How to get a mortgage on my own

[GlowingLikeTheMetalOnTheEdgeOfAKnife]

I'm going to have to give up the family home 😞 devastated but it's just bricks and water (I'm telling myself). If we sell I'll have half the equity but it won't be enough to get a mortgage on my own. I've booked an appointment with my mortgage advisor so she can tell me more.
I work part time on 28K, full time would be £50K. Chance of big bonuses after probation.
If I worked full time I think I could only get a mortgage on a house that cost £190K.

if anyone has experienced something like this, did you end up saving your equity and renting? I really want to be able to buy again for me and my two DC. I saved for years for this house 😢 We both worked full time and went halves on the deposit.

My husband doesn't know I want out yet, well we've had numerous conversations about how he doesn't treat me right but my eldest (3.5yo) has just had a diagnosis of autism and it's just woken me up to what's important. Him and my other DC having two happy parents.

Sorry I'm really worried about our housing situation and rambling. I think I'm asking what you did about housing if you separated/divorced and sold your family home?

Also name changed, been on here for a few years

Lots of people have a mortgage on their own, if you sold the shared home then you'd use the equity from that, plus any savings you have to add to it, as your deposit and then add a mortgage based on your income and affordability of repayments. Don't forget to factor in legal fees, stamp duty and moving costs but your mortgage advisor should be able to help with all this.

Often you can borrow 4xincome, maybe less at the moment, so I'd think you could borrow more, plus your deposit from the equity, and buy a place for more than £190k. If buying on your own, I'd be very careful to get life and serious illness cover, your employer might offer this.

Speak to a mortgage broker. If you go up to 30 hours you'll get 30 hours nursery funding but also the increase in salary. You'll also be getting maintenance which counts as income. But start with a broker.

Thank you, I've booked a broker appointment. Already get 30 hours free but only for eldest. Youngest is 17 months

This is something to bare in mind and speak to my boss about thank you

We have no savings, just spent it all on a new kitchen.

My mortgage broker will give me more answers, at least I'll know my options then

How much would you get in equity from the house sale? If you went full time you should be able to get a decent mortgage, added to your equity for a deposit.

@Overthebow we've made at least £100K and that's being careful. So £50K equity

Ok so depending on your outgoings and if you have any debt, if you earned £50k you could likely buy something for around £250k. What would that get you in your area? With 2 DC you’d need 2 bedrooms, could you get a 2 bedroom house or flat for that?

@Overthebow if my budget was £250K I could get a 3 bed modern terrace. That would be an ideal budget. Regarding outgoings, we've been careful not to over spend until we decided to spend our savings on renovating. Our mortgage is £187,000 and the house is worth £300K+
We have an interest free loan from a family member that is £220 a month for five years and a credit card with 0% interest for 15 months which we will pay off by then. Sorry I know you're not a mortgage broker just thinking out loud

Rather than looking at what you can borrow, think in terms of what you can afford to pay back each month. In my experience, lenders were willing to lend me far more than I would have been comfortable paying each month (and that's when interest rates were very low). You also need to factor in that interest rates could go up. A £200k mortgage over 25 years at 5% interest rates is £1170 a month which is over the recommended third of your income. Have a play with this site before you meet the broker and make a list of all your outgoings and repayment commitments before you meet them. Also look up council tax rates for your area and the type of house you're likely to buy - they might be less than where you are now but as a single adult you only get a third discount so it might more than half your share of a bigger property. Likewise TV license, broadband, gas, elec etc won't be much less but you'll be funding it all from one income not two.

@Coronationstation thank you, you're right. I would pay all of that renting though and a mortgage will be cheaper than renting if I can get back on the ladder...
our mortgage is fixed until 2026 at under 2% as well, such bad timing

If you are married the assets are split on a needs basis. It’s not just 50/50. As you say you have 2 children and one of them with complex needs. Could you afford the mortgage on your own? Do you have a pension that you could offer but keep the house. CN you pay him a smaller lump sum to keep the house. I wouldn’t see a mortgage advisor. I would see a very good solicitor. Good luck.

@ZebraD I've considered this. In the last 3 years I haven't contributed much to my pension, before that I had about 9 years contributing to one. I'd love to buy him out but I'm not sure I could borrow the amount needed... I'll definitely look into it

Look up the matrimonial causes act 1973. There is a lot of important acne places on needs of the parties, especially where children are concerned.
You can also look up PAG rules which is relevant to pensions.
Does he have a big pension? You could offset anything from the house and your against his.
all depends on what you have, what he has and what you both need to move forward. It’s not really about what you can afford at this point because you have no idea what you have unless you mutually agree to divide 50/50 which wouldn’t be fair if you have custody of the children.

My mortgages have also been on my own and it is difficult but it's been so worth it.

You have a decent down payment and whilst rates are high at the moment I think you need to work out how much you can afford to pay each month. Might interest only for a few years be an idea?

I used Town and Country for my mortgage now and they were brilliant.

I hope it all works out for you.

@ZebraD thank you, there's clearly lots I need to look into rather than just dividing the house equally. His money is tied up in the house though so as long as it's fair, that's what I'll do

@user1471538283 thank you x

https://www.moneyhelper.org.uk/en/homes/buying-a-home/mortgage-calculator

Yes exactly, I really wanted mine to be fair and those buts of information will hopefully help you to think of everything before making a decision. Mine ended up being very unfair but I guess that’s just the way it goes sometimes. Best of luck.

@ZebraD I'm sorry to hear that, thank you very much for your time xx

Does it have to be mordern?

Look at ex council houses - they're spacious, often well built and generally sturdy. They're not modern when it comes to fixtures and fittings and aren't often in the most desirable places, perhaps, but there are many things you can change over time after you have had time to save up. No new house will be perfect when you move in, so often it's money you'd spend anyway.

Mine came to about £160,000 all in, just over a year ago. I put £15,000 down as a deposit, used the rest for legal fees and some initial things like carpets and have been doing the rest one job a month as more money from my job came in.

I would not look at the maximum you can afford in this time of uncertainty; I'm glad I didn't and my ex, who is living in a £210,000 house on the same income as me must be struggling so much more now with interest rises.

That's good advice thank you. A family member has just moved into an ex council house and I love it!
I would borrow the minimum I think, all I care about it getting a mortgage again not so much a flashy house. I love interior designing anyway so like you say, I'd change it all eventually

What are your childcare costs going to be when you are working full time?

Can you hold out until your eldest started reception? Next year?

When you say he has autism is he going to mainstream school? Will he be able to do wrap around care?

Will he be able to room share long term?

If the situation gets desperate you could get a big one bed flat, put the two DCs in the bedroom and sleep on a sofa bed in the living room. As they are small this should be ok. Once both in school, working f/t you should be able to move up the ladder.

What about CMS? Will your ex want 50/50 so no CMS? Will he pay for childcare? Will he pay over CMS amount?

PS make sure in a divorce you get a cut of his pension.

You have a lot of sums to do!

Sorry you are going through this.

I just bought a small 3 bed terrace in a Kent seaside town on my own. I used a broker and he made everything easy. Had some decent equity from the sale of the flat I owned previously.

Speaking to a broker is a really good idea.

Also look at shared-ownership (houses only, don't touch flats...) if it turns out you can't afford a big enough mortgage.

I took a 3 bed because I thought that I can always take on a lodger if I was to struggle with repayments.