Mortgage

[Bigal80]

I am in a tricky position, I work part time and my property is jointly owned with my husband
I have a couple of options, one is that we agree that we pay half each of the mortgage but I remain and sell when my youngest is 21 or I move on and meet someone etc

Or I try and buy him out, the issue with this is even if I went back to work full time I doubt the mortgage will allow me to remove his name and I don’t think I could afford it all

Has anyone got any experience.
I live in the southeast so it’s so expensive here so if we sold now neither of us could live in this area where our families are and provide some free childcare
Thank you

[stucknoue]

Similar here but our mortgage isn't too big as we have 11/20 years paid off. I'm thinking it takes 2 years minimum, then I can accept in lieu of his pension the house and contributions towards the mortgage for 5 years (overpaying means it will be paid off) I think he'll accept it but still need to go full time

[NorthernSpirit]

You need proper legal advice.

A court wouldn’t likely order you can stay in the house until the youngest is 21. If you were awarded a Mesher order it would be likely until the youngest is 18.

In the above scnerio you would be expected to pay the mortgage yourself and upkeep of the property.

IMO Mesher orders are not a good idea and you are only delaying the inevitable (if you can’t afford to buy him out now, the situation will likely be worse in years to come when house prices have risen).

The father will be expected to provide suitable accommodation himself for when the children stay and a courts have an obligation to consider a split now in finances.

[Bigal80]

Hi
I have had legal advice
To be fair, even if we sold now neither one of use could afford to live in the area we are currently in.
Even if I went full time - I would need a 3 bed property and a flat is near the 350k

I am going to call the mortgage company today to see if my father could go on with me.
I could afford it if we could agree maintaince and I pay him off -

My husband hasn’t dealt with anything financial in 17years so he’s not the most capable person

[StarlightSparkle]

How did you get on @Bigal80? Did you speak to your mortgage company?

I am in a similar situation. Cannot afford to buy him out but if we sell I could only afford something if I get 75% of equity and take none of his pension. Renting is not an option as it would be way more per month than a mortgage would be. I work pt and will try to find something with more hours but I still couldn’t afford to buy him out or take on the full mortgage alone even if working ft. It’s a nightmare!

[Bigal80]

Have you discussed with him what he wants ??

I have the option to agree to Pay half each as an investment and sell when my youngest is 21 but I would negotiate that actually it’s 64/36 as I put in more than him but again he would have to agree.
Or the mortgage company states I need someone else to come onto the mortgage - my father may do this but I’m not so sure due to his age
And I have to find about 93k to offer him 🤦‍♀️
I feel like I only have one option

[StarlightSparkle]

We have only just started discussions. He seemed broadly in favour of the idea but the main issue is that he couldn’t afford to buy somewhere as we don’t have enough funds, so he’d have to rent for a couple of years at least. Fine by me, but obviously he is not so keen!

What does your solicitor say? I haven’t sought proper legal advice yet. Do you think you’ll have to sell and rent?

[Bigal80]

I was just advised to start a negotiation, so I have just started to look at different options.
When I ask what he wants to do house wise he honestly has no clue.
So whilst he lives rent free I will start deciding how I want to do this.
He would prob rent knowing he had an investment property if that makes sense -
But he’s so cold he could have met someone else - I literally have no idea.
I am lucky as I have supportive parents who are able to help- so are his parents who will try and support me to keep this house for the kids to remain in.

I can’t do anything until he’s ready to talk so I suppose I’ll bid my time

[StarlightSparkle]

So you are paying the mortgage and he’s not contributing? Maybe that will help your case?

In my situation we are both still living here and he pays the mortgage. I am by far the weaker partner financially speaking. My parents don’t have the means to help and his do but he doesn’t want to ‘muddy the water’ by involving third party money.

I’m hoping the investment argument will appeal to him and with all the brexit chaos it doesn’t seem like a good time to sell! Are the kids young? Mine are both in infant school.

[mineofuselessinformation]

Are you entitled to UC or tax credits (whichever it is) now that you're single?
Will your mortgage company allow those to be counted towards your income?
Mine allowed tax credits, so I was able to take over the mortgage on my own.
You need to find out what you can claim, and then speak to your mortgage company.

[StarlightSparkle]

I think I would be able to claim tax credits, though I have some savings so that might affect it. Not sure if I can apply while he’s living in the same house? You’re right though, I need to find out what I’m entitled to.

[stucknoue]

My h has suggested buying a second property for him and remortgaging for a deposit, I'm thinking it through as I need his money to pay the mortgage. He has a very substantial pension pot which I hope to turn to my advantage