Mortgage options after divorce

danjdavies

Hello forum

Right, I'm looking to get my own home after renting for close to 3 years after the breakup of my marriage.

We both still have our names on the mortgage of the house we bought and where she and my two children live. She is now living with her boyfriend and their newborn baby in that home.

I don't pay towards the mortgage but essentially, the money I pay for maintenence goes on that mortgage.

She is obviously not working due to baby and he is on the sick due to an injury at work.

When we divorced, we agreed that once she was in a position to buy me out or my youngest left school, she would. But that is potentially 15 years away.

So really I need to know if A) getting my own place is likely and what are the options to me.

I'm kind of at the stage where I know I'm screwed until she buys me out but I just feel at a cul de sac where I cannot move on and she has the house, kids and someone with her.

Can anyone help?

I spoke to First Direct who the mortgage is with and they won't help me due to the costs involved.

Thanks in advance, sorry for the long post.

Dan :beer:

kingstreet

The cost of the existing mortgage and the maintenance will be deducted from your income to calculate affordability for your new mortgage. In addition, as this will be a second property, some lenders will require a higher deposit - Nationwide, for example will lend no more than 85%.

danjdavies

Thanks kingstreet

So basically, I'm not in a good place right now ha

kingstreet

Try this;-

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

Put your income in, your maintenance in as a monthly credit outgoing and your existing mortgage payment (although you don't actually pay it) in the right box.

Don't put your children in as dependents.

See what the output is, then when you add your deposit, it will tell you your maximum purchase price.

danjdavies

Thanks, appreciate it

Thrugelmir

danjdavies wrote: »

When we divorced, we agreed that once she was in a position to buy me out or my youngest left school, she would. But that is potentially 15 years away.

Very much a standard agreement. The reason being is that the court primarily represents the interests and welfare of your children. So irrespective of the situation post your divorce. Your children are protected until such time as they are adults.