Mortgage Suggestions

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  • #37305 Report

    NJaneW
    Participant

    HI All,

    My husband and I have recently separated. I am currently living in the family home with our 2 children (both under 5). I’m the main care-giver, working 3 days a week.

    I want to do all I can to stay in the home, but, as our split is reasonably amicable at the moment, I don’t want to do my ex over financially really.

    We currently owe £170k on the mortgage. My ex put £60k into the house when we brought it as a deposit and the equity has increased by about £120k. So, if I was to buy him outright I would owe him at good £120k.

    I won’t be able to get the mortgage increased by this as I only earn £20k a year. I have the option of adding my Dad to the mortgage just as a name, but won’t be able to get financial help from him.

    I have offered my ex the other following 2 options:

    1. I give him 60k now. He stays on the mortgage until our youngest is 17 by which point the house is valued and I have to give him his half of the equity that has been earnt

    2. I give him 60k now. He comes off the mortgage, the house is valued now, but I don’t have to give him his share of equity until our youngest is 17.

     

    Both these options will allow me to stay in the house, being able to financially afford it on my own. I figure by the time my youngest is 17 I can either sell the house to give ex his money or perhaps have some other means of paying him.

     

    Has anyone got any other suggestions, or options that have worked for them. I really want to stay in the house, the location is perfect for everything, the garden is massive. If I am forced to sell it I would have to buy/rent somewhere that is much smaller and much more expensive.

    Thanks in advance for reading my story and sharing your experiences.

    #37360 Report

    Sunflowerpup
    Participant

    Hi!

    im confused, why would you owe him £120k

     

    are you married?

     

    do you own the property as tenants in common or jointly?

    #37361 Report

    Sunflowerpup
    Participant

    Sorry re read that and can see you are married.

    i our 30k into a property which was as tenants in common. I then married him. This 30k was considered joint money so the 60k he out into the property is half yours.

     

    Theres also an argument for you to get a greater percentage of the equity than 50percent because you are the main caregiver and I imagine your wage is lower than his as you are parting time.

     

    you might want to consider some legal advice.

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