mortgage v's renting

[indecisiveone]

More of a wwyd.

Please advise me, I'm really struggling to make a decision.

Seperated from H 2 years ago, I live in the house with DS(2)and H currently pays half the mortgage.

Need to divorce H and start again really.

Do I...
a) Divorce H and try to keep the house in my sole name (and pay H half of any equity) Would be tight financially.

b)Divorce H and go in to rented accomodation where I would be eligable for approx 50% paid by housing benefit.

Just worries me that if I step off the property ladder, I may never get back on.
I'm currently at uni so hopefully in a few years I'll have better job prospects/ more money. I love my house though and I really hate change.

Any advice would be great.

Thanks

When you get divorced and have children you can have an agreement whereby you don't release any equity until the child is 18. This can be unfair on your ex as it will make it difficult for him to start again but there may be room for you to say pay him the equity in 4 years or sell the house by which time you should be able to do so?

As a student would you be eligible for housing benefit at all?

If you are, would you need be eligible for mortgage interest relief?

Hello!

I divorced 6 years ago, sold the house, went into rented accommodation and am still struggling to get on the housing ladder.

I am desperate to buy my own place now but it is going to be very difficult on one wage.

From my experience, I would say to try and hold onto your house. All of the divorced women that I know have held onto the house and have that financial security now. However, do not do this if you really can't afford it. It may not be worth the stress for you and your children.

Do you need to get divorced straightaway? Is it worth taking your time so you can put off making a decision?

Thanks for replying.

Tbh there is very little equity in the house anyway, once joint debts are settled. I just feel like I need to get sorted now, I've put it off for 2 years!

Not sure if being a student would affect HB, I work aswell but have quite a low income.

A family friend has offered to let me rent a house from her so I would have stability but unsure what to do.

I would keep it if you can but if there is so little equity that it is unlikely to change your ex's financial position I would ask for an order that you repay him the equity

the earliest of:
selling the home
establishing a relationship with a live in partner
your ds reaching 18
inheriting

no idea what it's called but it's a common thing to do.

Would you keep the house even if it meant it would cost you approx £250 more a month?
Oh, I hate decision making!

If you can stick with a mortgage then try and do it.

I have only ever owned my house (XP was too useless with money to ever get a joint mortgage) but at least I know that in 24 years I will be mortgage free. Then my spare cash will go towards helping the dc's buy their houses . I know we are very lucky, renting isn't secure and sometimes is just as expensive as a mortgage.

Unless the property market falls off a cliff then it's still going to be hard to get back on the ladder, and FWIW I reckon prices will still drop for a time yet but doubt they will get down to affordable levels.

Keep it if you can.