Mods please delete! Thanks x

sheloveshimsomuch

sorry i have to delete thread because i shouldnt have posted these details online!
Thanks for the responses though x

luckyfool

If he can afford a new mortgage (jointly with you) with the lender using the existing mortgage payment as a credit commitment then there may be options.

It will depend on your joint income and how much the payment to the current mortgage is.

getmore4less

What deposit do you have for the place you want to buy(after costs)?

What are both your incomes?

What is the size of the mortgage that the ex is paying? (ok £35k)

What size mortgage are you looking for on this new place?

Annisele

Are you certain that the ex is "just being difficult"? The fact that she can afford to pay the monthly mortgage payments doesn't necessarily mean that (in the lender's eyes) she can afford the mortgage. Whether your OH and his ex think that the ex can afford the mortgage is irrelevant; it's the lender's view that matters.

Do you know whether the lender has been asked if it will release your OH from the mortgage?

Thrugelmir

As a child is involved. The courts primary concern is the welfare of the child. So the ex has the upper hand in this regard and quite rightly can stay in situ. Finances permitting.

As far as the house is concerned agreement should have been reached on the split of the equity as part of the financial divorce settlement.

Although you state your joint salaries are £53k I assume that this is before payment of maintenance to the ex. So a new mortgage of £180k is high under the circumstances.

Why not set your sights far lowerand buy a far cheaper property to get a foothold on the ladder. A lender would then look more favourable in regards to the 2nd mortgage exposure, which your partner is still liable for in the event of default.

I'm sure that there's no need to rent for the next 12 years. Ultimately equity will also be released from the sale of the old family home enabling you to leap a couple of rungs.

Annisele

sheloveshimsomuch wrote: »

Well I know she hasn't even been to see the mortgage lender. She gets an income of roughly £15000 per month so I dont see why they wouldnt lend her the money on a house that is worth £110,000?

I assume that's a typo - if she has income of £15,000 per month, you've no problem: she can pay the whole thing off in six months

I'm guessing that you either mean £15,000 per year, or £1,500 per month /£18,000 per year. In either case, there's no guarantee that the lender would consider she could afford a mortgage of £35,000 - it depends on where that income is coming from.

If that £15,000 is all her own earned income, the lender would probably be happy to release your OH from the mortgage. If all/most of that £15,000 is tax credits/benefits/payments from your OH, I suspect the lender wouldn't be anywhere near so keen.

How long is it likely to be before your OH is divorced and the financial settlement is in place? If it won't be long, then it might be better to wait before buying a house of your own - the financial settlement will give you more certainty as to how much your OH will have to pay to his ex, and how much equity he might receive from that house.

dimbo61

Under the old CSA2 rules your OH would pay 15% of his net take home pay for his child until they reach the age of 19 or get work after 16.

Thrugelmir

sheloveshimsomuch wrote: »

Thanks, the £53,000 is after payments to the ex and they aren't yet divorced so the financial settlement has not yet been agreed on.

In that case wait until the financial settlement and maintenance issues are sorted before proceeding with your own house purchase.