200k mortgage with separation

Discussion in 'Issues arising from joint mortgages' started by pedromendez, Aug 1, 2017.

  1. pedromendez

    pedromendez New Member

    Posts:
    1
    Hello all,

    I took out a mortgage in 2006 with my ex partner. We have 3 kids together. We unfortunately split up and she left the house about 2 years ago.

    I stayed on in the house – kept up mortgage payments on my own as much as I could but have been seriously struggling to meet the repayments on one wage now since the separation. Her name is still on the mortgage but she does not want to contribute and has no intention to going forward.

    There are currently 20 years left on the mortgage - at a rate of 4.5%.
    Im now in arrears of approx 5,000 over the past 2 years since the separation.

    I have been dealing with MABS for the past while now trying to get help to try extend the term and get a resolution of some kind.

    I am currently paying a reduced amount of approx €700 temporarily, the full repayment should be aprrox €1,100 which is about 50% of my income. Hopefully ill be earning more in the future which should make the repayments easier.

    I really don't want to let the house go as its on family land so want to do anything I can to keep it for the kids. Ive thought about renting a room but very hesitant with the kids so young still.

    Anybody been in a similar situation? Any advice or thoughts appreciated.
    Thanks all.
     
  2. Thirsty

    Thirsty Frequent Poster

    Posts:
    1,492
    Your choices are essentially to either reduce your outgoings or increase your income; ideally both and you need to do whatever is necessary.

    Have you arranged for Child Benefit payment to be made directly to you as the primary carer?
    Do you have a maintenance order for the children?
    I'm assuming you weren't married? Is the house in your sole name?

    If you can rent one or more rooms, then I'd suggest you do that. It's more important to keep a roof over your head. Ideally if you have a playroom/tv room that you can use separately from your tenants that will give a bit more comfort.