Mortgages after divorce

[Tisketatasket]

Can anyone advise? It looks likely that dh and I will separate. I’d like to stay in the marital home till son is settled at uni due to his SEN. He’s 11 at the moment).

We have a joint mortgage the marital home, of 2x our joint income. DH is a much higher earner than me (think 9x my salary) and could, according to mortgage calculators, borrow enough to cover both this mortgage and another on a smaller property for him.

Then, when ds is settled at uni, I’d sell and he could settle the balance with the equity while I buy somewhere smaller mortgage free (I don’t earn enough to get a mortgage).

Seems sensible to me, but can you split your mortgage liability over two properties?

Thank you.

What if son doesn't go to uni?

I wonder if paying your mortgage would be a form of maintenance for your lad. How many bedrooms is your home?

R u getting custody of DS?

DS going to university or not is irrelevant at this stage. Don't put so much pressure on yourself/ him going to uni. All depends on whether you can afford to run your martial home and what proportion of equity you will get/ need for your next place.

Work on your current affordability, if you are getting custody and your soo to be EX DH can maintain your current situation posts minimal impact to DS....

💐 hope all works out

I’m likely to have most of the care of ds, yes. Current home is a large 4/5 bed detached - way bigger than I need. But ds’ autism means he struggles hugely with change and it really affects his ability to cope with day to day life.

I only mentioned uni as that, I think, would be the longest he’d need the stability of this house as his home.

It would be expensive to run, but the mortgage payments would be less than half what it would cost to rent a 3 bed terrace locally. I can cut back in a lot of areas to save money.

Are you looking for your ex to pay this mortgage too or just to defer release from the mortgage ??

And you only need a 2 bed - courts may well determine the house should be sold to release your ex from it
Gave you had legal advice? Particularly if he’s a high earner

The equity you could get out of selling big house & living elsewhere -- how much would that be? Better to get financial independence if you can.

A lender could agree to lend to him on 2 properties, if he was agreeable to that suggestion. But he has a strong argument to ask that the home is sold and that you both downsize to smaller homes.

Unless the current family home is specially adapted, you may find it different to build a case that your son needs to stay there.