remortgage help

Senior_Paper_Monitor

OK that's good - have seen a couple of cases where the 'other half' has pursued for their share on the valuation of an estate agent (which has no standing).

Obviously, the lender will provide their own valuation (which could be below the one your surveyor provides - or above - and any agreement with your wife should ensure that if this proves to be the case, the financial pain is shared) and your lending capability would be based on that.

As per my previous - any inflation in price will have two offsetting effects:
1) Your equity will increase and your LTV decrease (both will be even better if your wife accepts a fixed sum based on the lower valuation) - both of these are good for you.
2) If your wife takes a greater amount than the share of the lower valuation you will be borrowing the difference which will increase your actual borrowing which negatively impacts on your earnings multiple (which is your major problem).

Some level of consolidation of the debts into the mortgage may help in the overall calculation (fortunately possible because of the low LTV) - the job of your broker will be to carefully check the individual lenders' affordability calculation formula and work out the best combination.

I still suspect family/guarantor may be the best chance.

Picking up on your reply .... yes the whole child support/tax credit combination will apply (just make sure its not out only!). Guarantor route for parents might not impact on their savings/income - but the danger of liabilities would be real (depends on their income/mortgage position).

peter39uk

Thanks very much for that.

I will need to talk to my family about the guarantor. After thinking about this my parents are both retired and don't earn much so I take this rules them out?

Thanks again that's helped a lot.

Cheers,

peter39uk

peter39uk wrote: »

I am patiently waiting for a phone call to let me know how much my house is worth.

Am I right in thinking that if it's a higher value than I thought and my wife was willing to accept less than half the equity this would help in me getting a remortgage?

I was originally hoping it was worth at most £130,000 then give her half the equity. But if it's worth say £140,000 and she would accept the equity from a £130,000 valuation it would help me?

I am getting a bit confused as my head is all over the place just now, sorry if that sounds silly!!!

Cheers,

The valuation came back at £130,000 so there goes my theory above to pay less mortgage anyway as my wife will want half now to set her up!

Hopefully the broker can help me more tomorrow!!.

dimbo61

Hi Peter,
Lets get a few things straight
1 your son will end up with his MUM
2 dont bother trying to fight for equal access via the courts or solictors ( waste of money) You might get shared custody but she gets the benefits!
3 She will get all the child tax credits, child benefits, and if she works working tax credits!
4 The CSA if they get involved will mean child support of 15% OF YOUR NET TAKE HOME PAY ( AT THE MOMENT)
5 The courts may well decide that mum needs a bigger share of the equity in the family home as she has a young son to support and earns less! So she needs more cash to buy a home with a smaller mortgage.
6 If you cant afford to BUY your EX out then the home needs to be sold and you need a property to rent/buy with at least 2 bedrooms ( you cant share with your son !)
You built up the debts as a couple so the debts belong to both of you.
The finance to her car is in your name so its her problem and you may need to sell the car.
7 as others have said go and see a divorced male solictor but dont expect it to be cheap.
GOOD LUCK been there
Try and keep it civil or she may stop you seeing your son.

peter39uk

Tried to talk to my wife this morning but she's now blaming me for having debts!!

She doesn't really care if I get the house or not she just wants her cut to start afresh. I want the house mainly for my son but she says he will be fine whatever happens. I don't know where all her anger is coming from. She wants this sorted out ASAP and she is very impatient but it's not nice just now. She has totally changed and not the person I once knew, very sad.

Leg-end_2

Read the post made by 'not so' dimbo61. I do not normally chip in on this forum but your position led me to make this post.

Your position is a difficult one. You need to balance the rights to see your son with the rights to a fair divorce. Do not think for one minute that her solicitor is taking a softly softly approach. It will get messy and painful, but you need to get through the next few months and come out the other side to start rebuilding your life.

I am not speaking from experience, but I do know a few people that got a raw deal by trying to be nice.

Get a good solicitor, and state your position clearly.

dimbo61 wrote: »

Hi Peter,
Lets get a few things straight
1 your son will end up with his MUM
2 dont bother trying to fight for equal access via the courts or solictors ( waste of money) You might get shared custody but she gets the benefits!
3 She will get all the child tax credits, child benefits, and if she works working tax credits!
4 The CSA if they get involved will mean child support of 15% OF YOUR NET TAKE HOME PAY ( AT THE MOMENT)
5 The courts may well decide that mum needs a bigger share of the equity in the family home as she has a young son to support and earns less! So she needs more cash to buy a home with a smaller mortgage.
6 If you cant afford to BUY your EX out then the home needs to be sold and you need a property to rent/buy with at least 2 bedrooms ( you cant share with your son !)
You built up the debts as a couple so the debts belong to both of you.
The finance to her car is in your name so its her problem and you may need to sell the car.
7 as others have said go and see a divorced male solictor but dont expect it to be cheap.
GOOD LUCK been there
Try and keep it civil or she may stop you seeing your son.

peter39uk

thanks again for the replies,

i saw a broker today who was really helpful and took all my details, remortgage and debts into consideration along with what i would be paying for everything else each month and she looks like she got a good deal from lloyds which might be a bit more in the long run but if it goes through i would get a remorgage and pay my debts and be able to give my wife the money she is asking for also. it has cheered me up a bit but i know if might get knocked back but she spoke to someone on the phone from lloyds when I was there and they seemed to think it was ok also. but i'm not counting my chickens just yet.......

all i wanted was to see my son and keep this place mainly for him but also for myself as i need to be near him of course.

i might sleep a bit better tonight but i know there will be plenty more sleepless nights ahead of me in the next few months.

thanks for all the help so far it's a great forum, i think i will be on here again though, and if i can help someone in the future then even better.

cheers,

_Andy_

Best of luck Peter, keep us posted on your progress