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I don't earn enough to be allowed to take on house let alone pay him off. Options needed

(5 Posts)
christmasclean Tue 04-Feb-14 09:17:17

Solicitor appointment is in 3 weeks. Phoned existing mortgage company for information about lending to buy him out and they won't even let me have the mortgage on my own let alone buy him out. I can't believe it as I can more than afford it, but not on there affordability calculator. They don't take any benefit you will be getting into consideration. But I still don't think it would of changed the verdict if they did going by how they work it out. They would be prepared to lend me a small amount. But not enough to sell and buy again in this area. The children are doing exams etc so I need to. Are there any options that will allow me to stay in the house ? If not then I really feel I can't put my children through it all . It's for there happiness to. And renting somewhere away from here there school during exam for the eldest and gcse optionstime for the youngest will be worse for them . hmmconfused

STIDW Tue 04-Feb-14 15:04:23

One option may be for your husband to remain on the mortgage and maintain an interest in the former matrimonial home in the form of a chargeback. The sale of the property is then trigged when certain conditions are met e.g. the youngest child reaching the age of 18 or your death or remarriage.

However deferring the sale of the former matrimonial home is only appropriate when there is no other way to keep a roof over the heads of children. When a property is larger than required to house children adequately it may need to be sold to release equity to enable both spouses to rehouse. Also there can be problems later when it comes to sell the property because the divorced couple is older. Neither party may be able to obtain a mortgage for the usual 25 year term and rehousing can be difficult or impossible.

Your solicitor is in the best position to advise whether deferring a sale is appropriate and if not, what other options are available.

christmasclean Wed 05-Feb-14 22:19:55

Thankyou

1983mummy Fri 07-Feb-14 00:04:39

Unfortunately I too am in the same situation and I am having to sell. I don't want to move, I love this house and it's the area I want to live in, but at the end of the day They won't let me take on the mortgage on apart time salary, but will let me port it and take a smaller mortgage and no ERC. I hate my ex for leaving me but at the end of the day he is entitled to his equity so that he can buy his own place - which really sucks

iheartdusty Fri 07-Feb-14 15:36:25

go and see a mortgage broker, they can get quotes from companies who do accept benefit income, and you may find you can remortgage to buy him out.

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