My husband and I have not been getting on for a while now, and he has now informed me he wants to end our marriage. We have a joint mortgage on our home, but it was previously a council property, which he lived in for 5 years with his two daughters, before I and my two kids joined them. My husband paid all the fees when we applied to buy the house and we got a large discount because of his previous tenancy.
Due to all this (as well as the fact he would never consider moving out with his daughter and leaving me and mine in the property), I will have to vacate, and find alternative accommodation.
I’ve been looking at 3 bed rentals, which as anticipated, are very expensive! But it just occurred to me, I might actually be eligible to apply for a mortgage myself… I don’t have great credit rating, but no ccj’s, and I earn 22,000 p/a before tax.
Just wondering if anyone else has experience, successful or otherwise, of applying for a mortgage alone…? The most I could raise for deposit would be around £5000 🙁
Regardless of the history of the property you’d be entitled to 50% of the equity and would need for him to buy you out which would increase your deposit assuming he could raise the mortgage , if not you could buy him out.
Regardless there’s no way you’ll manage a mortgage until this is resolved.
absolutely it’s worth exploring your options, there are loads of independent mortgage advisors that are free for you to access to get an idea on what you can borrow. I’m a single mum to 3 children, I’ve never rented and I’m currently building an extension to house my mum, which we’re all really excited about. When you visit the mortgage advisor, they’ll be able to tell you which lenders will take your tax credits, child benefit and maintenance payments into consideration. Some lenders won’t lend on these incomes, however some will use a proportion if they’ve been regular payments for a set amount of time, I think it’s 6 months.
As solomummy said though, you will be entitled to a share of the equity from your current property.
I’ve recently been granted a mortgage on a part time wage. 🙂 I’m very fortunate that I have a large deposit to put down, which is my share of the equity from the house I bought with my daughter’s dad. You might be able to get a Shared Ownership property with that deposit. I saw a broker from within an estate agent and he’s been great. Good luck!
A few of my friends have used the shared ownership scheme to help them get a house, it has worked well for them so it may be an option you could look into. They were looking in Berkshire and found a great house for them.