Mortgage and divorce

sarahanisah

Hi all

I hope someone can help me here. Myself and my husband have been married 15 years and have 2 children from the marriage (age 12 and 13) and I have 2 from a previous relationship (19 and 20). We initially separated 4 years ago but earlier this year in May we decided to try and save our marriage. However he then went back to a woman he had been seeing for a couple of months whilst we were separated. He is now pushing for divorce.

The marital home is mortgaged in his name only and initially he agreed that we could live here until our youngest turns 18. He is now pushing of me to either rent the property off him, buy him out or he is threatening to stop paying the mortgage and get the house repossessed.

We have a joint DMP and have no joint debts, the outstanind amount is approx £18.5 K of which £2,500 are in my name only.

The mortgage has £87k outstanding and at the moment the house needs maintaining to get it up to the purchase value of £119k, had it valued last week and the average was £80k in it's current state and if we spend £5K on making good damage from damp it would be £115 - £120k

He earns approx £51,000pa and I earn approx £28,000pa (he unknown to me at the time made a lot of stupid financial decisions which is why we have the debt).

What is the likelihood I would be able to get a mortgage with no deposit as I have no savings? Is my best option to suggest we carry on with the current arrangement until my youngest is 18 or look at getting a mortgage?

Really confused about the whole thing so any words of wisdom would be greatly appreciated. If anything is unclear please let me know.

Thank you in advance

sarahanisah

Any advice would be appreciated or a point in the right direction :0

silvercar

The marital home is mortgaged in his name only and initially he agreed that we could live here until our youngest turns 18. He is now pushing of me to either rent the property off him, buy him out or he is threatening to stop paying the mortgage and get the house repossessed.

So you are dealing with someone who is happy to make his children homeless?

I would first and quickly get some marital home rights put on the deeds. this gives you the right to live in the home and prevents him selling up behind your back.

What is the likelihood I would be able to get a mortgage with no deposit as I have no savings?

Your deposit would be the equity in the property that is yours. Just because it is not in your name, doesn't mean that you aren't entitled to a share of the equity.

Ideally you want the right to stay until youngest is 18 and then you sell and split the equity by an agreed percentage.

You should be getting some maintenance from him to help you provide for your (joint) children. Use the online CSA calculators to see what he should be paying you.

regprentice

silvercar wrote: »

I would first and quickly get some marital home rights put on the deeds. this gives you the right to live in the home and prevents him selling up behind your back

More advice https://www.citizensadvice.org.uk/relationships/relationship-problems/relationship-breakdown-and-housing/if-you-re-married-or-in-a-civil-partnership-relationship-breakdown-and-housing/if-you-re-married-or-in-a-civil-partnership-and-you-own-your-home-relationship-breakdown-and-housing/relationship-breakdown-and-housing-rights-to-stay-if-your-spouse-or-civil-partner-owns-the-home/

Thrugelmir

First port of call is to contact a family law solicitor.

Priority for the courts is the welfare of the children. The court will base it's decision as guardian of the children. As you and your ex are secondary in their minds.

Don't be bullied. Speak through your solicitor on important matters. While trying to remain civil in front of the children.

Mediation may well recommended by the solicitor. It's tough going. But a good way of resolving disputes.