Separated - mortgage due Sep, no where to live

[Sunshineclouds11]

Hi

Recently separated, we've had a mortgage together for over 10 years.

It's due for renewal in September.
He's currently paying half but come renewal he's obviously not going to be on it anymore.

I very much doubt I'll get a mortgage on my own to cover, we have just under 100k left.

Wage is 21k. Currently on mat leave. Claiming UC and get DLA for one child. (Have two kids)

I've looked at places to rent to get an idea and the rent is more than my mortgage payment.

Can't move in with parents as not enough room and too far from DC1 school.

I have no idea what I can do, I would live anywhere but I've got two kids to think of.

Anyone who's been through it or is going through is, what did you do/doing?

Any help or advise is much appreciated

Has he moved out already? Has he any plans going forward?
I've just finished co-living with my very soon to be Ex-DH and it was hard but neither of us could afford to live anywhere independently, until last year.
What is the equity like?

Presumably you'll need to sell the house unless he is going to buy you out of your share.

Check re getting a mortgage on your own as they do include UC, DLA and child benefit as part of your income

He's out already yeah, he's wanting to rent at some point.

Yesh it's going to need sold. No idea what to do for there

Do they?
I'll check this thank you

Could you Google to find a mortgage adviser and discuss it with them? I do not advise you to get off the property ladder, you have seen renting is more expensive than buying.

Yeah I'm going to speak to mine next week.

I'm just under the impression that I won't get one so trying to make a plan B.

I know, I'm praying for a miracle

How much maintenance will you be getting?

Does he have a pension? Could you negotiate a bigger share of the house if you leave his pension alone? Even if it was only an extra £20k it would increase the chances of you getting a mortgage. Definitely speak to a whole of market broker, they can often find ways of getting you what you need.

What’s the house worth? What’s your current mortgage term (25 years or more?)?

What’s your monthly budget if you include child maintenance, any changes to UC now you’ll be living alone, and account for single person council tax discount etc?

And when do you go back to work, and can you do more hours?

Missed this off!

£400

Yes to a pension.

He wants his half, we've already spoke about it.

Worth approx 190k going off other houses in the estate.
Mortgage term is currently 25.

Back to work in dec doing 30 hours

UC claim is new as I've only just done it.

Bills 1500
Food 300
CB 170
DLA 400
CM 400
UC 1240 before wage/smp deduction (work allowance 631 before it takes anything off)

So you’d need to remortgage for £145,000? (£100K outstanding mortgage, plus £45K equity to pay him?)

Presume you’re not married ? (As pension offset in divorce settlement not an option).

It does sound unlikely on your wage plus with childcare costs reducing affordability. But definitely talk to a broker. London & County are free and recommended a lot.

What can you rent nearby? If you sell the house you’ll have £50K, which is a lump sum towards 6 months rent up front, for instance. Or is there any shared ownership available near you?

If you do need to move to somewhere more affordable, your DC1 can change school - primary age they’re really adaptable, you’d be surprised. But factor in where their father is going to live, as if you moved miles away then you’d be the one primarily responsible for travel to allow contact.

@NoSquirrels
Bought for 145k, 100k left, could sell for probably 180k.
So is that still 145 mortgage needed?
This all confuses me.

Not married.

2 bed flats which are still over what I pay for mortgage now, houses to rent are over 1k.
I didn't think of paying 6 months upfront though so thanks for that.

DC is currently waiting for an EHCP as he has AN so I'm very wary about moving him as he's so settled and the school is great in regards to his needs. His dad has agreed.

If you could get 180 for it your ex would be due 40 of the remaining equity? So you'd need a mortgage for 140 to continue with the house. Youll probably need to get a few valuations if you're looking at buying him out and then a mortgage advisor.

I think this is what confuses me as 40 would be mine so would it not be mortgage for 100k?
Am I just misunderstanding?

One option I would consider in your situation is shared ownership. You can use equity to buy a stake outright then rent the remainder from a housing association. As you have a dc with disabilities you will be higher up the list. Talk to your local housing officials about options in your area. You are not alone. You really do need to be putting it on the market soon.

Thanks for this I will do that this week.

I feel totally out of my depth and have so much going on I don't know if I'm coming or going.

I agree, the house needs gone asap

DogJog
If you could get 180 for it your ex would be due 40 of the remaining equity? So you'd need a mortgage for 140 to continue with the house. Youll probably need to get a few valuations if you're looking at buying him out and then a mortgage advisor.

I think this is what confuses me as 40 would be mine so would it not be mortgage for 100k?
Am I just misunderstanding?

The confusion is whether you buy him out (remortgage for £140, give him £40, leaves the £100) or sell and use your £40 as a deposit on your next property.

You need to borrow more than the current mortgage to give your ex half of the equity OP, that's where the £140000 comes from (current mortgage plus half the equity.) Assuming he won't want to sign over his share to you?

Got it thank you! Head is scrambled!

No, he'll be wanting his share

@sunshineclouds11 - How did you get on? Hoping you are able to get a mortgage