Mortgage / separation help...

daisyboyd24

I'm hoping I might be able to get some advice on here so I have an idea of where I stand.

I am currently in the process of separating from my husband.
We have a joint mortgage on our house and have agreed that I will pay him half of the equity and I will take over the mortgage and continue living here.

Having looked at mortgage calculators, I wouldn't be offered the amount I need to cover the mortgage.

I have paid all of our bills for the past year as my husband is unable to work so know I can afford it as it is.

Does anyone know how I can go about this? Will my current lender take this into account?

This is stressful enough without now stressing I wont get to keep the mortgage / stay in the house.

Any advise would be appreciated. I am going to speak to my lender but would like to know a little more first!

thank you :-)

Barny1979

Maybe try an Independent Mortgage Advisor to see what the best products are available to you?

Kynthia

There's a mortgages subforum that may have more helpful info. However a lender will only allow your husband's name off the mortgages if you pass their affordability criteria. Would you be willing to leave your husband on the mortgage and deeds for a while, although that leaves you with the risk of him them asking for more money when you want to remove him later?

Have you considered the division of all your assets, including pensions, savings, shares, etc?

CarmenEllis

Yeah, I agree with Barny. An Independent Mortgage Advisor can help you in better way.

TBagpuss

You will need to speak to a mortgage adviser and also to your own lender. In some cases, if your own lender can see that you have been paying the mortgage without help for a period (usually min. 6 months ) they *may* be prepared to let you remortgage into your sole name even if you would n not normally meet their lending criteria.

An independent mortgage adviser will be able to discuss your options including remortgaging with a different lender or for a longer period, to see whether it would be possible.

If it isn't, you and your husband will need to have further discussions:

- is he planning to buy a property? If not, then it might be possible to agree an order where you pay him a lump sum now, based on how much you can borrow, and he has a charge over the property for a further % of the property at a later date for the balance due to him. You'd still have to pay him, and the cash amount you'd pay would be higher if house prices rise, but if you anticipate being able to increase your income in future it could be an option.

- are there any other assets? for instance pensions? Could you and your husband reach an agreement whereby you pay him less in relation to the house but he keeps / receives more than 50% of other assets such as pensions, so that the over all settlement is fair