Hi, my husband has agreed to sign the house over to me which i am thrilled about because my child loves the house and he is in the catchment area for great schools etc. The problem is, I'm not sure if I will be able to. The house is worth £150k and the mortgage stands at about £136k - we changed mortgages just before we split so will get penalised assuming they can even let me take over he mortgage. Basically, will I receive any help towards paying the mortage earning £9100pa for 25 hr per week?
I am so bogged down in tax credits, council tax etc that I don't know whether i'm coming or going.....
Thanks

some building societys (mine does) will include your WFTC, child benefit and child maintenance along with your salary when they assess your claim for 'transfer of equity'

In cases involving children, governments have a pressing interest in ensuring that disputes between parents do not spill over into the family courts.
The approach to divorce varies by jurisdiction.
===========================================================
Bob
Foreclosed Homes

In cases involving children, governments have a pressing interest in ensuring that disputes between parents do not spill over into the family courts.
The approach to divorce varies by jurisdiction.
===========================================================
Bob
Foreclosed Homes

Hi there singlemum

Before you make any decisions to take on such a large mortgage would you first read this;

A friend of mine divorced approx. 8 years ago, her husband had many affairs and she had enough, he was a high earner but always kept his money seperate to hers. She was a p/t working mum of 2 young kids. Her husband always took care of the main bills and she used her wage for day to day stuff.

Anyway they agreed to divorce 'amicably' and sorted the details out themselves, then took this to their solicitors to draw up. They sold the house they were in and she was desperate to move into a house close to her mum. She received 60% of the equity from the sale of the house and a bank allowed her to borrow 85k ­base­d on her wage, tax credits, maintenance etc..not taking into account her ability to pay when the rate changed and her benefit etc stopped.

8 years on her children are older and she works full time, but she no longer qualifies for most of the benefits and the maintenace will stop in a couple of years. She recently had to change her mortgage to interest only and to put it bluntly she is struggling! and will be even more so when the maintenance stops.

You need to sit down and write out all your outgoings subtract this from all the money you will have coming in then see what is left. Is it enough to pay a mortgage of that size, try and work towards how you can live without maintenance and benefits. That way you won't be relying on that to manage. How old is your child? Is it possible to sell up and buy a much cheaper place to live?

There is not that much equity in your house and 136k mortgage sounds a big risk.

Hope I haven't frightened you, but lots of people do not take into account the long term affects.

Blue x