User Input|
Type of household|Couple
Type of transport|Private Vehicle
No. of infants|1
Reasonable Living Expenses|€
Total Before Deductions|1,778.76
|
1,778.76
Less Child Benefits|(130.00)
Total Set Costs
|
1,648.76
Childcare|300.00
Special Circumstances|200.00
Total Costs
|
2,148.76
|€
Net Income|2,244.00
Net Income - Partner|1,600.00
Total Net Income
|
€3,844.00
Reasonable Living Expenses|2,148.76
Available For Creditors
|
€1,695.24
You have €1,700 between you, and the monthly repayment is €1,249, so there should be no need for an assisted voluntary sale.
The monthly interest on your loan is as follows:
148,000 @ 5.6%|€8,288
€43,000@ 4.3%|€1,849
Per year|€10,137
Monthly|€850
Capital element| €400
Total repayment| €1,250
If you are paying €1,250 per month, ptsb should be very happy. They might ring you from time to time about the arrears, but they will not initiate legal action for repossession.
However, there is always the prospect of your ex coming back for half the house.
After ten years, you will have paid off around €60,000 capital, so the mortgage will be down to €130,000.
Depending on how house prices go, there will around €100,000 equity in the home.
Your ex may well insist that you sell the house and give him €50,000.
You might be better off selling the house now to resolve this and break your connection with your ex husband.
Talk to your solicitor about this, but this is my understanding.
For an Assisted Voluntary Sale, you will need your ex husband to sign the contract. As you can't contact, him you won't be able to do this.
So you could agree with ptsb that they would repossess the house and sell it. In practice, you would advertise it for sale and try to maximise the selling price.
If it clears the mortgage, you will get half the excess and your ex will get half it.
If there is a shortfall , you will be fully liable for it, as will your ex.
Can you rent an equivalent house for less than €1,250 per month?
If so, this is what you should do.
If you decide to pay the mortgage in full, you should do an agreement with your current partner
Well, since filling out the SFS form my circumstances have changed. I've gotten back with the father of my son and after long talks he has agreed to take on the mortgage with me.
What is he agreeing to do?
Is he paying rent?
Is he "paying the mortgage" and thus acquiring ownership rights, in his own mind at least.
You need to have this conversation now.
If you break up again, you might find yourself in two legal fights from exs.
Brendan