my husband and I are separating and I’m staying in the house with the kids – he owns half the house and will continue to pay half the mortgage until the youngest leaves university and we will sell by then at the latest. We’re currentky trying to sort out a place for him to live and he’s hoping to buy somewhere. He will however need to borrow against our current property in order for him to get his mortgage. He isn’t in any doubt about affording his second mortgage but just needs some of the equity to borrow against. Does anyone have any experience of this or advice??
I found Which? mortgage advisors really great in a similarly complicated situation. Rules can vary dramatically among different mortgage providers and you may waste hours of your life if you don’t go to an advisor. I think they’re about to close down, though!