seperation

smnb08

Ive just seperated from my partner and not sure what happens regarding the mortgage.
we have two children together so i need and want to stay in the house that we jointly have a mortgage on.
i can afford the mortgage payment by myself so is it that simple?
do i need to tell the mortgage lender?
what happens long term say i pay the mortgage for 10 years by myself then sell is he still entitled to half of it?
thanks for any help.

Meeper

The simple answer here is that you go to see a solicitor who sorts all of this stuff out as part of a separation agreement.

smnb08

will he have to come off the mortgage?
i dont earn enough to cover the amount we owe but i can afford the repayments eaisily.

Meeper

Bear in mind that in separation you may receive maintenance which a lender may take into account on your affordability, so your application for a single name mortgage may well be looked upon more favourably in that case.

TrickyDicky

To take his name off the mortgage you are basically applying for a new mortgage for just yourself, so you have to have an appropriate income. If you fail to pay the mortgage, currently they can go after you or your partner. He still has a 50% interest (assuming you are joint tennants) so even if you pay all the mortgage he still gets 50%.

You will need to go see a solicitor to sort all this out.

smnb08

i would not get a new mortgage end of!
not only do i not earn enough i also have previous credit problems and still have two years to wait untill these drop off my credit report.
he is not after any money from the house and is happy for me to stay here.
so can the mortgage stay in joint names even though we will be sperated?
if not we will have to sell and i will rent somewhere.

Meeper

There is no reason that the mortgage can't stay in joint names in that case. Obviously your partner will find it more difficult to get a mortgage for himself elsewhere, etc, but that's just the way it is.

If he isn't wanting any of the equity from the property etc, the quicker you get that in writing on official documents form a solicitor the better.

SouthCoast

It is advisable to consult a solicitor when drawing up a separation agreement, but you should work out in advance the general areas you want to cover. This will reduce the legal costs. You may be able to get help with your legal costs.

http://www.adviceguide.org.uk/index/your_family/family/ending_a_relationship_when_you_re_living_together.htm