Advice needed / separation and mortgage options

Gina0582

Hi I’m looking for help with potential solutions to enable me to keep my current property whilst also being fair to my ex partner.

We purchased a property at the end of august 2019. It has a £270,000 mortgage over a two year fixed term deal. The mortgage is £940 per month.

We split one month after purchase. I live in the property with my son. Whilst my ex is happy for me to live there for next two years or longer he does want something from the property after 2 year term has finished and to be able to get a mortgage himself. I have funds to give him some cash which he would be happy with so it’s mainly the mortgage I need to sort.

I cannot remortgage on my own, I don’t earn enough. At the moment I can afford the payments as I’m supplementing from savings and I could rent part of it out.

The property is big. 6 bedrooms, including a self contained unit with kitchen and bathroom (was already in place when purchased) and has an outbuilding which has the potential to be converted to a 1 bed dwelling. I appreciate that I would need planning.

If I rented out the outbuilding and the self contained unit I would more than cover the mortgage.

So my questions are. Are the mortgage company - Santander likely to let me rent them out?

If they do let me rent them out would any mortgage company take into consideration the rental income when calculating affordability to enable me to remortgage in my own name.

If the above is really not an option, could my ex remain on the mortgage or could we eventually get a new mortgage whereby he is considered to be more of an investor? He just wants the ability to get another mortgage for himself and obviously some cash (which I can give).

Thanks in advance

Mortgage_Adviser

It would be useful to know what is your current income. How far off are you from the mortgage required on your sole income if you were to play with the lender's online calculators?

If aitsay 20k, then assuming there may be a couple of lender's that in a couple of years could take in to consideration the rental income from any loders in to account. You will need to ensure you do complete annual tax returns to ensure the income is evidencable. Just bank statements would nit be suffiient.

If you are far off (Say by £150k), the chances are extremely slim that you could get anywhere.