The mortgage is £415,000 and the house worth about £900,000. I was on the last mortgage and paid towards it as I worked full time until I had my son, but have been a full-time mother since then.
We have been here just over a year and have an interest only mortgage - payments are around £700 per month and I have been putting £1500 into a savings account each month which would have paid off the capital when it was due.
I would like to stay here and my husband initially suggested we do and pay interest only - as I could not get a place to either rent or buy and pay only £700 a month (we are in W London) - we would then have sold when my son reaches 18. But I get the feeling he has realised this will not allow him to buy a new place with his mistress and he is now 'hinting' that we should sell instead ! So I want to know about his mortgage debt and how it would work so that I would know how much I would have to buy a house.thank you for your help - I am freaking out :)
Have had a quick look on-line and in the area we are now around £600,000 but it is possible to find one between £400,000 and £500,000 further away.