Wife leaving me but I moved out what happens when remortgaging for 2 years ?

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  • #28548 Report

    Ricky
    Participant

    Hello,

    last month my wife decided she is unhappy and wants to separate so I moved  in to my parents .

    The problem is we started a mortgage in Dec 2017 so she says selling will not give enough equity for us to both buy a new house. She wants to remortgage the house in December 2019 for another 2 years then after that sell it and split the money .

    I could stay at my parents for two years but not sure I want to so I’m might rent a flat meaning I’ll pay rent and half the mortgage .

    we also have two children living with mum and my mother in law .

    we have not yet done any divorce paper work.

     

    So I have some questions.

    1. What happens legally if I rent another place ?

    2. Can we still remortgage if I rent another place ?

    3. What happens if after the two years she decided not to sell ?

    4. Do I need a solicitor ?

    5. What happens if she moves a new man in the house while I’m paying half the mortgage?

    any other info would be great

    thanks .

    #28552 Report

    Manica
    Participant

    Hi,

    I am going through something similar at the moment so I thought I share it if its helpful. The father of my child ended it in May. We bought our house in 6/2018 with very little deposit so if we sell we are definitely not getting anything. At the minute he lives at his mum where he pays rent but also pays half the mortgage as I pay some other loans we have. We decided that we have 2 options either he buys me off or I do. That might be beneficial for the children as well as you will not have to pay commission on selling the house and massive legal fees. Also the children can remain to the same area, thats always best for children

    I think that if you rent another place you dont have to pay mortgage but I am not sure, a lawyer will tell you that, and if I was you I would get an advice.. not only they know better but they can help you get different options you never thought of. 

    Good luck 🙂

     

     

    #28556 Report

    Lou1979
    Participant

    Hi Rickyspires

    Sorry to hear about the separation. I am coming to the end of sorting my house out, so hopefully I can offer some help.

    1st – I would try and get to go see a solicitor (I bounced from one to another, using the free 30mins that they offer, to gain the info I needed.)

    you only need to pay for child maintenance or the mortgage. not both. I was told this by solicitor’s etc.

    If you go to re-mortgage and you are renting that will effect the amount you can borrow as banks will see this a big outgoing (I’ve had it with childcare.)

    Personally, I wouldn’t look to re-mortgage as this will tie you both together. plus if you do go to sell the house, you will have to pay early release fees from the bank. mine are £1400!! And that’s money I don’t really want to have to throw away. Also should she decide not to pay the mortgage, the banks will come after you and it will effect your credit rating.

    If you do re-mortgage and she refuses to sell or have a new bloke move in, there sadly wont be a lot you can do. You can enter the house when you want as legally it will still have your name on the mortgage and title.

    Personally I would look to sell the house or if she can buy you out and then you can both have a clean fresh start. I hope that helps. Im happy to answer any other questions, if you have them.

    Good Luck 🙂

    Lou x

     

     

    #28561 Report

    Ricky
    Participant

    Thanks for your replies. Very useful

    #28570 Report

    Hi there

    Its good to see you are getting some advice and suggestions from parents here on the forum.  Please do be aware that the forum is not designed to give professional advice and all contributions will be opinion only.

    It sounds like you need some professional and up to date advice regarding your situation.  I can suggest that you try speaking to the Money Advice Service.  They have a helpline and an webchat and hopefully they will be able to explore your options with you.

    Hope that helps, Justine

    https://www.moneyadviceservice.org.uk/en/categories/homes-and-mortgages

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