Mortgage / House Advise Please

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  • #43309 Report

    NavyIris
    Participant

    Hi, I was hoping someone on has experience or knowledge that they might be able to give me a bit of advice please.

    my husband and I are separating. We own a house together, joint names on the mortgage. I put the deposit down when we purchased it two years ago from previous house equity (from a house in my sole name I owned many years ago). I also funded the initial renovations on this house with my remaining equity (in total it was circa £25k, including the deposit). I work 15 hours, he works full time. He pays the mortgage and I contribute towards other living costs with my small salary. He will be moving out and has already made noises about not paying towards the mortgage etc. I know he will pay what child maintenance is due for our 2 children who will live with me. I am hoping that is all I will need from him financially but I do not want to lose our house. It is round the corner from both of my children’s schools and we are so settled here. Can he make me sell it? I don’t have the lending power on my own to take his name off the mortgage. We don’t have very much equity in this house that would make selling it worth his while in terms of a “clean break” divorce type situation but he doesn’t earn enough to be able to stay on this mortgage and buy another property of his own. We are only on a fixed rate for two more years, what will happen when the mortgage is up for renewal, I don’t think he would agree to being on it again and I think he would struggle to get approved again on the mortgage anyway if his finances show he is renting which will be a large outlay (he doesn’t have a very high salary either). I don’t want to screw him over financially but I really don’t want to uproot my kids. Does anyone know what the courts would advise in a situation like this? Thanks in advance.

    #43322 Report

    Sherinam
    Participant

    The rate is fixed for 5 years normally, then the bank asks you if you want fixed or variable. Its up to you to decide. If your ex come off the mortgage then you will Need to apply for y rq

    #43323 Report

    Sherinam
    Participant

    And let bank know what you would like to do. If you want your ex off the mortgage you will be told to take mortgage on your name. If you don’t earn enough to get another mortgage then you could  have it valued  sell it and find some thing smaller. The bank is not just going to take your ex name off. If you have put more into the property you can request this back. E. G deposit. Your ex needs to start again and will need some money from. Home. My home belonged to. My ex and he sold it to me as he didn’t want his name on mortgage. He got back his deposit. I had the house valued and he was given money from it so he could start again. I stayed with my daughter in property and was able to get mortgage with help from. A broker.

    #43329 Report

    NavyIris
    Participant

    Hi, thanks for your response. I’m more in need of advice what the courts would say that the mortgage company. I used to work in Estate Agency so have a pretty good idea of how mortgages work. It’s more from the perspective of whether the courts can order me to sell the house so that he is released from the mortgage? I know the bank won’t take him off and I can’t afford to buy him out / remortgage in my own name because they wouldn’t lend the amount on my salary. I don’t want to sell it so am interested in whether anyone has any experience of a court battle involving this situ. Thanks v much

    #43336 Report

    Sherinam
    Participant

    The court can make you sell the property if you cant buy your ex out. You can’t force your ex to stay on the mortgage if he doesn’t want to. Your ex will. Need money to start again. You will be asked to find somewhere affordable. Fortunately I didn’t have to move as I had enough to buy him out

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