Mortgage help (regarding seperation)

Bike_boy

Hi all,

Recently my wife informed me that she was leaving and is moving in with another man,

We decided to sell our current shared property and split the profit down the middle, But i am now having a change of heart as i realise how much i enjoy it here. Current details below

Mortgage :90k
unsecured debt :10k ( joint )
Property vlaue : 140k

I would be looking to "buy" my wife out by offering to take on the mortgage and all debts associated with the property which would take me to a 100K mortgage.

This leads to my question :-

Would a lender be willing to offer a 100k mortgage to single 30 year old male who is on 25k /year ?. Would the fact that there is around 40k Equity in the property help to swing things in my direction ?..


As i'm sure you can appreciate this is quite confusing at the moment and i just wanted to try and get some things clear before i go to see an IFA


many thanks in advance

Jay

homer_j_3

yes it is quite possible to borrow 100k off 25k salary. The first thing you need to consider is that she may want 50% of the remaining equity so you may have to increase over and above 100k because of this.

the first thing I would do is try and agree a figure between you. You can get upto 5x income with some lenders so it may be possible to keep your house.

Bike_boy

Thanks for the reply Homer_j

.. This sounds promising ( whilst not getting hopes up to much ).. I will have to make an appointment to see an advisor as soon as possible i think, then makeher an offer based on what information i get from the IFA.

Many thanks, You have put my mind at rest a little .

Jay