Taking on Joint Mortgage Alone

fossil

My husband and I have been separated for three years, although we still jointly own the house where I live with our children. Although the mortgage lender has been informed of our living arrangements, I have been paying the mortgage from my account for the last fee years and have never defaulted.

I'm vaguely wondering about the possibility of having the house just in my name in the future. He pays something towards the children each month, and has kept this payment regular, but I am paying most of the mortgage payment with my small earnings, and tax credits. Also, before we separated we remortgaged a couple of times to pay off debts he had incurred independently.

But because my earnings are low, a large proportion of my money goes into the mortgage and I have little else left apart from food and bills, so I'm wondering if any mortgage lender would take me on, as on paper I wouldn't look very rich, even though, as I say, I have been managing for the last few years, and make a point of never borrowing money or going overdrawn. Would my current mortgage lender be my only possible hope here - given my track record - would they make any allowances....? We have had the joint mortgage for the last 8 years. Of should I really keep quiet, as they might start to worry if they know the real situation!

Many thanks for any help on this.

CloudCuckooLand

Does your income x4 match/beat the amount of mortgage? Not saying you will get x4, but that's the best case scenario.

If not, then perhaps best not to draw their attention. Same goes if little equity/no deposit available.

If yes, and the house value exceeds the mortgage by 25%, so you have 25% equity to use as a deposit on the new/re-mortgage to get a decent rate, then it maybe worth considering.

You might want to seek advice from a solicitor to discuss the best approach, to ensure he doesn't later make some claim for equity in a divorce settlement. The ex may well be happy to end the joint arrangement to free him up for his own mortgage at a later date, but it would be sensible to do things properly in writing, in case he changes his mind.