Chance of me getting a mortgage?

FestiveKebab

Hi all

I'm splitting with my husband and we own our house outright. I would like to buy him out and will need an additional 70k to do so.

I am on quite a low income and will be relying on universal credit to help out with me and the 2 children.

I am finding it hard to judge if I will be granted a mortgage from the calculators online. Surely the fact I already own the house will go in my favour?

Many thanks

kingstreet

No. Affordability will determine the outcome.

Either you can afford the mortgage and will become sole borrower and owner; or you can't and he won't come off the mortgage and you'll need a court order for his removal from the ownership.

Speak to an independent broker and see what income streams can be taken into account, such as benefits, maintenance etc.

ACG

How much do you want in total?
How much is your employed income?
How much are your working tax credits?
How much are your child tax credits?
How old are your kids?

FestiveKebab

In total I need 70k. We have no mortgage so I need the money to pay him off for his share.

Kids are 5 and 10

I haven't had first benefits payment yet but was predicted £800 for universal credit

My monthly wage is £500

Floxxie

Have you spoken to a solicitor about dividing the marital assets? The wikivorce site is a good place to ask.

FestiveKebab

It's very early days. I will check out the site, thank you

ACG

I am not sure you will get a £70k Mortgage on £15,500 a year.

You may do, but it will be very tight. You will need to have a letter confirming what you will actually receive from universal credit.