Divorcing - Advice on Mortgages Please

Gavin_Bl

Hi
Sadly I am in the process of becoming divorced, and I really appreciate some advice on my options, around mortgages to buy a house for my ex and the kids. We sold a house about a year ago, and have about 100K from that sale. We are renting at the moment.

We had planned to buy together, but now my wife has decided that she wants us to split, I have bit of a conundrum (we have 3 kids by the way). I want to do the right thing, and get my kids into a permanent home with their mum. We have agreed on shared custody, but this will be their main home.

What is the best way for us to set up the mortgage, so that I can

- ensure my kids inherit the house when we are gone (i.e prevent an unscrupulous future partner getting the house, or something like that)

- try to ensure that I can at some point buy a smaller place of my own.

My initial instinct was that I should be joint owner on the mortgage for the main house, but I have been told that this will severely impact my ability to buy a place for myself.

Should I reasonably be able to hold onto some of the value of the house? I'm just trying to build in some protection here.

I'm in my mid 40s, so I know I am 'running out of time', but I am also very well paid, and so do have access to a good income stream (although the nature of the work can leave me out of work a couple of months at a time - I'm an IT contractor)

I'd appreciate any advice on how to approach this.
many thanks
Gavin

theoretica

You will need to involve a lawyer in the house purchase anyway so this is something to ask about and do properly. Maybe you are already speaking to a divorce lawyer.

I wonder if buying the house partly in the kids' names would be an option? I also believe you can be a joint owner on the deeds, but not on the mortgage.

Gavin_Bl

thanks, we are seeing some mediation services to get started - and will go from there.

I'd be interested if anyone has bought in similar circumstances.