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Mortgages and Divorce/Seperation
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stocktonlad
Posts: 8 Forumite
My wife and I are going through a seperation. We have just moved house, the mortgage is in both names but it was granted soley on my income. My wife doesnt work and has never worked, but will receive enough in benefits to pay the mortgage once I'm gone. She will be looking for part time work as well. When I leave, I dont want to rent, i dont see why I should, I can afford a mortgage, however, the bank will probably not give my wife the mortgage.
If I can afford £500 in rent, I can surely afford a mortgage for £280, which is what I'm paying now. Do banks listen and sympathise or am I stuck renting until my wife can prove she can pay the mortgage on her own.
John
If I can afford £500 in rent, I can surely afford a mortgage for £280, which is what I'm paying now. Do banks listen and sympathise or am I stuck renting until my wife can prove she can pay the mortgage on her own.
John
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Comments
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You're stuck. Some lenders won't even use the benefits.The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.0
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Don't move out - why can't she move out and rent using housing benefit and you take the mortgage on solely?I'm never offended by debate & opinions. As a wise man called Voltaire once said, "I disagree with what you say, but will defend until death your right to say it."
Mortgage is my only debt - Original mortgage - January 2008 = £88,400, March 2014 = £47,000 Chipping away slowly! Now saving to move.0 -
Are there any kids involved in this situation ?ORIGINAL MORTGAGE AMOUNT £106,454.00 (Started Sept 2007)
NOV 2021 O/S AMOUNT £1,694.41 OUR DEBT REDUCED BY £104,759.59 by std regular, over-payments & off-setting.
BofE +0.19% Tracker Repayment Offset Mortgage Discounted Sept 07-10 then increased to BofE +0.62% until 20270 -
There are kids involved, 20 and 6. They need a safe place to live, you take a gamble when renting and I don't want that.
John0 -
The cheapest way to sort this out would be to fix the marriage. Google Relate and take it from there.
Although you've not provided any meaningful figures, it's unlikely you will get a new mortgage when you are still liable for the existing property.
You take a gamble when you buy, moreso than when you rent, so don't assume home ownership is the be all and end all.0
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