Marriage split & mortgage

supasaver78

Hi I've recently got married and new husband has now changed his mind and wants to split. I've got little say in the matter and now left trying to pick up the pieces. We have a house in joint names and joint mortgage, he said that if i wanted to keep the house i could and he would move out. But i'm not sure what is involved or even if its possible?

The outstanding mortgage is about £104k and i earn £20k, remortgaging in sole name is not an option as i won't be able to lend that much.

can i take his name off the deeds but keep him on the current mortgage as i'm now on halifax SVR of 3.5%. Would that give me sole ownership and get around having to remortgage? (I know its risky being on the SVR)

If there is some other way for me to keep the house in my sole name without remortgaging please let me know.

Thrugelmir

Affordability for you would be a major issue. A 5 times multiple on your income level would be extremely risky.

Personally I would suggest another course of action entirely. Sometimes you have to bite the bullet and start afresh, however difficult it may seem.

dimbo61

Sorry you cant take his name off the deeds but keep him on the mortgage

haras_nosirrah

What is the value of the property?

supasaver78

Thank you for the posts.

I'm not sure what the value is, when i looked at remortgaging last yr (when things were ok) lender said we were in negative equity from the electronic evaluation, it was about £102k.

Is it worth me speaking to my current lender to see if they can do anything for me to keep the house?

Thrugelmir

Have you consulted a solicitor?

You'll need at a future date a financial order to finalise the divorce. Whether by mutual agreement or by the order of a judge.

supasaver78

no not yet, we have been married less than 12 mths, and still very early days.

Financial order? i've just googled this, does this have to happen with every divorce? I am the higher earner (not by much and only for the last 3 yrs) but have accumulated substantial savings in the 9 yrs we have been together. I have put extra money into renovating the house and furnishings, so could i be ordered into paying him a lump sum?

chirpchirp

Actually, you can take him off the deeds and keep him on the mortgage if he is prepared to agree to this and if your lender will ok it. I know because I've done it!

If he wants a percentage though, you will need to have an interest in the property registered as a charge.