They only bought the house in November 2013 and spent a year renovating it. They bought it for £150,000.00 It has not been valued since, I would hazard a guess that it would not be much more than the price they paid for it. My son put down a deposit of £13,000 so the mortgage was for £137,00.00 minus 18 months payments of £660.00. My son takes homes net pay around £2000. I believe his ex partner works part time and takes home around £500.00. However, she will now be claiming working tax credits and family tax credits, child benefit and she has taken him off the council tax bill, so may be claiming council tax benefits.
Hope this helps
They are not married and the estimated value is now 165,000 to 170,000. My son pays half of the mortgage of £330.00 per month. I only want to know where he stands in relation to the csa payments and mortgage payments whether the csa payments can be used as his half of the mortgage payments so that his monthly payments can be reduced? Or does he legally have to continue to pay both?