Keeping the house

[Hellio]

I’m thinking about splitting up from my husband. I would really like to stay in the house with my children.

Our mortgage is £300k on a £900k property. Current mortgage is about £550 pcm. I would have to buy out my husband so get a mortgage for at least £500k. I can afford £1000-1200 pcm in payments.

However, my salary is about £60k pa. Can I get a mortgage for £500k on £60k??

What if I had a guarantor? Do they have to earn a certain amount? My mother has a good pension so could be a guarantor but she isn’t completely well so couldn’t get life assurance. Would that be a problem?

Her property has no mortgage. Could I secure my mortgage against her property? It’s worth about £750k. I’m an only child so will inherit the property.

Are there any lenders who are particularly good in this situation?

Anyone have any ideas?

I’m not concerned about affordability because I have a few other sources of income too. My concern is being allowed such a large mortgage on my salary. Thanks.

How much are your pension pots OP?

In my case I kept the house and gave XDH all our savings plus my pension in return.

You really need legal advice on this not a MN advice

Unlikely because a mortgage lender probably wouldn’t lend that multiple
Unwise as we are likely to see house prices fall, lots of economics downturn, job losses etc and it’s a huge financial commitment in a period of massive uncertainty

You also need to think about
(a) is this a long marriage? More likely to be able to move capital around, if it is.
(b) how old are you both, and the value of pensions. They could be traded against each other
(c) what kind of salary does the husband have -- is there an easy way for him to be housed? (other than by selling, of course).
(d) how old are the children -- are they closer to independence of 18 or rather younger.
(e) any other assets?

PS. Inheritance is tricky.
If your mother needs social care, it could take away a lot of it.
If she dies unexpectedly, and you are still married, the ex could try to argue he should get a share. [sorry if this sounds a bit morbid]

@Clarabel22 do you mind me asking how you went about doing that? I am also with the Nationwide but they have flatly refused to take my Xdp's name off the mortgage and said I need to reapply for a complete new mortgage in my name only despite the fact I just wanted to continue on the same terms, could easily keep up with the payments and could prove I didn't even need my Xdp's contribution to make payments.

Nothing like going after somebody else's money eh