Can I take on the mortgage alone?

[TeethNoseTeeth]

Things are not good between my husband and I, and I fear that we will soon need to accept that our marriage is ending.
We own our home together and have 2 young children. We bought this house just a few months ago and although we have some equity, we also have a significant mortgage.
I would ideally like to stay in the family home, and for my husband to buy another place nearby so we can share care of the children equally. We both work full time, with my husband being the higher earner by around 20k pa. I have done all the sums and I can afford to pay the mortgage and all bills myself, leaving enough to live off without any hardship. However, on my salary alone I would have no chance of being accepted for a mortgage of this size. My question is - if we were to arrange a transfer of equity and ask the bank to change the mortgage to my name only, would this be possible? I know I will have to meet affordability criteria, but is this the same as if I was applying for a brand new mortgage or are they likely to see that I can afford the payments and allow this, despite the fact the full mortgage is more than I’d be accepted for with my current salary? I have searched online, but I haven’t really found a definitive answer. Any insight or experiences would be much appreciated.

What about your husbands share of equity as well or are you expecting him to defer it?
If you won’t get accepted for a mortgage you won’t be able to take it on ( unless you’ll receive spousal which could be added to income )

See a solicitor

Thanks for your reply. No I’d not expect him to defer it, there is not much equity but what there is would be split between us. I would be accepted for a mortgage, just not the amount required as that was based on our joint income. I can cover the payments and all other bills myself though- without his contribution.

Totally doable as long as you have a decent chunk of equity.

I did similar. Sold my half of the family home to exH abs bought elsewhere.
At 39 I had to take on a 35yr mortgage despite the equity.

I will be 70s when paid off though I'm trying to p overpay whenever possible

I'd take the money and buy a smaller property you can get a mortgage for ?

Thanks. Yes, that’s my worry - might have to sell up and buy somewhere else but would definitely have to be smaller (current place is just big enough really) and in a less than desirable area. So much to think about..

Hello I was in a similar position to you but doubtless much older.
I couldn't persuade our mortgage company to let me take on the mortgage myself and infact really struggled to find a company to even accept an application from me despite me knowing I could afford to pay it.
In the end I lay my cards on the table at an appointment with a building society and extended the term until I am in my mid 70s. Thankfully I am overpaying so will be finished 8 years earlier.
Just keep perserving if it's what you want, my solicitor kept telling me it would be impossible and to move somewhere smaller and less desirable.

That sounds so frustrating! Glad you managed to get something sorted eventually. I’m dreading having to face all of this

I'm with Santander. They've given permission to transfer all the equity into my name. I've bought him out of his share with a loan from my parents.
My ex is staying on the mortgage though - just with no equity. Though I have to agree as part of our settlement that I will indemnify him against me not paying mortgage.
He has been able to find a mortgage company to lend him a mortgage - treating the marital home as a charge rather than an actual mortgage.
I'm lucky because my ex is motivated to see the kids stay in this big house (we share our son 50/50 but daughter is with me 6 out of 7 nights - she has considerable SEN and the larger space is better for her.)
There's a lot of trust between us. He can annoy me sometimes but does put the kids first.

Our mediator said it would probably only go through court though because of our daughter's needs.

I'm looking at doing similar at the moment- speak to a mortgage advisor about a "joint mortgage with sole proprietor' apparently Barclays and Clydesdale offer them. It means you are both on the mortgage but you own the house. This means that your ex is liable for the mortgage though and if could impact his ability to buy elsewhere.