Getting a mortgage and going through divorce

mr_diablo99

I was wondering if anyone had any experience of knowledge of lenders who may be worth going to based on my situation:


I have been separated and out of the family home for over a year now. I stopped paying my share of the mortgage when I my wife asked for a divorce and I moved out on the basis that I don't want anything from the marriage including the house if it allowed her to stay there with our kids and not have to sell up and move out. As there is no contention for any property etc we had started to draw up a separation agreement on the basis she would get an easy divorce after a year of us living apart. As far me making payments towards the kids we have managed to agree to keep this between us and it doesn't go through any support agency or anything, I just make a deposit each month for a minimum amount and put in any extra where I can.


My wife has an agreement in principle that she will be able to take on the mortgage of the existing home once she sells a flat she also owns and injects the equity into the family home to reduce the mortgage needed. At this time her flat is still on the market.


I am looking to buy a relatively cheap flat (£75k) and have been looking into mortgages. My mortgage adviser has told most lenders will not lend based on the fact I am still legally responsible for the house. On the other hand I have been told that there are some that will lend on the fact that her flat is up for sale and providing that will happen then I will come off my existing mortgage and would be eligible for a new mortgage. At this time I am only aware that Halifax will give me a mortgage as long as we continue the efforts to sell her flat thus removing me from the mortgage. Does anyone know of any other lenders who would view this in a similar light and enable me to purchase a property before my wife can sort out things on her side?


Many thanks.

Thrugelmir

You are dependent upon your ex resolving matters. As for Child Maintenance etc whatever your personal arrangement there's always the risk that this might change. Therefore expect a conservative view to be taken of the situation.

andyfromotley

The child maintenance is not an issue. You simply put down what you pay. IME lenders aren't interested in the arrangements behind it. (private agreements like this are extremely common and are in fact the preferred position of courts, so you have no problem.

I have no idea about the mortgage, but a) it sounds unlikely, you are committed to the existing mortgage until you come off. People promise all sorts of thing. b) if you wait until it is sold and you are off the existing mortgage you will i assume have a much wider range of lenders to choose from and therefore likely to get a much better deal.

mr_diablo99

many thanks guys for your advice think I will look at waiting it out until I am off the mortgage altogether.