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 Interest only Vs. Repayment mortgage in divorce
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poundednote
Starting Member



1 Posts

Posted - 03 August 2013 :  14:59:07  Show Profile
Hi i'm hoping someone good person here will be able to help us. My partner with whom i have a joint mortgage has left me and is currently on long term sick leave from work. I am now the main income in the household with my partner now only making a small contribution to the houshold and mortgage.
we are currently on a variable rate deal as our previous fixed rate deal has expired. I intend to get divorced over the next two years when our property will be part of any settlement agreement. in the mean time i'm struggling to meet the mortgage payments which are currently ?1135pm variable rate.
I would like help in deciding:
1) with my partners agreement would it be better to try to move our mortgage to interest only to reduce the monthly repayments or now that our fixed term deal has ended try to get a repayment deal that will last at least two years( there is 20 years and 220k left to pay on the mortgage with 100k equity)
2) My partner who is no longer living at the property is on long term sick leave from work but still recieving pay would this prevent us from obtaining a new mortgage deal or moving our current mortgage to interest only.

Many thanks for all of your advice in advance...

Amy Jellings
Debt Diva Expert



110 Posts

Posted - 03 August 2013 :  23:50:32  Show Profile
Welcome to the forum poundednote.

I'm not sure whether, as debt advisers, we're well equipped to answer specifically mortgage related questions.

I strongly suggest that you contact an independent mortgage adviser to discuss these matters.

Amy Jellings
Bright Oak
Debt Advice & Debt Management
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