Urgent advice needed re: Mortgage!

furr

Hi there, I need some advice re my mortgage. To cut a very long story short, my marriage broke up and I am currently living in the marital home. My husband has said that he would accept £4,500 to buy him out which I could borrow from family members. This is a good figure because if we were to sell the house, he potentially could get more than this, and myself and our 3 children would be left homeless as I couldn't afford to get back on the property ladder again. My question to you lot is this... If I buy him out, and his name taken off the deeds of the house, would I have to be reassessed for a new mortgage? There's NO WAY I would be accepted for a mortgage and this is worrying me greatly.

VIGILANT22

For you to take on the mortgage alone, the lender would have to agree to this....

herbiesjp

It would be assessed like a new application.

What is the problem? Is it your income?

furr

Hiya, thanks for posting replies. Yes herbiesjp, my income would be a big problem as I had to give up work when my husband left to look after my children and I am now on income support until my son goes into nursery in September. Even then, going back to work wouldn't earn me enough to be able to afford a mortgage on my own. My house was bought for £82,500 through co-ownership so my mortgage is for roughly £50,000 and I pay co-ownership the remainder in rent. I take it I would also have to change the agreement with them too? Also, a BIG downer is that the mortgage that we took was an interest only mortgage which I would ideally like to change to capital and interest, but don't know how I would be assessed for that either....

Gorgeous_George

I cannot see how you can stay in the property without the support of your ex (he should be paying 25% of his income to you as child support - not something that I think is alwas fair but them's the rules). I also cannot see why you would want to stay in the property.

Renting would be so much less stressful and would allow you a clean break from your ex. It isn't the end of the world.

GG

moonboy

Hi, sadly you will have to be reassesed. It's not possible to simply remove someone name from the mortgage. With your income i feel you clearly fail the affordability. Why not sell? Rent? A third party, a guarantor may support your application but make sure you get legal advice. Good luck

Batchy

oh the joys, if you can borrow a bit more, and your husband (ex) is willing to stay on mortgage to keep roof over his kids heads, then a lawyer or conveyancer can draw up paper work that he has no claim to the property, however, he would still be liable for the mortgage or any missed payments.

your only options ... other than selling house back to housing association and renting it off them, fully, paid for by council i suppose.