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Mortgage / separation question
Lord_Vader_2
Posts: 2 Newbie
My wife and I separated over a year ago. She continued living in our jointly-owned house with our three children. I have been paying all the bills plus the mortgage (interest only) since I left.
I now want to separate our finances and to this end we have agreed that she should keep the house.
The mortgage is £150,000. There are no endowments or other arrangements to pay it off, other than a small ISA (~£20K), which I am happy for her to keep. The house is worth at a conservative estimate at least £300,000.
My ex-wife has very little income, around £4K per year.
The way I see it, there's loads of equity, and she can point to a guaranteed 'income' from me (child maintenance plus I am willing to convert the current mortgage payment - about £250 - into maintenance for her) until the kids are 18 (beyond the life of the mortgage).
In addition, her parents own their house and are mortgage free and would probably be willing to act as guarantor for the mortgage.
My question is whether it is worth approaching any mortgage vendor (starting with the existing lender) to see if they'd be willing for her to take it on as the sole mortgage holder? :think:
I now want to separate our finances and to this end we have agreed that she should keep the house.
The mortgage is £150,000. There are no endowments or other arrangements to pay it off, other than a small ISA (~£20K), which I am happy for her to keep. The house is worth at a conservative estimate at least £300,000.
My ex-wife has very little income, around £4K per year.
The way I see it, there's loads of equity, and she can point to a guaranteed 'income' from me (child maintenance plus I am willing to convert the current mortgage payment - about £250 - into maintenance for her) until the kids are 18 (beyond the life of the mortgage).
In addition, her parents own their house and are mortgage free and would probably be willing to act as guarantor for the mortgage.
My question is whether it is worth approaching any mortgage vendor (starting with the existing lender) to see if they'd be willing for her to take it on as the sole mortgage holder? :think:
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