One person - TWO mortgages??

RainbowsInTheSpray

Hi. Can anyone give me an answer on this one?

I'm separated from my husband who has remained in the family house and who alone has paid the mortgage on it for several years, despite the fact that said mortgage is in our joint names. We are on amicable terms, I wish to stress.

Having rented for some time, I now wish to purchase somewhere to live and get a mortgage in my own right.

Ideas please on potential pitfalls/problems/ways to proceed.

lisyloo

The current mortgage is still a liability even though you aren't in practice paying it.
This means a lender will take it into account, so you can only have 2 mortgages if you can afford them both.

You haven't said but it sounds like you are not going to get back together.
If this is the case then it would make sense to sort out your finances and wills.
An economic shock (like a death for example) could have undesirable results.
It may also not be a good idea to be financially assocaited for various reasons.

You would need to split assets (house), pensions and re-write any wills you both have.