Separation from my girlfriend(unmarried). House/Mortgage advice..
I will try and breakdown the key facts;
Not married or in a civil partnership but have been cohabiting for 10 years+ in England
Now separating (I moved out 4 months ago and have continued to pay all the household bills whilst I stay elsewhere)
We share an 11 year-old child together (CSA not an issues as this is black and white financially)
Almost 9 years into the mortgage, due to remortgage in 2 months time.
Ex wants to stay in the family home until our son is 18 (in 7 years) which she says her solicitor has said I have to continue paying the mortgage for the duration of this time. She is willing to split the mortage payments in half which is a bonus for me as up until this point I paid the mortgage alone, it is a joint mortgage in both our names.
I will be needing to find(purchase) my own home shortly and have no deposit so my issues is this.
I will be needing to use my half of the equity as my deposit, do I
A - need to sort this through our remortgage on the current property and release equity from the property which will obviously increase our payments which she will not be happy about.
B (obviously the preferred option) – Can I remortgage the property now and at a later date when I find a suitable house use my half of the equity as a ‘deposit’ on my new house that is currently part of the equity towards our family home?
Some basic numbers for easy calculation
House Purchased for £150,000
Currently worth £200,000
Mortgage owed £100,000ish (51% LTV)
Thanks in advance.