Mortgage End in Sight - Help!

ellejayjay

Hope I am doing this properly - please be patient with a newbie.

I am now split from my husband and he is not making any contribution to our joint mortgage.
We bought our house 19 years ago and the value has tripled since then.

The mortgage term of 20 years is up next year and I do not have the money to pay it off. He always took control of finances and I was pretty ignorant to wht was going on.

In September 2018, we have £175k to repay. I have around 20k savings and that's it. I've been working part time, have patchy financial records and not great credit rating. I very much doubt that I would get a sole mortgage - he was the earner.

Is my only option to sell the house? Feel sick with worry.

Thanks in advance

ellejayjay

I might add that the divorce is in the pipeline and has been cordial. We have two children and he's said if we sell he would obviously give me slightly more money to get a new place.

ACG

To get a Mortgage for £175k you would need to be earning around £40k a year. Probably closer to £35k if you paid off the £20k you have.

Assuming that is not the case and you can not find anyone to go on there with you, you would need to sell up. It would also need to go on repayment so chances are repayments would be more in any event. That also does not take in to account any money you would want/need to pull out to pay off your ex.

Thrugelmir

ellejayjay wrote: »

I might add that the divorce is in the pipeline and has been cordial.

What has your solicitor advised regarding the division of assets?

Brock_and_Roll

Thrugelmir wrote: »

What has your solicitor advised regarding the division of assets?

Exactly!!

Hope the OP is getting proper legal advice.

Assuming it was an interest-only mortgage and the the tripling of value, then there is potentially £350k of equity at stake......the OH's offer to "give me slightly more money" if the OP sells sounds a bit fishy to cynics like myself!!!

ellejayjay

Thanks for replies everyone.

If I can get back to work full time (if childcare works out) then I should be able to earn that income.

Believe it or not, we haven't involved solicitrs at all since we agreed about maintenance and child access etc. But I'm guessing i should rethink that so that I can hopefully sort out the finances.

Really appreciate you taking the time to help

Kynthia

All your assets need looking at, not just the house. So savings, pensions, vehicles, investments, other properties, etc. So you could get a greater share of the house in exchange for less pension for example. Plus the children's needs will be considered too. It's best you get proper advice to ensure it's done correctly and fairly.

ACG

If you can do everything amicably, I would do that. Then just get a solicitor to formalise it all. It will be far cheaper in the long run and it will be all agreed before solicitors start putting ideas in to peoples heads about what you are/might be entitled to.

Thrugelmir

ellejayjay wrote: »

But I'm guessing i should rethink that so that I can hopefully sort out the finances.

Yes you should. As part of the divorce you will need a Financial Consent order drawn up. This sets out who gets what. Making due provision for the upbringing of the children. Find yourself a family law firm. Let them guide you.

ellejayjay

Thanks everyone for your invaluable advice. Hope it can be done amicably but I am seeing a lawyer next week to guide me, thanks to your guidance. I'm sure we can sort money out without animosity but you're right, it won't hurt to get some professional help

dimbo61

Most of the people on here can and will help with Mortgage advice / guidance.
However you need much more !
We have No idea of your circumstances, your age, children's ages, income, savings and also your EX partners income, savings and PENSIONS.
50/50 may not be the starting point when you have young children and you are the main carer.
Solicitors cost money but your EX needs a wake up call