Mortgage / House Advise Please
28 August 2020 at 1:48 pm #43309
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.28 August 2020 at 9:18 pm #43322
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 rq28 August 2020 at 9:26 pm #43323
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.28 August 2020 at 10:03 pm #43329
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 much29 August 2020 at 8:15 am #43336
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 out30 January 2021 at 5:44 pm #48853
I am very sorry to hear this story but I want to support you and hope you can solve your problems and not lose your home.30 January 2021 at 6:28 pm #48856
I am in a similar boat but we are not married. If it is the family home and you can’t afford somewhere else he might not be able to force you to sell, however, this would be decided by a court and I think they would advise coming to an agreement through mediation before getting that far. I would advise talking to a solicitor. They are expensive as I have discovered and as yet I have no resolution but they will be able to help you see where you stand and what your chances would be in court.2 February 2021 at 10:55 am #48934
It’s very sad when people who recently loved each other cannot divide the property and agree without bringing the case to trial when they break off the relationship. But I want to take the side of women in this case, because most often they experience more difficulties, especially if there are children in the family. Therefore, if you have complex issues with a mortgage or property division, then you should find good specialists to sort out the paperwork and get a great deal for you. (Link Edited) you can find an experienced financial advisor or mortgage broker to help you solve your problems. Besides, they provide 1 consultation for free, so you can use this right to find out what you should do next and choose the right way.2 February 2021 at 11:50 am #48936
They can force a sale unfortunately. Courts used to assign mesher orders meaning you could stay in the property until the child is in full time education or a trigger point is reached (e.g. moving in with a new partner), but these are frowned upon these days apparently. Courts like a clean break between parties. Sorry to be the bearer of bad news xx2 February 2021 at 9:26 pm #48996
Could a relative of yours help you buy him out of the mortgage? Money could be gifted perhaps (inheritance early?) or a legal arrangement drawn up afterwards to change ownership of house to your relative but with understanding that you live there (with or without paying rent depending if house effectively then sold in to the relative)? I’m no legal eagle but was trying to think of creative options….?
I got a 2nd part time job to try get mortgage offer but other issues have arisen and no longer an option.
I’m not worried about moving now – kids are resilient and you can provide security wherever you are by just being mum.
If you find yourself renting you can then apply to shared ownership properties which give you more security to stay in sane property while kids in school locally for example.
Best wishes20 September 2021 at 6:44 pm #59814
As I know, you should have got the 5% rate for the first five years. Only after that you could actually choose between a fixed or variable rate. The bank might actually increase the rate if you choose the fixed one. However, it is less risky than a variable one.