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Divorce/separation

Here you'll find divorce help and support from other Mners. For legal advice, you may find Advice Now guides useful.

Original poster

Will I be able to buy him out?

35 replies

300years · 01/05/2021 07:04

We are not married, 2 children 9 & 5.

House value £230,000
Mortgage £135,000
Equity £95,000

So to do so I need to buy him out for £45,000.

I have about £25,000 in cash I could give him.

So the rest would be added on to the mortgage (£20,000).

So I need to borrow £150,000.

I’ve tried online calculations but I know that some don’t include the full child maintenance and benefits.

My income
£22,000 salary
£12,000 child maintenance
£6,000 benefits

Do you think based on the above I could borrow £150,000 (bearing In mind my salary is only £22,000?)

I have a meeting on Monday with a mortgage advisor but I am losing sleep worrying and would like any more knowledgeable insights.

OP posts:
Original poster
300years · 01/05/2021 07:07

£47,500 not £45,000 sorry. So £157,500 the mortgage would need to be.

OP posts:
ThisIsStartingToBoreMe · 01/05/2021 07:33

I don't think the banks will approve this one OP🙁. It's not just the income that counts (even IF they include CM and tax credits) it's also based on affordability and outgoings including car and childcare payments

Original poster
300years · 01/05/2021 08:18

I think I could afford it as I have a car already and no childcare costs. No loans no credit cards.

OP posts:
MissMarks · 01/05/2021 08:20

I don’t think so either sadly. It’s normally four times your salary.

Bluntness100 · 01/05/2021 08:21

I think it’s unlikely op. Some lenders will take child maintenance in, under certain conditions Ie more than five years left, court ordered etc, but I don’t think they generally take in benefits.

I’m sorry.

whiteshark · 01/05/2021 08:23

They do take in to account your benefits and cms. (Classed as income) I went through this about a year ago. The cms had to be consistent for 3 months. Even better is it's court ordered.

Bluntness100 · 01/05/2021 08:28

White shark who did you get a mortgage with?

whiteshark · 01/05/2021 08:28

Get your self a good mortgage broker. I really think it'll be possible. I was surprised how much I could borrow.

whiteshark · 01/05/2021 08:28

@Bluntness100

White shark who did you get a mortgage with?
Santander. It was a year ago though
Bluntness100 · 01/05/2021 08:33

Whiteshark thanks,

Op might be worth trying Santander then.

starbrightstarlight8888 · 01/05/2021 08:33

Would you be able to afford it if the cms payments stopped for some reason? He could lose his job or just start refusing to pay it. Would you be able to afford the mortgage payments on your salary?

whiteshark · 01/05/2021 08:37

@starbrightstarlight8888

Would you be able to afford it if the cms payments stopped for some reason? He could lose his job or just start refusing to pay it. Would you be able to afford the mortgage payments on your salary?
This is an excellent point.
Yourmomgoestocollege · 01/05/2021 08:38

We're with nationwide and they accept benefits and maintenance in the calculation. They even said they'd take DLA in a child's name which surprised me. The calculator on their website is fairly accurate if you put the correct figures in.

TheJackieWeaver · 01/05/2021 08:40

Santander accept CM if you have proof of receiving it for 3 months or more.

Keepingitreal14 · 01/05/2021 08:40

Do you have to buy him out now? Normally you would allowed to stay in the property until the youngest is 18 and then buy him out or sell?

Original poster
300years · 01/05/2021 08:41

Thanks I feel a bit better it’s such a tough time and the housing situation is really pushing me to the edge of what I can cope with. If I feel my house is ok then I will be able to deal with the actual emotions of splitting. I have an appointment on Monday so will know more. It is with a broker.

OP posts:
Bluntness100 · 01/05/2021 08:48

@starbrightstarlight8888

Would you be able to afford it if the cms payments stopped for some reason? He could lose his job or just start refusing to pay it. Would you be able to afford the mortgage payments on your salary?
But that’s the same for anyone, anyone could loose their job.
Original poster
300years · 01/05/2021 08:51

I’m confident he wouldn’t stop paying. And if he did I would go through CMS who do the collection service..? He wouldn’t allow that however as they add on 20% for him to do this.

In terms of his job, he is the kind of person who will do well and earn money no matter what. He’s currently on circa £120k a year. He’s made his lift his job he wouldn’t let it go easily.

OP posts:
Original poster
300years · 01/05/2021 08:53

Life his job**

OP posts:
LemonTT · 01/05/2021 09:08

@Keepingitreal14

Do you have to buy him out now? Normally you would allowed to stay in the property until the youngest is 18 and then buy him out or sell?
normally this is not the case.
Serafinaaa · 01/05/2021 09:12

I have very similar income and benefits. My child maintenance was less, around half of yours (a private agreement) . My mortgage is with HSBC but they wouldn't take into account child maintenance or benefits into account. I borrowed near to my maximum which was just over £100,000.

My ex also had a good, steady job. He recently lost it and I no receive no child maintenance. People can become ill etc and their financial circumstances can change. Child maintenance can't be relied upon I'm learning Sad

Trumplosttheelection · 01/05/2021 09:16

Does he expect you to buy him out for the full amount? He earns so much more,any chance he would take your cash and leave it at that?

Roodicus21 · 01/05/2021 09:21

Do you have a solicitor. Based on the great disparity between salary and assuming you will be RP, has your solicitor not advised to seek more of the equity in your home (instead of 50:50)?

Original poster
300years · 01/05/2021 09:55

I don’t have solicitor becuase we are not married. Should I seek one?

OP posts:
Roodicus21 · 01/05/2021 10:17

I would in your position, but have never been through myself.