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Limited pot...

  • Gnome2
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1 year 2 weeks ago #509577 by Gnome2
Limited pot... was created by Gnome2
Hi
W:49
H:55
One child:14

We have around £180k in the pot (property already sold)to divide up. There are limited pension pots, no maintenance claim and a clean break.

My ex has a low income (around £20k pa) and a low mortgage capability. My ex is [url=Glossary/General/PWC.html ]PWC[/url] of our 14 yo son. I pay maintenance of around £750 per month due to my high income. There are no savings or pots of cash anywhere.

There is an outstanding liability of £50k each, however I can afford to pay off my liability on \"terms\".

It has been suggested that my ex needs to buy a house to provide a home for our son (we are both currently renting). However she will find it difficult to raise a mortgage for property (estimated at around £120K to buy).Its likely she will need something like a £80k deposit.

So one option is to pay off the liabilities (£100k) leaving £80k to provide her with a deposit for a property. I then have a charge on the property such that I receive a percentage of the equity when our son is 14.

My worry is that I may well be 60 with a lump of money and renting....

What are your thoughts ? Any ideas ?

I am worried....

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  • WYSPECIAL
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1 year 2 weeks ago #509578 by WYSPECIAL
Replied by WYSPECIAL on topic Re:Limited pot...
What does the £50k liability each relate to or when it is payable. Presumably if you hadn't old the house you wouldn't be paying off \"your\" liability?

You haven't said what your high income is but it sounds as if you would have a much higher mortgage and pension capacity than your ex.

What are the pensions actually worth? They could be a significant part of the pot.

Nothing wrong with renting, or having a mortgage, in retirement so long as you have the income to pay for it.

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