Coming off the mortage creative alternatives needed

Patrick1968

I have just divorced. My ex is staying in the house and I'm contributing to the mortage. I about to start working overseas for 6-7 months to save money and get the deposit for a flat. For that to happen I need to come off the existing mortgage. I know this will be difficult. I have no intention of forcing her out as this will mean she will relocate and I'll lose contact with the children. Has anyone come up with alternative mitigation that will satisfy the BS, in this case Santander. My contrubution at the moment is £450-500 pcm (20% of my net).

Thank you all in advance

Thrugelmir

What advice has your solicitor given you?

Wh05apk

Ultimately if you will be remaining on the mortgage, your income will need to support both the existing and the new mortgage + any maintenance etc, I suspect that will be difficult? if you are to be taken off the mortgage your ex will need to be able to afford the mortgage on her own (or possibly with new partner?)

Another issue could be if you are working overseas, will this be for a uk company, this could cause issues for a lender.

Patrick1968

Hi Thrug, I've not seen a brief yet as I'm going away and I like to see what the mitigation could be to warm the ex up with. Wh0 - I've joined the TA at 43 and have been mobilised. I joined to get the deposit togather. So far I've come up with - get her to sell/down size (unlikely), rent (no-hope), reduce size of existing mortage, persaud BS to give her a trial period of 12 months where I contribute but at a reduced rate, go interest only...thats it...any ideas ??

Thrugelmir

Patrick1968 wrote: »

Hi Thrug, I've not seen a brief yet as I'm going away and I like to see what the mitigation could be to warm the ex up with.

If your ex is in residence with the children. Then she holds all the aces.

The priority of the Court is the welfare of the children. Financial considerations are deferred until such time as the children have left full time education.

Suggest you prioritise an appointment with a family orientated solicitor.

Patrick1968

She does but I'm hoping she stands by her promise of equal residency. Shared residency will work in her favour as she works away from home and her partner lives in Scotland. The other concern apart from getting back on the property ladder is that at the moment I am liable for her esculating debt. Thank you both.

The_J

You don't need a solicitor at this junction, save yourself some money if it is amicable.

To get off the mortgage your ex will need to be able to support the mortgage on her own income. If this is not possible then unfortunately you won't be coming off the mortgage.

It may still be possible for you to get a mortgage on the onward flat even taking into consideration the mortgage payment. The agreement between you and the ex could be that you pay the mortgage (likely the courts would insist on this anyway given the children) but nothing more on top of that.

Patrick1968

Thanks J. She is working full time and is earning the same as me. I'm hoping the new partner will move in which would be easier for everyone. I think I'll wait till I get back and see the lay of the land. Thanks for all responses.