Do you think we could get a mortgage...?

Exodi

silvercar said:

I would think less than 50/50 may be a better assumption on the grounds that (a) he has some responsibility to pay for housing for his children

Some might feel it is safer to pay child maintenance than individual bills, to mitigate the risk of being pursued for full child maintenance regardless. If child maintenance is also intended to be pursued through the CMS, then that would be fulfilling his legal responsibility to pay for his children (including housing).

I appreciate that he can pay the mortgage and have it considered as part of the CMS calculation (as one of the rare expenses exceptions), though I don't know how how the maths on this will add up in this particular scenario. I'd imagine financially it would be better to just pay maintenance.

Of course this is all separate to someones moral responsibility or desire to provide for their kids.

silvercar said:

(b) being removed from the mortgage has a value to him in not being liable for a debt and being able to get a mortgage himself if he wants to buy. If you can only get a mortgage that will give him less than 50% of the equity he may accept it.

Agreed.

booboo85 said:

Well the other thing hes said is that if he can get off the mortgage, he wont take any equity. He just wants off it.

I dont know if thats even possible, why he would do that, and what implications it has on me.

I find that quite incredible. Out of interest, who broke up with who? Did you break up with him per chance? The reason I ask is it's quite common for the ex to be generous and amicable while it's still fresh and there may be the prospect of rekindling - it's a different thing entirely a few months on having him sign away his tens of thousands of pound of equity, perhaps after he or you have met someone else.

Currently (assuming you split the equity), you need to meet affordability for £145k, which at a typical multiplier of 4.5 requires income of ~£32k p/a.

If he was to allow you to keep the equity, you'd only need to meet affordability for £111k, which at a typical multiplier of 4.5 requires income of ~£25k p/a. If this offer is serious, is there the potential to increase your income here? It's much cleaner than buying with your dad.

Likewise, I'm not clear on what benefits may be allowable in your affordability assessment.

thegreenone

If you have no benefit from the other house, could your relative buy you out?  It seems an unusual situation not to received anything.

If Dad is going to be living with you and paying rent, would that be included in the calculations?

booboo85

Hes said that he doesnt want anything out the house and hes prepared to sign any documents to say this.

He says his reasoning is that he wants to get a mortgage with his new partner, but also wants to make sure our kids have a roof over there head, however he has then on the other hand said that if i cannot take the mortgage on, we would need to sell the house, which effectively puts the kids on the street, so i take what he says with a pinch of salt.

Ive contacted a broker who has said that they dont think my dad could get a mortgage with me as they would only offer a max term of 10 years and it would make the payments astronomical!

So i dont know whats going to happen. All i know is that it stresses me out daily.