Getting husband off mortgage

TigerAngel33 · 10 February 2019 at 5:55PM

Hi apologies if I'm posting in the wrong area but first time here seeking advice.
Basically husband and I split 2 years ago, I moved out and rented while he stayed in the family home , kids went between us both. Last year he was in the process of buying me out then lost his job. I had to return to the house as he couldn't afford it, he moved out. I have been paying the mortgage alone since October 2018. We have 10 years left on mortgage, he wants a 50/50 split when it's paid off. Meaning I'm paying it alone for the next ten years and he gets half which I'm not happy about, caused a big argument when I mentioned it. I'm now wondering if I could remortgage to buy him out. Our lender is Halifax. I work part time and receive tax credits so my question is has anyone been in a similar position, would they refuse me due to this. I will go see a financial advisor but just throwing it out here and any advice welcome. Thanks for reading

thorsoak · 10 February 2019 at 5:59PM

I would suggest taking legal advice as well as financial advice.

Carrot007 · 10 February 2019 at 6:00PM

If you can afford to you can do it with his agreement.

Without you are looking at tens of thousands in court costs and it might be better to sell up and move.

TigerAngel33 · 10 February 2019 at 6:16PM

He would agree as he's in a lot of debt that his share would pay off. I'm just not sure Halifax would give me the mortgage in my own name, as I would need to extend another 10 years. He doesn't want to sell as it's the kids home, but I think I'd rather pay him off now than pay the next 10 years alone then have to split equally with him

Rachel83 · 10 February 2019 at 8:17PM

Use a mortgage calculator online, as far as I know banks don’t take tax credits into account on lending. Unless some have changed that, I’ve just got a new mortgage with Santander, then you have to take into account whatever the cost of paying him out is, this is usually agreed and signed during divorce.

TigerAngel33 · 10 February 2019 at 9:12PM

There are a few who take tax credits into account as I got a mortgage in principal last year when I thought I was being bought out, can't remember who it was with now, I'm sure Halifax aren't one of them. Could we remortgage together, I pay him off then we get his name off the mortgage ? That way, everybody's happy

onomatopoeia99 · 10 February 2019 at 9:26PM

TigerAngel33 wrote: »

Could we remortgage together, I pay him off then we get his name off the mortgage ? That way, everybody's happy

Only way you can get his name off the mortgage is for you to take out a mortgage in your name for the full amount owed. You already have a joint mortgage, so taking out another one doesn't seem to achieve anything except cost you some fees.

If he's not working (you said he lost his job), could he be the stay at home parent allowing you to go to work full time which would increase your mortgage potential?

TigerAngel33 · 10 February 2019 at 9:41PM

I mean take out extra borrowing on the joint mortgage (enough to pay him off) like saying its for home improvements or something and then after this he can sign the house over to me. He is working again now, but I will be looking to work full time again in the future as the kids are getting older.

antrobus · 10 February 2019 at 9:50PM

Since you refer to him as your 'husband', I assume you are still married. Therefore the first thing to do is get divorced. Who owes who what in respect of the house etc can be sorted out as part of the divorce and enshrined in the consent decree.

calleyw · 10 February 2019 at 9:57PM

This would better on the mortgage board.

Can a BG move this over as there will better replies as people who know about the in's and outs of mortgages will be able to answer your questions.

Yours

Calley x

TigerAngel33 · 10 February 2019 at 10:00PM

Thankyou, I'd appreciate if it could be moved to the correct place, I wasn't sure where to post.

Getting husband off mortgage

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