Preparing for divorce

itiswhatitisnt88

Hello, I hope someone might be able to give me some advice, I am planning to split up with my husband over the coming months, due to a number of factors (alcohol, recreational drugs and he was texting other women) Over the last month I have been paying back the overdraft on our joint account this will be all paid by December. Other than this we only have a credit card each - 4k on mine and 10k on his. We have over 40k equity in our home which I imagine we will split so I would have about 20k deposit and I am looking at flats around the 80-100k mark.

I just wondered what I would need to get a mortgage on my own, I only earn about £1000 a month and ive checked I will be entitled to £600 in universal credit and my husband will be required to give me around £400 from what I can gather (he earns about £3000 a month). I have my own business so my salary is low at the moment because of coronavirus but I have the ability to earn £1500-£2000 which would mean less UC - would this be more favourable to a mortgage company? If so how many months payslips etc would they like to see? Do they even accept benefits for a mortgage? I have never claimed anything before. I have 4 years of accounts and my business is breaking even this year.

My parents have also very kindly said they are happy to guarantor my mortgage to help me get me out my current circumstances, their home is paid off and they are in a good financial position. I am very good with money but my husband isnt and im always just fixing things he has done with the credit cards etc. I wont get anymore debt when my credit card is paid back. Any advice would be appreciated!

[Deleted User]

Do you have under 18 children ? 

Thrugelmir

Is the £400 child maintenance? 

csgohan4

generally you can only borrow x4.5 excluding debts and you will likely need 10% deposit as 95% mortgages are very difficult to get at the moment

With only that low income your borrowing will be limited. What budget of houses were you looking at?

Sadly lenders only go on the now and not the future earning potential

Perhaps a broker would be helpful in seeing what you can borrow definately

dimbo61

Think you need to rent once you have sold the house.
Do Not Move Out until sold.
You may need to protect yourself from your other halfs spending.
Speak to a solicitor and may sure your soon to be EX can't borrow money against the house.

itiswhatitisnt88

Densol said:

Do you have under 18 children ? 

Yes I have 2 small children 6 and 1 

itiswhatitisnt88

Thrugelmir said:

Is the £400 child maintenance? 

Yes I used the calculator on the government website to see how much he would have to pay... I could be wrong 

itiswhatitisnt88

dimbo61 said:

Think you need to rent once you have sold the house.
Do Not Move Out until sold.
You may need to protect yourself from your other halfs spending.
Speak to a solicitor and may sure your soon to be EX can't borrow money against the house.

Will do - thank you 

Thrugelmir

itiswhatitisnt88 said:

Thrugelmir said:

Is the £400 child maintenance? 

Yes I used the calculator on the government website to see how much he would have to pay... I could be wrong 

Family solicitor needs to be top of your agenda. 

itiswhatitisnt88

csgohan4 said:

generally you can only borrow x4.5 excluding debts and you will likely need 10% deposit as 95% mortgages are very difficult to get at the moment

With only that low income your borrowing will be limited. What budget of houses were you looking at?

Sadly lenders only go on the now and not the future earning potential

Perhaps a broker would be helpful in seeing what you can borrow definately

I will have about £20,000 deposit from my half of what’s left after we sell this house. I have seen flats that would be suitable around the £80,000 mark so I could pay a 20% deposit potentially.... The timing is obviously difficult with the virus at the moment.

i just really wondered how claiming benefits is judged by a lender?

Thrugelmir

itiswhatitisnt88 said:

csgohan4 said:

generally you can only borrow x4.5 excluding debts and you will likely need 10% deposit as 95% mortgages are very difficult to get at the moment

With only that low income your borrowing will be limited. What budget of houses were you looking at?

Sadly lenders only go on the now and not the future earning potential

Perhaps a broker would be helpful in seeing what you can borrow definately

I will have about £20,000 deposit from my half of what’s left after we sell this house. I have seen flats that would be suitable around the £80,000 mark so I could pay a 20% deposit potentially.... The timing is obviously difficult with the virus at the moment.

i just really wondered how claiming benefits is judged by a lender?

The welfare of the children comes first. There's not an automatic 50/50 split.