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Joint mortgage and divorce
BuyLon
Posts: 13 Forumite
Hello,
I am not sure if this is the right forum and I am hoping to get some advice.
My partner and I are separated but not divorced yet. We have not yet begun any official divorce proceedings but are talking about what to do with the house, etc. We have a joint mortgage and my partner would like to stay in the house with our child at least for a few years. I am looking into buying a small second property for myself where I would live, this would of course mean that I have one mortgage to pay and would continue to contribute to the joint one. I am skeptical if that is a sustainable financial option.
My question is if there are other options in this scenario? My ex has said that she cannot buy me out of the joint mortgage. I don't want to rule any options out at this point.
Ultimately of course, we would need to sell the house but the current market does not seem great for buying or selling.
Thank you.
I am not sure if this is the right forum and I am hoping to get some advice.
My partner and I are separated but not divorced yet. We have not yet begun any official divorce proceedings but are talking about what to do with the house, etc. We have a joint mortgage and my partner would like to stay in the house with our child at least for a few years. I am looking into buying a small second property for myself where I would live, this would of course mean that I have one mortgage to pay and would continue to contribute to the joint one. I am skeptical if that is a sustainable financial option.
My question is if there are other options in this scenario? My ex has said that she cannot buy me out of the joint mortgage. I don't want to rule any options out at this point.
Ultimately of course, we would need to sell the house but the current market does not seem great for buying or selling.
Thank you.
0
Comments
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Not really sure what you are asking? Its doable if the numbers add up for you but you'd probably be considered to be liable for the whole mortgage on the family home even if you don't actually pay it all. You'd pay second home SDLT as well. Also might need to consider it could be considered a joint asset when you do divorce."You've been reading SOS when it's just your clock reading 5:05 "1
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Can your ex pay the full mortgage amount on the house you own together? You can keep in joint names until the time you wish to sell.In Progress!!!1
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Talk to a couple of mortgage brokers for what they think may he possible (or not...)1
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Thanks for your replies. Sorry, to clarify: she could not pay the full mortgage on the family home so I would need to contribute.0
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