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Can stbx stay on the mortgage and it not effect his ability to get another mortgage?

(104 Posts)
Rainbow03 Tue 11-Jun-19 22:35:17

If my stbx can’t be removed from the mortgage after a divorce as I don’t earn enough to take it on solely, is there anyway to stop it from effecting his lending ability on a new flat? I can afford it on my own but the bank doesn’t view it that way.

I don’t want him to be effected and I would take 100% liability for it!

Rainbow03 Tue 11-Jun-19 22:38:15

If he has to declare the current mortgage payments then I doubt he could afford a 2 bed flat!

Aquamarine1029 Tue 11-Jun-19 22:38:42

Unless he makes enough money to afford both the house and the flat solely on his own, his debt to income ratio will be too high to get approved for the flat.

Manclife1 Tue 11-Jun-19 22:39:04

They’d have to take into consideration the current mortgage so would affect how much he could loan.

Aquamarine1029 Tue 11-Jun-19 22:39:21

Of course he has to declare it. It's on his credit history. There's no hiding it.

Mary1935 Tue 11-Jun-19 22:39:32

No basically - he can check with a mortgage broker who will tell him what he can borrow but they will add in your mortgage and what’s owed. He needs to contact mortgage advisors.

emotionalaffair Tue 11-Jun-19 22:41:01

He'll also need to pay extra stamp duty and possibly have to get a mortgage with a lower loan to value as it will count as a second home.

iboopyournose Wed 12-Jun-19 00:01:32

If you pay the mortgage soley yourself for a period of time you can apply for him to be removed from the mortgage as you can prove you can afford it and pay a fee to the bank and a solicitor to remove him from the title deeds.

Singlenotsingle Wed 12-Jun-19 00:04:07

He'll just have to rent for the time being, won't he?

Rainbow03 Wed 12-Jun-19 08:11:43

He won’t rent. The deal for me to stay in the family home is that he can buy a flat. If he can’t then all other deals are off and he will dig his heels in and make it very difficult. We will then have to sell and I will struggle to house me and our son.

MotherofTerriers Wed 12-Jun-19 08:14:19

Could you take a second job temporarily to improve your own credit rating and take over the mortgage

Rainbow03 Wed 12-Jun-19 08:22:10

He has offered to put his part of the equity in the house in a trust for our son and to then use all he saving (about £25,000) to use as a deposit. I have agreed to this as the alternate is him becoming a monster! I thought it seemed fair that he take all the savings as he needs to house himself and son when he has him! Does this sound bad?

Rainbow03 Wed 12-Jun-19 08:23:47

I have our son 5 days a week and I work 3 already, 2 of those days he has our son. When he starts pre school can 100% pick up lots over overtime!

TheBrockmans Wed 12-Jun-19 08:28:56

Also consider that he might need to pay additional stamp duty if the flat is seen as a second home and he is not off the deeds within two years.

palahvah Wed 12-Jun-19 08:29:20

In addition to the advice from pp above, I would also contact a mortgage broker and see what they would advise you do to put yourself in the best possible position to get the mortgage by yourself.
Have you checked your credit file - is it up to date, on electoral roll, etc?

Rainbow03 Wed 12-Jun-19 08:36:49

Yes I’ve been an done a soft mortgage and it’s literally my earnings stopping me from getting what I need. I signed up and checked my credit score, it’s 999.

Can you be off the deeds and on the mortgage?

OliviaBenson Wed 12-Jun-19 08:38:41

Don't agree to anything without legal advice. You need to ensure you get a fair settlement and that isn't dictated by placating your ex.

LemonTT Wed 12-Jun-19 08:41:09

Can you both afford a two bedroom property ? If so that meets your respective needs and that is the solution you both need to work towards.

titchy Wed 12-Jun-19 08:46:41

Ffs don't agree to him putting th equity in trust for your dc- you need it. Lawyer up for the sake of housing your dc.

Lairydea Wed 12-Jun-19 08:53:21

I don't think equity is viewed the same way as savings when splitting assets. Are you married? Either way I think you need legal advice before you go much further - forget about placating him, if you're splitting up his issues are no longer your concern...

Rainbow03 Wed 12-Jun-19 09:21:57

Yes we married, 11 years. I’m going tomo to see a solicitor to talk through what he proposed. Otherwise we are going to have to sell which neither of us wants as the house is an investment for our son and has been in my family for a long time. There is a large chunk of money, about £60,000 that my parents gave to me for it after we were married and I want to protect it
He has said that if I bring in lawyers he will fight it, quit his job and stay at home on benefits, I don’t have money to fight him with lawyers when we are only talking about £150,000 although including equity which is about £120,000. I have no savings of my own.

titchy Wed 12-Jun-19 09:26:57

He's bullshittinf. If he quits his job he won't be able to buy anywhere else will he. Call his bluff.

Rainbow03 Wed 12-Jun-19 09:30:30

But if he quits his job he said he is going nowhere, he will not move out the family home. He is serious, he is crazy!

LemonTT Wed 12-Jun-19 09:33:55

You will struggle to protect money you received during an 11 year marriage. It is all in the pot at this stage unless you have an agreement that says otherwise. This is probably an unreasonable red line.

Your settlement will be based on need. And as far as I can see you don’t need to keep the house. This is your issue and this red line is causing the legal problems. His ask to have sufficient deposit for a 2 bed is actually on the reasonable side. So when you ignore his bluster he has a good case. Plus the money in trust isn’t going to be a settlement for you which will be his obligation in the divorce settlement. His obligations to his children are dealt separately and cannot be negotiated away.

Rainbow03 Wed 12-Jun-19 09:38:30

My only problem is I couldn’t afford a 2 bed flat and I can’t get a mortgage so I don’t know the solution. What we have now is only a small bungalow, about £50,000 more than the cheapest 2 bed flat in our area. All I could think of is asking my mum to help me, she is in a position to but I don’t know if they would accept this.

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