Splitting Up

19lottie82

Hi Jimbo, you need to realise that if the house is kept and your ex cannot afford to take on the mortgage herself (is this an option with her being self employed? she will need 2 or 3 years tax returns to prove her income), then you will be liable for the mortgage (see my explanation of joint and separate liability, above) potentially until your youngest leaves full time education.

While you might agree to this at the moment, it could get very messy in future if you meet a new partner, and / or want to buy a new property, not to mention if your ex meets anew partner and wants him to move in.

In all honestly, if your ex cannot afford to take the mortgage on by herself, then IMHO you would be better selling the house just now and both making a fresh start.

Is there any equity in the property (you said none or a little)? If so you could use this to help her and the kids get set up with a rental (deposit and a few months rent) in the area, until her benefits are sorted out.

rpc

monty-doggy wrote: »

In theory you are liable for 50% of the mortgage

OP is liable for 100% of the mortgage. So is his ex.

With little/no equity, you really are best selling. Working part time, is it highly unlikely that she can take over the mortgage herself and you shouldn't remain tied to it. If she doesn't pay "her half" then your credit record gets trashed - she can hold you to ransom (and vice-versa). While you have that mortgage with your name on it, you probably won't be able to get another - limiting your future housing options.

As 19lottie82 suggests, selling the house and helping her with her first rental would probably be the best plan.