Mortgage and seperation

emzky

So me and my soon to be ex husband have decided it be best if I stay in the property with our two girls and he move into rented. However as we are both named on the mortgage I'm not sure what to do. My eldest is 5 and youngest is 7. He says if he moves out he will pay child maintenance but he wouldn't contribute to the mortgage but wants a legal document in place to state that if the house got sold he'd be entitled to half. To be honest he's paid the mortgage since we've had it so I'm fine with it but I'm just wondering if this is the best way to go about it?

PeacefulWaters

You need to look at it in the wider context of the situation.

Can you afford to pay the mortgage?

pinkshoes

Obviously he will need money to pay for his own rent so cannot be expected to pay for both... It is fair him wanting a share when it is sold, as it will be preventing him buying his own property.

Can you afford the mortgage? Do you earn enough to take on the mortgage on your own and have his name taken off it?

Kynthia

At some point you'll go to a solicitor and sort out the division of assets, which could be more than just the property but also any savings, investments, pensions, etc. For now try to sort maintenance, benefits, your income, etc so tgat you know whether you can afford to live.

emzky

Thankyou. Our mortgage is really cheap, just under 300 a month. So it's cheaper than anywhere I'd rent. I've looked into benefits and it looks like I'd be ok to pay it and the bills. So it's just ringing them up. I've already got my own bank account to set that up with. However he hasn't got a moving day yet. His mum suggested he move in with her for a month or two as this month's wage will pay our household bills. So really he needs to move to his mums as a buffer so he can get his rent and deposit together. (No savings to take out of)

Guest101

emzky wrote: »

Thankyou. Our mortgage is really cheap, just under 300 a month. So it's cheaper than anywhere I'd rent. I've looked into benefits and it looks like I'd be ok to pay it and the bills. So it's just ringing them up. I've already got my own bank account to set that up with. However he hasn't got a moving day yet. His mum suggested he move in with her for a month or two as this month's wage will pay our household bills. So really he needs to move to his mums as a buffer so he can get his rent and deposit together. (No savings to take out of)

Just curious why you think his wage, for a month should pay for your outgoings, whilst he sofa surfs?


I mean he is doing you a favour by moving out. Do you not have family who could help you?

Ozzuk

It doesn't really matter how much your mortgage is, you'll still need to go through the providers approval process to get it put in your name only. Do you have a job? I've no idea if you can get a mortgage if only on benefits, I'd be very surprised if you could.

Don't forget when splitting finances everything can be looked at- this includes pensions.

I guess if he's renting then it's less of a problem him being on the mortgage.

emzky

Guest101 wrote: »

Just curious why you think his wage, for a month should pay for your outgoings, whilst he sofa surfs?


I mean he is doing you a favour by moving out. Do you not have family who could help you?

Well. It wasn't my decision to split. Its what he wants. We also have two dogs neither of which he want to take responsibility for. I'd be happy to sell up and move to rented but I'm struggling to find a rental that will take two dogs.

I don't expect him to pay for "my" outgoings. At all. This is why I want to get the next step moving as I'm not comfortable living under his wage anymore. As was the case when we were happily married. (We agreed I'd stay home to look after the children so I've not worked for q while)

I fully intend to get a job. I have no intention of living on benefits. I've just found myself in a situation I never thought id be in.

The money is all his. The majority of our outgoings are his. But I can't claim anything until he has moved out.

emzky

I'd be happy for him to keep the mortgage and have the dogs to be honest. Would be so much easier.

BNT

emzky wrote: »

So me and my soon to be ex husband have decided it be best if I stay in the property with our two girls and he move into rented. However as we are both named on the mortgage I'm not sure what to do. My eldest is 5 and youngest is 7. He says if he moves out he will pay child maintenance but he wouldn't contribute to the mortgage but wants a legal document in place to state that if the house got sold he'd be entitled to half. To be honest he's paid the mortgage since we've had it so I'm fine with it but I'm just wondering if this is the best way to go about it?

I'd be wary of that clause. That means that he would be entitled to half of any increase in value of the property between now and whenever you sell sell the house in the future.

peachyprice

emzky wrote: »

Thankyou. Our mortgage is really cheap, just under 300 a month. So it's cheaper than anywhere I'd rent. I've looked into benefits and it looks like I'd be ok to pay it and the bills. So it's just ringing them up. I've already got my own bank account to set that up with.

You can't just ring them up and ask them to put the mortgage in your name if that is what you mean, you'll have to re-apply for a mortgage in your own name.