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Paying mortgage as single parent - help please

(17 Posts)
Notnastypasty Mon 24-Feb-14 22:13:40

My DH walked out just over a month ago - we only moved to this house and took on a bigger mortgage a year ago. At the moment he is paying the mortgage but in a years time our fixed term will come to an end and I'm concerned.

I know I could just about pay the mortgage on my own (we have a 5 year old dd) but it would be a struggle. However, my problem will be getting a mortgage alone, I've looked into it and it seems impossible.

Does anyone know if most mortgage lenders would let me switch to interest only for a year or two while I got back on my feet? Or let me put my mums name on the mortgage to replace his? She's a pensioner.

Feel like I'm drowning so any advice would be appreciated.

TalkinPeace Mon 24-Feb-14 22:20:37

is youe ex's name on the mortgage?
then he is still liable for the mortgage : make sure he keeps paying
the only way it all becomes your problem is after legal agreement
contact a mediator ASAP

Wosson Mon 24-Feb-14 22:23:28

Are you getting your 25% reduction on the council tax as a single person? If not, ring the council tomorrow.

Also I think Housing Benefit will pay some of your interest on the mortgage for a short period.

Sorry thats all I know, hope someone else can help x

TalkinPeace Mon 24-Feb-14 22:26:58

Are you getting your 25% reduction on the council tax as a single person?
that depends on the council and the band on the house - different councils do different things

and actually, if the house is big enough, getting a lodger on rentaroom might be a better bet

Rockchick1984 Mon 24-Feb-14 23:33:00

The housing benefit help mentioned by Wosson is SMI so worth looking to see if you would be eligible. It's highly unlikely a lender would allow you to put your mum on the mortgage unless she has a high income from pensions but even then you may struggle. Possibly worth posting in legal matters to see if anyone can advise you re your ex remaining on the mortgage (if he is willing to do this)?

kickassangel Mon 24-Feb-14 23:48:24

Presumably he willbe paying maintenance? Doesn't that count as part if your income? Does it give you a high enough amount to get the loan you need?

CogitoErgoSometimes Tue 25-Feb-14 08:40:08

If the mortgage is in his sole name then he carries on being liable for it. However, people post split can behave very irresponsibly and you need something more secure. So I'm going to suggest that you need to talk to a solicitor about making this split permanent as that will start the process of separating you financially and establishing legally who is responsible for what. I think you have to anticipate that, because your ex needs to be able to set up his own home at some point, that you may not be able to stay in your current home in the medium term. You should start thinking about getting somewhere smaller, cheaper and that you can manage in a more self-sufficient way. Even if that's with spousal support and child maintenance.

RedHelenB Tue 25-Feb-14 08:55:02

Make sure he pays child maintenance into your bank account as proof of that will count towards your income as will child benefit/tax credits etc (though that may depend on the bank) If you still can't get a mortgage for that amount & he wont pay towards it then you are better off moving. If you had all the equity & moved to a smaller property could you get a mortgage for example? A month is a very short time & if anything he will want to oay less as the years go by so don't bury your head in the sand

Notnastypasty Tue 25-Feb-14 11:08:31

Thanks for the replies. I know I can just about afford the mortgage but the mortgage lenders aren't willing to give me the amount I need. With the mortgage I could get and any equity from the house I couldn't even afford a one bed flat.

I have already applied for single person discount on the council tax. As far as I know my ex has to stay on the mortgage as I can't be the sole name (due to earnings) but I know eventually he'll want to be taken off. Is there anyway he can do this? I won't get another mortgage so would prefer him to stay on there even if I pay it all!

CogitoErgoSometimes Tue 25-Feb-14 11:48:08

Worst case scenario is that your ex could simply stop paying the mortgage if he wished. You'd go into arrears, they'd chase him for payment and you could end up having to sell the house to pay back the lender. It happens quite a lot in break-ups. People start out very amicable and say they'll do the right thing but then they find they can't afford it and things go wrong.

That's why you need to talk to a solicitor and start thinking about how the finances are going to be arranged long-term. It could mean you stay exactly where you are and your ex finances the roof over your head until the DCs are 18 and you sell up and split the proceeds. It could mean you're looking at a complete relocation to somewhere cheaper. It's too important to leave it to goodwill.

princessalbert Tue 25-Feb-14 12:13:43

My mortgage provider wouldn't take maintenance into account. ( this was about 12years ago).

Not any WTC, or CB either.

I had to increase my hours at work to assure them that my income was sufficient.

RedHelenB Tue 25-Feb-14 13:19:52

About 6/7 years ago Halifax took child maintenance into account if you had 6 months worth of proof & tax credits & chid benefit BUT I know they are tightening up lending!

somanymiles Wed 26-Feb-14 15:23:43

Can you rent out a spare room? That may count as income?

TalkinPeace Wed 26-Feb-14 15:29:49

"rent a room" is tax free up to certain limits

OP
the lender cannot take your ex's name of the mortgage without both of your consent
they cannot force you into paying a mortgage they did not give to you

you need some legal advice ASAP

GEM33 Sat 01-Mar-14 22:02:40

I looked into interest only mortgage recently and was told by the advisor that most companies are reluctant to do interest only mortgages these days unless you have a good loan to value percent (can't remember what the figure was but I think it was about 50%or more). So i think that's an unlikely option (I'm in the same boat as you op) x

TalkinPeace Sat 01-Mar-14 22:17:21

my IO finishes this autumn
for various reasons I asked to see if they could extend by six months
no way jose
they no longer do IO at all ....
even though my credit rating is fab

missymayhemsmum Fri 06-Jun-14 19:03:49

Get some legal advice OP, and also enquire with local housing associations about the possibility of shared ownership/ mortgage rescue shemes that would enable you to part rent part buy. See if you can get tax credits.
Have you spoken to your lender about your options?

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