further mortgage or second charge

Annisele

firefoxteach wrote: »

No, it's not for him to get another mortgage - he'd be renting. Its for him to retrain so he will soon have a higher income.

What is he going to train to do that costs £50k and will "soon" give him a higher income? That's a lot of money to invest in training, and it doesn't sound as though you can afford it.

It might be better to think about whether he really needs that money now, rather than to think about whether you can borrow it.

firefoxteach

it's not all for training. He'll be renting and need some money to live on.
The fact of the matter is that he needs cash to be able to move out (for us to split up) which either comes from us finding it from somewhere or selling the house.
We both want me and the kids to keep our current house so I'm trying to find a way of releasing equity so that he can afford to move out.
He definitely needs the money now. If we can't do it this way then I'll end up squeezing the three of us (me and kids) into a tiny two bed place which will in effect cost as much or more in mortgage than our current house, even with the extra £50k.

VIGILANT22

well if he doesnt have an income sufficient to support the rent of a flat, he's not going to have enough income for you and him to borrow 50k more

firefoxteach

no, but he wouldn't be paying the mortgage. I would.
Anyway, thanks for all the replie. He and I will decide for uourselves if we can afford it or if it would be wise to actually do, I just needed to get my head straight about whether it was something a mortgage company would let us set up.