New house before divorce?

finallyfree_2

Hi all, 

I am separated from my ex , and shortly starting divorce proceedings.  
The marital home is jointly mortgaged, I moved out with the children to a rented property. 

Ex will not let me contribute towards the mortgage as he sees it as 'his' property.

Can I apply for a mortgage on a new property before the divorce is finalised and the jointly owned home is sold ??

Thanks 

AskAsk

yes you can, my friend did.  however you have to prove you can afford it.

sassyblue

No, you can’t be named on another mortgage for a domestic property.  Your credit rating could be ruined if things get nasty and he defaults on the main mortgage especially when you say he sees it as 'his' property.

you could certainly apply for a mortgage 'in principle' and be ready to proceed simultaneously with the sale of the former family home, however, if a financial split of the net sale proceeds is not agreed when the house is sold the conveyancing solicitor is duty bound to hold onto any net sale proceeds pending agreement, although you could both have a set sum of proceeds each, pending an interim agreement, to get by on.

74jax

If you already have 1 mortgage, can you afford another - I know you aren't paying towards the 1st but I mean in lending terms, can you afford it on your salary? If so, yes go ahead and apply, but if you are maxed out by already having a mortgage then no. 

AskAsk

sassyblue said:

No, you can’t be named on another mortgage for a domestic property.  Your credit rating could be ruined if things get nasty and he defaults on the main mortgage especially when you say he sees it as 'his' property.

you could certainly apply for a mortgage 'in principle' and be ready to proceed simultaneously with the sale of the former family home, however, if a financial split of the net sale proceeds is not agreed when the house is sold the conveyancing solicitor is duty bound to hold onto any net sale proceeds pending agreement, although you could both have a set sum of proceeds each, pending an interim agreement, to get by on.

it depends on the OP's financial situation but if she has enough money for a mortgage on more than one domestic property, she can do so.

TBagpuss

You can apply, but you will have to declare the existing mortgage and it's probable that it will mean that you aren't offered a new one, as they will look at affordability as if you were paying the other mortgage, because  you remain legally liable.

Your husband refusing to allow you to contribute to the mortgage is unlikely to affect the financial settlement - it's perfectly reasonable that he should pay it as he is the one currently occupying the house, it doesn't make it 'his' property and won't mean he is able to claim more of the equity when you sort out your financial order. 

justworriedabit

It all depends on affordability, work history/earnings/prospects and how great your deposit is. The greater your deposit, the safe the lenders money, the more they will want to lend you

Ozzuk

74jax said:

If you already have 1 mortgage, can you afford another - I know you aren't paying towards the 1st but I mean in lending terms, can you afford it on your salary? If so, yes go ahead and apply, but if you are maxed out by already having a mortgage then no. 

Very possible, subject to earnings/deposit, I've done it myself.  Higher SDLT though (which they'd get back when sold) and can limit mortgage options.