Single parent mortgage

Tripletmummy3

I’m considering separating from my husband we recently remortgaged for £135k, house is valued at £230k and l would really like to try and keep the house as l’ve a kiddo with autism. I’ve a salary of £13k p/t and l’ve done some calculations and would get around £1300 (which seems a huge amount) in additional benefits plus £400 child maintenance. My question is would l be able to increase my mortgage to pay him off? I’m willing to increase the term of my mortgage to as long as l can - l’m 43. Been seeing conflicting things about mortgage lenders not taking benefits or maintenance into account.
Many thanks in advance

Thrugelmir

Suggest you seek advice from a family law solicitor. The welfare of your child is going to be the primary concern of the court. Therefore play a major part in any financial settlement and attaching conditions.

Tripletmummy3

Thank you, it’s next on my list

ACG

There are lenders for more or less everything. The issue tends to be when you want to combine a few quirky things.

In this case it would be benefits and maintenance not currently being paid.

I recall having a meeting with a lender who said they did this once, but for the life of me I can not recall who it was, I would need to dig out some notes. It was not a high street lender though.

I am not sure you would be able to pull out too much more than the current balance of your mortgage.

If we assume:
£13k employed income.
£15k benefits.
£4.8k maintenance.

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£32.8k income. Multiply that by 4.5x income multiple is around £147k which is probably around the maximum. But that assumes all benefits and maintenance can be included and they will work to a 4.5x income multiple.

Socajam

Tripletmummy3 wrote: »

I’m considering separating from my husband we recently remortgaged for £135k, house is valued at £230k and l would really like to try and keep the house as l’ve a kiddo with autism. I’ve a salary of £13k p/t and l’ve done some calculations and would get around £1300 (which seems a huge amount) in additional benefits plus £400 child maintenance. My question is would l be able to increase my mortgage to pay him off? I’m willing to increase the term of my mortgage to as long as l can - l’m 43. Been seeing conflicting things about mortgage lenders not taking benefits or maintenance into account.
Many thanks in advance

What happens if your husband would prefer to have the house sold outright?

Tripletmummy3

Thanks for the advice, l’ve done a few calculations previously and most offered around the £135k just wondered if there was any other way to buy him out.

Tripletmummy3

We’d sell which would be fine l’m not totally against the idea - new start and all that. But my ideal situation would to stay in the family home for another 3 years if l could to lessen the disruption to the children.