to think I could actually be living on the streets?

[endtimes2bsure]

I'm trying to prepare. I'm divorced, my ex didn't pay the mortgage and remortgaged, so after 19 years of marriage I don't have much. When I sell the house which I don't have to for another 4 years when my son is 18, I will get 50% of the equity.

I have a good job now, no savings and I could get a mortgage (although I'm 53). I'm trying to sell the house so I can pay towards a mortgage rather than just throwing money way. Currently I pay the interest which 6 years ago was about £600 a month, but is now £1,800 a month. I can't afford this and I'm getting into debt. I've been trying to sell and downside, but despite reducing the house massively, it's really quiet.

I'm now really worried I might be made redundant. My children are with me 50/50.

What would happen if I lost my job? I've looked at employment insurance, it's quite expensive and wouldn't pay enough to cover the interest payments.

I'm also looking for another job, just in case, but what are my options? I doubt I'd find something else with the same salary, I was lucky with this job.

The children will be fine and can live with their dad, although I know would hate not to live with me too. Their dad was deceitful and lives in a million pound house and drives a porch.

Just looking for advice so I can prepare for the worst, if it were to happen.

There's no point in suggesting going back to court or asking their dad to help. It is what it is and going back to court isn't an option.

Any suggestions and advice would be really appreciated as I have no idea what my options are and what would happen. Surely I wouldn't actually end up on the streets would I?

OP sorry what was in the financial order? You take over all bills of the house then equity 50//50 on sale?

Yes it is quiet now in terms of the market, and unfortunately that does sound like your best hope, selling and getting something affordable.

But are you saying on interest only it's 1800? That's huge! Any chance you can move mortgage providers for a better deal in the meantime?

Also is your house needing work or relatively attractive to buyers?

I'm a lone parent so I really do understand the burden.

I know precisely nothing about home ownership so there could be a million reasons why this wouldn’t be possible, but if you’re struggling to sell it, couldn’t you rent it out and use the rent money to pay the current interest, while using your salary to pay the rent on a smaller property?

As another poster asked, what was in your divorce settlement?. It's extremely unusual for it to be so inequitable for such a long marriage that he lives in a million pound house and you may be homeless. It's a requirement that the housing needs of both parties must be taken into account.

Also how did he remortgage without your consent?

What on earth has happened that you are paying £1800 a month IO. That is a stonking great mortgage.

What was the agreement when you divorced? TBH it might be best to get shot of this millstone before it gets any worse. Anything will sell at the right price.

In the meantime speak to your mortgage provider about your circumstances. They have to offer help. But I think the best way forward is to get rid of the house - you are basically renting it from the bank and you can't afford to keep doing this.

Thanks for your responses. The divorce settlement was unfair. He hid his money off shore. The settlement is we sell the house and split the equity 50/50.

He asked me to sign a piece of paper as he was changing mortgage providers. I just signed. Only realised when we went through the divorce. Yep I'm an idiot, but it is what it is. No going back.
I'm trying to sell the house but not getting interest of many. Price has been reduced and it's low so asking for offers in excess.

It's a noose around my neck. I can't change the terms otherwise I'll be tied in.

Really need to think about my options. Just really scared if I lose my job what would happen 🙈 but that would be a nightmare whether I'm in this house or have a mortgage on a new one.

How long have you been in your current job?

And definitely speak to the mortgage provider.

Is there anything you can do with the house to stage it better?

take the hit and sell the house with "we buy any house" or one of those companies.. least you get money and maybe get yourself a place..

I don't understand what the issue is with taking a fixed term mortgage. If you sell you redeem or port the mortgage surely? I don't think all mortgages have fees for redeeming early. Speak to your mortgage advisor.

This, just get rid of it as quickly as possible!
What is social housing like in your area, where I live the queues are not massive so is it worth seeing if you could get a little flat for yourself?

This, also go to CAB ( citizen's advice). I am not sure but I think mortgage lenders have to give you a " holiday". Why is your XH not contributing to his children's home ?

Don't sell to a quick purchase company. They are never the best option. Speak to your divorce solicitor, a financial advisor and a mortgage advisor because it seems you're confused by mortgages and the terms of your divorce. You should be able to change mortgage to make it more affordable and as a PP said it's unusual for such lack of parity between housing in a settlement when you have school-age DC.