Doubts on second home mortgage before divorce

Spaneng

Hello there, 

I would like to ask for some advice about the following since I am struggling to find answers on google.

Although in very friendly terms with soon to be ex (stbx) at the moment, we both have decided to separate and divorce, and we are looking at options.
We have 3 kids together, 2 of them quite young ( 6 and 4 y.o.), and since my stbx does not earn money atm (stbx was the stay at home parent, while I worked away, although trying to get some work as self employed now), I am aware it is possible he will get a mesher order, where he keeps the house and the sale is postponed until children are older. While I dont object to that, since I want the best for the kids, we plan to share care 50/50 of the time, so I want to avoid at all costs to have to rent or end up in a very bad place.
Houses were I live are not crazy expensive (i.e., a three bedroom house can sell for £200k, posibly less, £150k if needed up some work), so I am considering buying a second home to live separately while we divorce.

We have currently less than 50% equity on the full marital home, and I have made some numbers and if I remortgage this house to save enough for a deposit to a second home (%15?) we could probably afford buying the second property and the stamp duty should not be too much. The only problem is that, since stbx does not work, I will be on both mortgages, and the combined 2 mortgages would go over the 4.5 times salary to mortgage ratio (on my income alone). I have estimated around 5.5 times, which I think is not bad. Plus, stbx will get benefits when I leave, so it is possible this is significantly lower. 

My question is, I am clueless about buying a second home. Does this 4.5 times ratio apply too when buying a second home? To both mortgages combined? (consider there are now two houses, instead of one?). I will appreciate any advise/help, not sure I know where to look for information.

Thanks in advance

dimbo61

I think you will really struggle to get 2 mortgages.
Any reason why your EX can't work ?
If you have a reasonable amount of equity in the marital property why can't you sell and buy 2 cheaper homes ?

sammyjammy

If you are named on both mortgages you will be checked on affordability on the basis you were paying both on your own.

ACG

When you divorce will there be an agreement of sorts that says your ex will be liable for the mortgage repayments? 
If so, you may find there are lenders who will ignore that cost.

Its a tricky one but if not you will probably find getting 4.5x your income along with another mortgage in the background is difficult. 

Tranboy

Wikivorce.com seem to have lots of answers to most questions,  what the lenders will agree to with the possibility of increased interest rates and stess testing may be more uncertain.