I want to keep my house

doingwhatican

Hi everyone.

I am wanting to keep my house, with my kids. I am separated now and i have to try and raise 140k mortgage to take over my husbands mortgage. The house is valued at 290k.

I have done the calculations and I can afford the payments with my income. My husbands mortgage company will not let me take it over. Who would be the best to approach and who would consider all of my income.

my income is as follows :

salary 12.6k pa
maintenance 9.8k pa
child tax credit 6.7k pa
child benefit 1.7k pa

I have no debts or outstanding credit agreements.

happybroker

A good broker will be best.

I say this as different lenders will treat your income in different ways, some will do and some won't. I think the main thing will be how the maintenance is paid....if it's not by court order (or similar) then you might struggle I'm afraid.

All in all a good broker should give you a straight answer and then you can make plans for you and the kids. Friends and family are the best people to start with for a recommended broker.

Dan_1976

I know this may not what you want to hear, but before you commit (assuming you get the mortgage) think carefully. Benefits can change and you do not want to rely on them so heavily.

This is just over 4.5x your income and the benefits are more than your own income.

Rates are low, but you have to think long term, they will go up.

Also, you say your husbands lender will not let you take it on, are you on the mortgage?


If not it is a purchase and could get more complicated. You need some good legal advice also.

Cannon_Fodder

Not a good idea on those figures.

You'll be severely stretched.

Better to find somewhere you can more easily afford, so the kids don't have to go without.

Has a discussion taken place about the equity/divorce settlement - as you may not just need £140k, but perhaps £200K+.

chirpchirp

This is a difficult one and one I'm experiencing. Is your name on the mortgage? Mine was a joint mortgage and the mortgage company won't release my husband from the mortgage as my income multiples won't meet their lending criteria. However, there are some mortgage companies which will and an IFA should be able to advise you. I know that Yorkshire Building Society do look at other "income" other than pay. Have you taken legal advice over the ownership of the house?