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Keeping the house

(35 Posts)
Hellio Sun 10-May-20 15:56:59

I’m thinking about splitting up from my husband. I would really like to stay in the house with my children.

Our mortgage is £300k on a £900k property. Current mortgage is about £550 pcm. I would have to buy out my husband so get a mortgage for at least £500k. I can afford £1000-1200 pcm in payments.

However, my salary is about £60k pa. Can I get a mortgage for £500k on £60k??

What if I had a guarantor? Do they have to earn a certain amount? My mother has a good pension so could be a guarantor but she isn’t completely well so couldn’t get life assurance. Would that be a problem?

Her property has no mortgage. Could I secure my mortgage against her property? It’s worth about £750k. I’m an only child so will inherit the property.

Are there any lenders who are particularly good in this situation?

Anyone have any ideas?

I’m not concerned about affordability because I have a few other sources of income too. My concern is being allowed such a large mortgage on my salary. Thanks.

OP’s posts: |
millymollymoomoo Sun 10-May-20 18:40:12

Unlikely and unwise

NotSuchASmugMarriedNow1 Sun 10-May-20 18:44:15

Your monthly mortgage payment sounds very low. Is it an interest only mortgage?

Hellio Sun 10-May-20 18:46:21

Unlikely and unwise
Why?

OP’s posts: |
Hellio Sun 10-May-20 18:46:48

Yes it’s interest only, which I am happy with.

OP’s posts: |
OnlyJudyCanJudgeMe Sun 10-May-20 18:47:49

Maybe your husband would also like to stay in the house with his children?

Hellio Sun 10-May-20 18:58:21

No he wants to sell it.

OP’s posts: |
Hellio Sun 10-May-20 19:00:25

OnlyJudyCanJudgeMe, part of the reason for the split is because he has no interest in family life.

OP’s posts: |
mummmy2017 Sun 10-May-20 19:04:07

You have 600k in equity.
At least half belongs to you.
If his pension pot is bigger, you would get some of that, and he would owe you some child maintenance.
Just make sure the numbers are fair.

Shmithecat2 Sun 10-May-20 19:04:14

If you could get the mortgage (unlikely), how do you intend to pay off the capital off at the end of the term?

Otter71 Sun 10-May-20 19:28:24

Normally a mortgage can only be a max of 4-5 X salary but sometimes your existing lender will do a deal on separation

ivfgottostaypositive Sun 10-May-20 19:30:02

A £500k mortgage is going to cost A LOT MORE than £1k a month - my mortgage is £185k and it's £1k......

I don't think you are being realistic

emz771 Sun 10-May-20 19:31:44

500k mortgage is not 1k a month not even with interest only. Not even close.

Hellio Sun 10-May-20 19:45:35

My current interest only mortgage is £550 pcm interest only for £300k. It was a good deal!

OP’s posts: |
emz771 Sun 10-May-20 19:46:33

Over what term may I ask?

ivfgottostaypositive Sun 10-May-20 19:50:17

@Hellio

How are you intending on paying the capital off??????

PicaK Sun 10-May-20 20:39:53

Ignore the griping about the mortgage. Obviously you would either inherit or sell and downsize. Perfectly good options that the mortgage companies happily accept.
However, getting a mortgage is unlikely. Try an independent mortgage advisor as they will have access to better deals - ask friends for a recc.
I read one piece of advice I didn't like at first but have found quite useful. A home is where you and your kids are - on its own the house is just bricks and mortar. Giving up the house may not be that bad.
OTOH the market is likely to slump. For both your sakes it could be wiser to hang onto it for a couple of years. You could look at a mesher order.
Are you in a rush to divorce? Have you both thought about remortgaging, freeing up some capital and buying a second property buy to let.
Explore all the options.

PicaK Sun 10-May-20 20:41:53

www.ibs.co.uk/mortgages/for/divorcees

Hellio Sun 10-May-20 20:51:06

As Pica says I would inherit or downsize.

OP’s posts: |
Hellio Sun 10-May-20 20:51:57

The term is irrelevant as interest only but 20 ish years left.

OP’s posts: |
Hellio Sun 10-May-20 20:53:27

Our pensions are the same.

OP’s posts: |
emz771 Sun 10-May-20 20:54:14

I don’t see how on a 20 year term a 600k montage will be 550 a month. I would double check this.

TheFaerieQueene Sun 10-May-20 20:56:11

If you don’t have a plan on repaying the capital you are crazy. Most IO mortgages have a facility for paying off 10% of the capital off each year - which is the only way to ensure you have a home at the end of the term.

Viviennemary Sun 10-May-20 21:04:44

Three to four or times salary is usual amount. So that would be 240k. Maintenance payments can be taken into account but unlikely to be anywhere near enough for a 600k mortgage. Interest only on 300k is more than 550k a month.

Viviennemary Sun 10-May-20 21:06:06

Not 550k a month obviously.

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