Don't know where to turn

[Deleted User]

My husband and I are splitting up and I am completely stuck mortgage wise. We currently have a £200,000 joint mortgage on a £280,000 and I do not earn enough to take his name off the mortgage, pay him his equity and continue the mortgage in my name. My parents would help but both are over 65 and will not be considered as a Guarantor on a mortgage with me. I have looked into renting but due to having 2 dogs and 2 guinea pigs, there are no properties available.

I feel completely lost and do not know what to do.

libf

Sell up and buy a smaller property with your half of the proceeds of the sale?

ACG

As libf says.

roje

Do you earn enough to pay the mortgage without buying him out of the home? Do you have children?

Thrugelmir

Another vote for selling up.

beecher2

Sell up and use the £40k as a deposit to buy somewhere smaller.

[Deleted User]

Unfortunately I cannot sell and buy somewhere smaller as even with my 40K deposit I cannot afford to buy in the area. My daughter is just starting senior school so I can't move out of the area and I can't find anywhere to rent with dogs. Due to my marriage breakdown, I cannot rehome the dogs as this would destroy my daughter.

dimbo61

So your daughter is only 11 years old.
I doubt that a court would force you to sell and leave you and your daughter homeless until she is 18/19 and finished full time education.
Time to talk to a solicitor

gentlewoman

Do you earn enough to continue to pay the mortgage? That's about £1000 per month right? If not, you need to sell and find a rental. As dimbo61 says your ex can't force you to sell but what's the point if you can't make monthly payments? If I were you I'd prefer a clean break and sell but then it also depends on your ex, maybe he's fine with you staying in the property...

Re: the dogs, I think you'll have to reconsider that... not sure how much they cost but are you sure you can afford to keep them? Your daughter will cope with it if you sit down and explain to her. It's hard but something has to give. You are a family going through hard times, you can't shield her that much and put both of you in an impossible situation.

Talk to a solicitor...

loveka

You need to see a solicitor. You should be allowed to stay in the house until your daughter is 18. Your husband would still own half the house, and remain on the mortgage (not necessarily pay half, though he should pay maintenance) Then when she is 18 it is sold and proceeds split.

As long as he stays on the mortgage and deeds you don't have to buy him out to stay there. But you need to go to a solicitor. n