Financial settlement for divorce Help

ali137

Received conditional order but due to financial stuck at moment 

Dad 40 years old, works full time

Ex wife 40 years old was a stay at home mum looking after out kids

19 year’s marriage 

Dad wage: over 30k year (gross) 

1 residential property (in my sole name and sole mortgage) very high interest only mortgage, monthly payment is high 

1 buy to let (in my sole name and sole mortgage) very high interest only mortgage monthly payment is high 

interest only mortgages

I currently live in residential property 

Equity from both houses after taxes, selling fees, etc is £250k 

I done a full refurbishment to residential property 6 years ago 70k (i used a loan to do refurbishment and took 5 years to pay majority of loan off) 

I done a refurbishment on buy to let property after necessity £7k

Savings: 2k left to survive, after it runs out i dont know what i will do

Paying child maintenance which ex applied through CMS. 

3 children (17, 11, 8 years old) 

Ex wife moved to temporary council accommodation 2021.

Ex wife receives universal credit, housing benefit, council tax reduction, child benefit etc

Ex wife works part time as carer and mid day supervisor currently ) 

Had  only 1 meditation sessions for financial could not agree so meditator said to submit Form A to court. 

Ex wife said at mediation she wants to move back into residential property with the kids (because if she receives a lump sum from sale of properties she will loose universal credit) 

Mediation said about mesher order but i dont want this. Even with this, if she moves into the property i dont mortgage in my name and the bank will not give her a mortgage 

I cannot remortgage residential property as bank will not let me with my income at the moment. Only thing to do is sell. 

The bank will not give her a mortgage as they said they will do affordability checks. What she does not understand she will not get a mortgage i said that mediation. 

She said I should keep buy to let property 

She does not consider the £70k refurbishment costs to residential property because she says i done it for family at that time

I said at meditation i want that 70k refurb costs back after sale of properties and then split everything 50/50 .

I want a clean break and move on with my life. 

After paying mortgage, rising costs of bills, etc child maintenance i am in minus each month and using the 2k savings i have left, after that runs out i am in big trouble. 

I can’t afford solicitor so will be going it alone if it ends up in court. 

All the money is tied up in equity of property. 

I will need a 2 bed flat for me and my kids, rent or buy. 

I dont know what to do, stuck now, i would rather sort this out of court but ex stopped talking to me. 

If i was earning a 6 figure salary each year then i would have given her more, but i have to survive as well with my 30k wage. 

Please could someone help? 

Caz3121

ali137 said:

Equity from both houses after taxes, selling fees, etc is £250k 

may help with a breakdown

Residential property value, outstanding mortgage?
BTL property value, outstanding mortgage?
pensions?
other assets?
debts?

ali137

I done all valuations etc for mediation: 

Residential: 500k, mortgage 229k 10 years left to pay full amount on mortgage. 
BTL: 200k, mortgage 150k

total Equity from both 2 houses after capital gains taxes, selling fees, fixing stuff to sell property, etc is £250k i did my calculations. 

my pension: 90k
My debt is credit card 5k
car worth : 4k


Main issue is for her, she will loose universal credit, housing benefit, council tax reduction if she was to receive lump sum, I presume people are advising her this. She is on council housing list as she is in temporary accommodation. 

I just want to sell everything and take my share of lump sum and she gets her share and move on but her main issue is loosing benefits payments. 

How do i solve this issue without going to court?

tacpot12

Her losing benefits should not be an issue as she can just spend the lump sum. Providing she only spends it on living expenses, when the lump sum is gone, she will be able to claim Universal Credit and Council Tax Reduction again. (She's not receiving Housing Benefit, Universal Credit will be paying part of her rent).

She's never going to be able to afford to pay the mortgage on your current property, but might on a smaller property.

You can't argue that you paid for the renovation and she didn't - if you are married, your finances are joint and need to be split 50:50. She could put some her lump sum into a pension, and this would not necessarily be seen as a deliberate depravation of capital as it is reasonable to make provision for your retirement. This would reduce the time it would take to bring her capital down to the point that she can claim benefits again.

Her other issue is that two of the children are close to the point where Child Benefit will stop and Universal Credit will no longer pay her the Child Element for the two older children. If they have aspirations to go to University, it might make things more difficult for her financially. You might need to consider using some of your money to support them, e.g. by continuing to pay Child Maintenance to her outside of term-time.

The idea of a Mersher order doesn't seem such a bad one. It puts off the point at which she gets her share of the capital (so the problem with benefits is kicked down the road), and the children will be older, so she may be able to manage with a smaller house. Presumably the difficulty if you keep the properties is that you cannot pay the mortgages without her contributing what she used to contribute. (I would also guess that the child maintenance you are currently paying is a little more that you were actually contributing to the cost of the children). 

The only way to resolve this without going to court is to agree a financial settlement with her. I think you have to put the point to her that you cannot defer selling the proeprties unless she contributes to the mortgage(s). It's likely that she will get a good return on this contribution, due to house price rises, but if she won't contribute, I don't see why you shoudl have to give her more than 50% of the equity she has in the houses now. If she woudl agree to that and you can pay both mortgage, this might be a good option for you, especially are your pension will be somewhat depleted if it is shared. 

You will need to go through your own budget with a fine tooth comb to prove that you cannot pay both  mortgages yourself. It's not unreasonable to want to be financially seperated when the divorce is final, but if you can't find a solution you can agree on, you might have to live with what you are left with. 

ali137

tacpot12 said:

Her losing benefits should not be an issue as she can just spend the lump sum. Providing she only spends it on living expenses, when the lump sum is gone, she will be able to claim Universal Credit and Council Tax Reduction again. (She's not receiving Housing Benefit, Universal Credit will be paying part of her rent).

She's never going to be able to afford to pay the mortgage on your current property, but might on a smaller property.

You can't argue that you paid for the renovation and she didn't - if you are married, your finances are joint and need to be split 50:50. She could put some her lump sum into a pension, and this would not necessarily be seen as a deliberate depravation of capital as it is reasonable to make provision for your retirement. This would reduce the time it would take to bring her capital down to the point that she can claim benefits again.

Her other issue is that two of the children are close to the point where Child Benefit will stop and Universal Credit will no longer pay her the Child Element for the two older children. If they have aspirations to go to University, it might make things more difficult for her financially. You might need to consider using some of your money to support them, e.g. by continuing to pay Child Maintenance to her outside of term-time.

The idea of a Mersher order doesn't seem such a bad one. It puts off the point at which she gets her share of the capital (so the problem with benefits is kicked down the road), and the children will be older, so she may be able to manage with a smaller house. Presumably the difficulty if you keep the properties is that you cannot pay the mortgages without her contributing what she used to contribute. (I would also guess that the child maintenance you are currently paying is a little more that you were actually contributing to the cost of the children). 

The only way to resolve this without going to court is to agree a financial settlement with her. I think you have to put the point to her that you cannot defer selling the proeprties unless she contributes to the mortgage(s). It's likely that she will get a good return on this contribution, due to house price rises, but if she won't contribute, I don't see why you shoudl have to give her more than 50% of the equity she has in the houses now. If she woudl agree to that and you can pay both mortgage, this might be a good option for you, especially are your pension will be somewhat depleted if it is shared. 

You will need to go through your own budget with a fine tooth comb to prove that you cannot pay both  mortgages yourself. It's not unreasonable to want to be financially seperated when the divorce is final, but if you can't find a solution you can agree on, you might have to live with what you are left with. 

Thanks for the reply. 

I presume if you have savings over 16k you loose all benefits, the rent for temporary accommodation I presume she will have to pay as well, am I correct? I will suggest to her solicitor to take lump sum and use it for living expenses and then after it runs out for her to go back on universal credit. Thanks. 

it will be very hard for her to purchase a property because we live in London and even flats in London is crazy prices. Impossible for her to relocate outside of London due to my kids school. 

I feel that its a bit unfair on my  side because the lump sum i will receive is going to be just the renovation money, so I gained nothing for all my hard work throughout the years (i am not receiving anything extra from the equity from the property) . I am receiving nothing. I struggled 5 years to pay off that loan. 

I will suggest to the solicitor of her lump sump being put into a new pension for her if she agrees, so she can still claim universal credit. Thank you for your suggestion. 

10 years years left on residential mortgage which is interest only. If a mesher order is done, i do no want the mortgage in my name because if she misses payment my credit file will be messed up and I never missed any payments in my life. Mortgage company will be after me and not her. Mortgage company told me they will do affordablity test on a new person on the mortgage and unlikely they would give her a mortgage. I want a clean break order where she cannot claim from me in future, therefore i do not agree with this order. 

I am unable to pay two mortgages, i dont want any financial ties with her. She is not on the mortgage, she was a stay at mum raising my children (which is hard work as a parent, i am aware of this) 

If it goes to court and 3rd hearing can a judge force me to pay mortgage?

will judge look at my outgoing, i have evidence to show i am going in minus each month, only thing saving me is the 2k. Then i dont know what i will do, i am in big trouble. So stressed at the moment. 

Mediation was last week, they sent me signed Form A, i have not had any contact from her solicitor yet. 

Thank you for taking the time to reply back to my thread. 

TBagpuss

OK, I don't think a court will give you back the refurb costs - it sounds as though the properties were both bought and updated during the marriage so they will be seen as matrimonial assets regardless of whose name is on the deed. The start point will be a 50/50 split. She can argue she has greater needs if the children live with her, and if she has a lower earning capacity than you.

If she were to receive a lump sum to buy a new property then that wouldn't stop her claiming benefits and I think that it can be disregarded for up to a max of 6 months if you can't get a chain set up so the payment is made simultaneously with her new purchase.

So start y asking for her mortgage capacity - if she is working part time and getting UC she should have some mortgage capacity even though it won't be very much. Most lenders will take into account UC as long as the person also has earnings. 

Supposing she has £135,000 as a deposit, what might she be able to buy in your area? Look at shared ownership properties as well as buying outright, this might make the difference between her being able to buy, and not, and she would be able to get the housing element of UC towards the rent on the rented element.  If £135,000 wouldn't allow her to rehouse, how much would? A Mesher type order isn't ideal but might be necessary, at least for a relatively short time until your youngest is at secondary school and your eldest has left school. At that point, her housing needs are lower and she ought tto be able to work full time, so her borrowing capacity should rise. 

What about you - have you looked into how much you could borrow f the properties (one or both) were sold and you were looking to rehouse? 

Can you start to market the properties now if neither of you can afford to remain in the? It sounds as though she won't be able to afford to pay the mortgage on the FMH so her moving back in isn't practical, a court wouldn't order you to pay the mortgage, Spousal Maintenance is very uncommon and as far as I know, she couldn't claim help with the mortgage as it is in your name. 

ali137

TBagpuss said:

OK, I don't think a court will give you back the refurb costs - it sounds as though the properties were both bought and updated during the marriage so they will be seen as matrimonial assets regardless of whose name is on the deed. The start point will be a 50/50 split. She can argue she has greater needs if the children live with her, and if she has a lower earning capacity than you.

If she were to receive a lump sum to buy a new property then that wouldn't stop her claiming benefits and I think that it can be disregarded for up to a max of 6 months if you can't get a chain set up so the payment is made simultaneously with her new purchase.

So start y asking for her mortgage capacity - if she is working part time and getting UC she should have some mortgage capacity even though it won't be very much. Most lenders will take into account UC as long as the person also has earnings. 

Supposing she has £135,000 as a deposit, what might she be able to buy in your area? Look at shared ownership properties as well as buying outright, this might make the difference between her being able to buy, and not, and she would be able to get the housing element of UC towards the rent on the rented element.  If £135,000 wouldn't allow her to rehouse, how much would? A Mesher type order isn't ideal but might be necessary, at least for a relatively short time until your youngest is at secondary school and your eldest has left school. At that point, her housing needs are lower and she ought tto be able to work full time, so her borrowing capacity should rise. 

What about you - have you looked into how much you could borrow f the properties (one or both) were sold and you were looking to rehouse? 

Can you start to market the properties now if neither of you can afford to remain in the? It sounds as though she won't be able to afford to pay the mortgage on the FMH so her moving back in isn't practical, a court wouldn't order you to pay the mortgage, Spousal Maintenance is very uncommon and as far as I know, she couldn't claim help with the mortgage as it is in your name. 

Thank you for taking time to reply. 

Went meditation last week and no contact from her solicitor. 

I will still ask about refurb costs and see what happens . I lost out big time, i am so stupid. 

Thank you about the tip about shared ownership, i will highlight this if and when her solicitor contacts me. I will also mention about her going full time work when my youngest is in secondary school, 3 years time. 

She wants to punish me and take everything. 

If mesher order is done, i will take my name off mortgage, i am not willing to have my name because if she does not pay i am in trouble and not her. 

I will rent, never ever want to buy after what i am going through, regret everything i built up in life. 

tightauldgit

ali137 said:

TBagpuss said:

OK, I don't think a court will give you back the refurb costs - it sounds as though the properties were both bought and updated during the marriage so they will be seen as matrimonial assets regardless of whose name is on the deed. The start point will be a 50/50 split. She can argue she has greater needs if the children live with her, and if she has a lower earning capacity than you.

If she were to receive a lump sum to buy a new property then that wouldn't stop her claiming benefits and I think that it can be disregarded for up to a max of 6 months if you can't get a chain set up so the payment is made simultaneously with her new purchase.

So start y asking for her mortgage capacity - if she is working part time and getting UC she should have some mortgage capacity even though it won't be very much. Most lenders will take into account UC as long as the person also has earnings. 

Supposing she has £135,000 as a deposit, what might she be able to buy in your area? Look at shared ownership properties as well as buying outright, this might make the difference between her being able to buy, and not, and she would be able to get the housing element of UC towards the rent on the rented element.  If £135,000 wouldn't allow her to rehouse, how much would? A Mesher type order isn't ideal but might be necessary, at least for a relatively short time until your youngest is at secondary school and your eldest has left school. At that point, her housing needs are lower and she ought tto be able to work full time, so her borrowing capacity should rise. 

What about you - have you looked into how much you could borrow f the properties (one or both) were sold and you were looking to rehouse? 

Can you start to market the properties now if neither of you can afford to remain in the? It sounds as though she won't be able to afford to pay the mortgage on the FMH so her moving back in isn't practical, a court wouldn't order you to pay the mortgage, Spousal Maintenance is very uncommon and as far as I know, she couldn't claim help with the mortgage as it is in your name. 

Thank you for taking time to reply. 

Went meditation last week and no contact from her solicitor. 

I will still ask about refurb costs and see what happens . I lost out big time, i am so stupid. 

Thank you about the tip about shared ownership, i will highlight this if and when her solicitor contacts me. I will also mention about her going full time work when my youngest is in secondary school, 3 years time. 

She wants to punish me and take everything. 

If mesher order is done, i will take my name off mortgage, i am not willing to have my name because if she does not pay i am in trouble and not her. 

I will rent, never ever want to buy after what i am going through, regret everything i built up in life. 

I appreciate that this is a rough time and thinks often get heated and vindictive around money in a divorce - been there done that! However, I think you have unreasonable expectations on a few things and it would do your end no harm to give up on a few things that you are never going to get to show that you are willing to be reasonable. 

The renovations used marital money to invest in improvements to a marital property. It's all shared. There's no way you are getting that money back personally other than through your share of whatever value it added to the property you invested it in. Forget it.

It's not as easy as 'taking your name off the mortgage' - the bank isn't going to give that up unless someone steps up to be able to afford the mortgage. Otherwise you are both going to continue to be liable for payments. I don't really see how a mesher order would work for you as it appears you are neither individually nor jointly able to afford the house in any case once you factor in that you need to afford to live somewhere else.

I don't really know why you are so keen to avoid court - court is the process by which things get resolved and decisions made. The filly-fallying about before hand is the process by which people drag out the arrangements and resolve nothing which costing themselves large amounts of money and creating a great deal of ill-will between themselves because they've convinced themselves that their unreasonable demands are actually likely to happen. This is what you are seeing now.  

Her ability to claim benefits is not a reason not to receive a lump sum and/or sell the properties. Although it will be factored in to her financial needs. If she wants to live in the house she's entitled to make the case for that - but unless she can show that she can afford it, or that you can afford to make a contribution to it while also living on your own its a non starter. In any case any spousal support she receives from you would reduce her UC too and I'm not sure if paying a mortgage would be exempt from that. 

The outcome of this situation would appear to be that the properties need to sold, the equity split (probably 50/50) and you move on with your lives. 
 

ali137

tightauldgit said:

ali137 said:

TBagpuss said:

OK, I don't think a court will give you back the refurb costs - it sounds as though the properties were both bought and updated during the marriage so they will be seen as matrimonial assets regardless of whose name is on the deed. The start point will be a 50/50 split. She can argue she has greater needs if the children live with her, and if she has a lower earning capacity than you.

If she were to receive a lump sum to buy a new property then that wouldn't stop her claiming benefits and I think that it can be disregarded for up to a max of 6 months if you can't get a chain set up so the payment is made simultaneously with her new purchase.

So start y asking for her mortgage capacity - if she is working part time and getting UC she should have some mortgage capacity even though it won't be very much. Most lenders will take into account UC as long as the person also has earnings. 

Supposing she has £135,000 as a deposit, what might she be able to buy in your area? Look at shared ownership properties as well as buying outright, this might make the difference between her being able to buy, and not, and she would be able to get the housing element of UC towards the rent on the rented element.  If £135,000 wouldn't allow her to rehouse, how much would? A Mesher type order isn't ideal but might be necessary, at least for a relatively short time until your youngest is at secondary school and your eldest has left school. At that point, her housing needs are lower and she ought tto be able to work full time, so her borrowing capacity should rise. 

What about you - have you looked into how much you could borrow f the properties (one or both) were sold and you were looking to rehouse? 

Can you start to market the properties now if neither of you can afford to remain in the? It sounds as though she won't be able to afford to pay the mortgage on the FMH so her moving back in isn't practical, a court wouldn't order you to pay the mortgage, Spousal Maintenance is very uncommon and as far as I know, she couldn't claim help with the mortgage as it is in your name. 

Thank you for taking time to reply. 

Went meditation last week and no contact from her solicitor. 

I will still ask about refurb costs and see what happens . I lost out big time, i am so stupid. 

Thank you about the tip about shared ownership, i will highlight this if and when her solicitor contacts me. I will also mention about her going full time work when my youngest is in secondary school, 3 years time. 

She wants to punish me and take everything. 

If mesher order is done, i will take my name off mortgage, i am not willing to have my name because if she does not pay i am in trouble and not her. 

I will rent, never ever want to buy after what i am going through, regret everything i built up in life. 

I appreciate that this is a rough time and thinks often get heated and vindictive around money in a divorce - been there done that! However, I think you have unreasonable expectations on a few things and it would do your end no harm to give up on a few things that you are never going to get to show that you are willing to be reasonable. 

The renovations used marital money to invest in improvements to a marital property. It's all shared. There's no way you are getting that money back personally other than through your share of whatever value it added to the property you invested it in. Forget it.

It's not as easy as 'taking your name off the mortgage' - the bank isn't going to give that up unless someone steps up to be able to afford the mortgage. Otherwise you are both going to continue to be liable for payments. I don't really see how a mesher order would work for you as it appears you are neither individually nor jointly able to afford the house in any case once you factor in that you need to afford to live somewhere else.

I don't really know why you are so keen to avoid court - court is the process by which things get resolved and decisions made. The filly-fallying about before hand is the process by which people drag out the arrangements and resolve nothing which costing themselves large amounts of money and creating a great deal of ill-will between themselves because they've convinced themselves that their unreasonable demands are actually likely to happen. This is what you are seeing now.  

Her ability to claim benefits is not a reason not to receive a lump sum and/or sell the properties. Although it will be factored in to her financial needs. If she wants to live in the house she's entitled to make the case for that - but unless she can show that she can afford it, or that you can afford to make a contribution to it while also living on your own its a non starter. In any case any spousal support she receives from you would reduce her UC too and I'm not sure if paying a mortgage would be exempt from that. 

The outcome of this situation would appear to be that the properties need to sold, the equity split (probably 50/50) and you move on with your lives. 

I want to avoid court because i know it will drag out more (she wants this to happen), I started a no fault divorce and i thought it will be over in 7 mont but 9 months now, no resolution. Having a no fault divorce was pointless. 

Thank you for the reply 

i think i know deep down that renovation costs is gone, but still i will highlight this. 

Meditor has highlighted to her she will loose benefits if she receives lump sum, I thought meditation was impartial. When I highlighted things to mediator regarding my situation , they did not want to know, they did not advise me on anything. 

I want to avoid court because i know it will drag out more (she wants this to happen), I started a no fault divorce and i thought it will be over in 7 mont but 9 months now, no resolution. Having a no fault divorce was pointless. 

I will not be able to pay rent, pay towards a mortgage for her, pay child maintenance, i am struggling financially at that moment, so when this all over i will not be able to manage two households. 

If i had the money, then I would support her and myself, but i cant, she thinks i can. 

I will wait this week and see what happens from her side, if no contact is made by her solicitor with me, then next week i have no choice but to submit Form A to the court myself. I contacted financial remedy team at court today and there is nothing on the system showing Form A has been submitted by her. 

So much stress. 

MalMonroe

Hi, don't you have your own solicitor?

You said "I will suggest to her solicitor to take lump sum and use it for living expenses and then after it runs out for her to go back on universal credit."  Normally solicitors will communicate with each other about this kind of thing. When I was divorcing I'd have refused to do whatever my ex said without discussing the benefits for me and our daughter with my solicitor first.

Everything you spent on anything while you were married was for the good of the family, including your own three children. You shouldn't be resentful of that.

You also said "I want a clean break and move on with my life". But that's going to be difficult when you have three children. You can't have a clean break from them. Their lives must have been turned upside down when their parents separated and not only that but they had to move out of their home. The first thing my own solicitor advised when my marriage broke down was for me to stay in the marital home with our daughter. And my ex husband had to move out.

tightauldgit, above, makes a lot of good points. I also think it'd not be a bad thing to go to court because then things would be sorted out properly. And in a pragmatic way devoid of emotion. I know it's really difficult to be reasonable and sensible when you're in the middle of a divorce - I've been there, too and still have the T shirt.

The mediator you saw was probably thinking of your children and not you or your ex. But as the children are with your ex, you unfortunately were by-passed. Any mediator, or court, will focus first and foremost on the children, their welfare and their needs before they'll consider anything else. I discovered that my own needs and wishes were immaterial unless they benefited our daughter too.

Although your ex is currently on benefits, it sounds as if she's making every effort to be self-supporting and surely that'll be beneficial for you, too, in the long run. Working as well as being a single parent is no picnic, I can tell you, whether it's full or part time.

You've said "If i had the money, then I would support her and myself, but i cant, she thinks i can." - again not mentioning your children. Your ex doesn't want money solely for herself, she needs it for your children. 

And this is why you need to get your solicitors together and start working out finances and sharing of custody, things like that. At the moment it seems like you're going round in circles and have been for almost two years now.

I'd strongly advise against this - "Thank you about the tip about shared ownership, i will highlight this if and when her solicitor contacts me. I will also mention about her going full time work when my youngest is in secondary school, 3 years time"

That's just inflammatory.

And I'd definitely get my own solicitor if you don't have one. 

tightauldgit

ali137 said:

Thank you for the reply 

i think i know deep down that renovation costs is gone, but still i will highlight this. 

Meditor has highlighted to her she will loose benefits if she receives lump sum, I thought meditation was impartial. When I highlighted things to mediator regarding my situation , they did not want to know, they did not advise me on anything. 

I want to avoid court because i know it will drag out more (she wants this to happen), I started a no fault divorce and i thought it will be over in 7 mont but 9 months now, no resolution. Having a no fault divorce was pointless. 

I will not be able to pay rent, pay towards a mortgage for her, pay child maintenance, i am struggling financially at that moment, so when this all over i will not be able to manage two households. 

If i had the money, then I would support her and myself, but i cant, she thinks i can. 

I will wait this week and see what happens from her side, if no contact is made by her solicitor with me, then next week i have no choice but to submit Form A to the court myself. I contacted financial remedy team at court today and there is nothing on the system showing Form A has been submitted by her. 

So much stress. 

See this is the mistake that many (and I did it too) make. Court does not drag the process out more - court resolves the matter. it takes a while yes, you're probably talking about 12 months minimum to get a resolution depending on how busy the court is. BUT you know what takes even longer? Arguing back and forward about every little thing without any referee or clock to tell you it's time to stop and make a decision now or one will be made for you. And if you do come to an agreement in the meantime then you just put that in front of the court and it's all done. You would need the court to sign off on the final consent order anyway. 

My advice - get the forms in to the court, drop the complaint about the renovation costs because it makes you sound like one of 'those' husbands, get your own financials straight on what you have coming in and going out and what you can afford and cant. You are going to have to pay child maintenance no matter what so that's not up for debate. 

If you have three kids then presuming you want to see them sometimes then you would need probably a three bed at a minimum? So what's that going to cost you and what does that leave you with? Probably not very much once you factor in all the bills too. How much could you borrow if you want to buy?