Going it Alone

nickbrat

My wife and i recently seperated with only 5 years left on the mortgage.

my question is this. My mortgage is due to be renewed in November, i still live in the family home with my son.

I should think i will be going it alone with the next mortgage and i'm worried, will i be able to get one on my own? Will i be able to afford it?
Is it more difficult to get one on my own?

Worrying times ahead.

_Andy_

I've no idea as you haven't stated the mortgage amount or your income.

Xaviera

All depends on how much you earn, and what the loan amount is that you'd need to borrow, Don't you have to buy the other party (ex wife) out of the house?

nickbrat

Xaviera wrote: »

All depends on how much you earn, and what the loan amount is that you'd need to borrow, Don't you have to buy the other party (ex wife) out of the house?

I earn about £38,000 and owe approx £53,000.

i'm paying £704 pm at the moment.

dunstonh

My mortgage is due to be renewed in November,

Mortgages dont renew. You take them out for a period of time and they are redeemed at the end.

The only thing that can expire in the interim period is a particular deal. However, that doesnt mean your mortgage will expire.

_Andy_

In terms of what a mortgage lender will lend you, you should have no problems with any lender.

In terms of what's affordable for you, only you can make that decision.

dimbo61

Is this a joint mortgage ?
What does it revert to at the end of the FIXED ? deal SVR/tracker ?
You need to read the paperwork that came with the mortgage!
You cant change the mortgage in any way if its a joint mortgage without your wifes permission ! in writing
Are you getting divorced and how much equity is in the property ?
What has your wife asked for £££££?
Have you got other children living with your EX ? CSA !!!
You will go onto whatever rate the mortgage reverts to after the deal ends and start saving ( not overpaying !!!) for the divorce.
You may need a solictor but its much much cheaper if you can sort it out yourselves GOOD LUCK