenance payments from the father of your child....and share access with the father so he does his share of child care.

foxy-stoat

It would be exactly the same if you rented somewhere - you couldn't pay the rent then you get evicted and the council will step in. Only difference would be you have more to lose.

If you found someone and wanted them to move in and have children then they should be on the mortgage and supporting you and the child (18 months wouldnt be long enough really but hey ho). Hopefully they will have a house from previous life which they sell and inject some cash into yours.

societys_child

Life's full of 'what ifs' . .

What if your partner doesn't leave . .
What if you don't actually meet someone in the first place
What if all types of things . . that's life, an adventure, enjoy it

Annisele

I really think you're worrying prematurely.


It sounds as though you're afraid that the partner you haven't met yet is going to leave you with sole responsibility for the child you haven't yet conceived.


But as to your 2 year fix question - I'd be very surprised if your mortgage term was 2 years. You might have taken out a fixed rate for 2 years, but the term is (probably) more like 20 or 25 years. If that's the case, then at the end of your 2 year fix you won't have to remortgage if you don't want to - you'll just go onto your lender's standard variable rate (or whatever follow on rate is specified in your mortgage paperwork).

amnblog

Annisele wrote: »

I really think you're worrying prematurely.


It sounds as though you're afraid that the partner you haven't met yet is going to leave you with sole responsibility for the child you haven't yet conceived.
.

Sentence one is a modest description of sentence two.

To our OP

Any parent will tell you that finances are just one of a myriad of worries.

When you become one you may find your focus shifts and the finances are what they are

Edi81

Wow! A lot of what ifs. Take a deep breath and relax!