Support for mortgage interest

[malazzie]

Hi guys, is anyone really savvy with numbers can explain if this is a good idea? I might need to claim it for a year? My husband has just moved out and private renting so says he can't help pay the mortgage. I can't afford it on my own! Is it a terrible idea? I have to pay back what I've borrowed with interest? Aswell as paying interest on my mortgage. But it does allow us to remain in the house? Which would be nice for the kids for a min to avoid anymore unsettling situations. We also live so near the school and my youngest is in year 6 so he can walk home and be at home for abit so allows me to keep my job. As husband used to help with childcare.
God divorce is stressful!!!!

Are you on a repayment or interest only mortgage at the moment? Fixed, tracker or standard variable rate? If fixed, when does the term expire?

Fixed and I think two more years

My mum did during divorce and it allowed her breathing space to stay in house. She settled up when she sold.

www.gov.uk/support-for-mortgage-interest

Note the qualification times. Are you claiming uc? If so you need to have had 3 payments before you can apply

In reality, unless there's a likely pot of money you are coming into eg inheritance in probate or similar, it is not a great idea as a long term solution, better to put your house on the market, take a payment holiday from your lender and look at alternative living arrangements eg shared ownership. You are unlikely to be moving much before the end of the school year as it is, even if it's a desirable area, it takes a month or so for it to be marketed so I suspect they can get it live for Christmas (apparently lots of people on right move on Christmas Day!) sells in a month or so, takes a couple of weeks to sort the offer than 4 months or so for the conveyancing. Most lenders will give you a 6 month payment holiday or reduce payment to interest only in your circumstances as long as it's on the market

Best bet if it is a repayment mortgage is to speak to the lender about going interest only for six months. This will not affect your credit score and will reduce how much you pay.

Using the interest loans would not be acceptable to a court in the long term. If you are seeking to stay in the house whilst he waits for his capital you will need to demonstrate you can afford it and this would suggest you can't. Also, you would be expected to release your ex from the mortgage in a reasonable timeframe (7-8 years would be too long) so unless you could demonstrate you could do that then it is likely the house will be ordered to be sold, at the latest, when the fixed period ends.

Thanks all. I had no idea I could ask my bank for help. It's abit more complicated in that it flooded a year ago and it's still being repaired so not even sure it will sell FML.
He's agreed in the short term to pay half so we can get it finished and see where we are. It's a lovely house. It's so painful thinking of selling it :( divorce really does suck!
I've also got some extra work coming in for the times he has the kids so hopefully I can make it work.
Thanks for all your advice xx