Getting husband off mortgage

TigerAngel33

Hi apologies if I'm posting in the wrong area but first time here seeking advice.
Basically husband and I split 2 years ago, I moved out and rented while he stayed in the family home , kids went between us both. Last year he was in the process of buying me out then lost his job. I had to return to the house as he couldn't afford it, he moved out. I have been paying the mortgage alone since October 2018. We have 10 years left on mortgage, he wants a 50/50 split when it's paid off. Meaning I'm paying it alone for the next ten years and he gets half which I'm not happy about, caused a big argument when I mentioned it. I'm now wondering if I could remortgage to buy him out. Our lender is Halifax. I work part time and receive tax credits so my question is has anyone been in a similar position, would they refuse me due to this. I will go see a financial advisor but just throwing it out here and any advice welcome. Thanks for reading

enthusiasticsaver

Depends on your income and the amount you would need to borrow.

diggingdude

Couldn't you both sell now and have a clean break?

TigerAngel33

He doesn't want to sell as it's the kids home.

csgohan4

Sell it and get a clean break, engage a solicitor, as your ex will not be very cooperative it seems

Broadyx

TigerAngel33 wrote: »

He doesn't want to sell as it's the kids home.

He can't force you stay in the house, and he can't force you to keep paying it for a 50/50 split at the end. There needs to be some compromise somewhere.

There are other houses you and the children could make your home.

A mortgage company won't penalise you if your income means you can afford the mortgage alone, but you would need to speak to an adviser to determine how feasible your situation is.

foxy-stoat

What are the numbers and is this an interest only mortgage or repayment type?

How does he think he will get the money in 10 years time?

TigerAngel33

@foxy-stoat it's interest only. When he was going to buy me out, he was transferring to another bank and they valued it at 140k but I think Halifax valued it at approx 120 (would need to check the paperwork on that). There is approx 46k left on it over 10 years. His logic is that if it was him still living there and paying he would've gave me 50/50. Easy enough to say when he's not. Also for a number of years I didn't work when bringing up the kids, he is also using that as him paying into it. I said that didn't count as we were together then. I have no issue paying over a fair amount but I don't think it's fair I should pay the rest of the term and then give an even spilt, but then I don't know the law so maybe I'd have to. I've put a lot of money into it since I came back as the place was a mess. I can't really sell just now as I have my 2 kids here plus a daughter who is due a baby soon. It's a 4 bedroom property and I'd never get the same size on my income, even with a big deposit

TigerAngel33

He is basing it on me selling in 10 years and assuming my children won't be here by then. They are 12 and 15 just now so that's a possibility. It's just the split I would be questioning. He also has a pension that I said I'm not interested in but maybe I'd need to rethink that.

fewcloudy

Get proper advice, soon as you can. That is all really.

TigerAngel33

I just don't even know where to start ����