Worried I’ll be so stuck financially

[PebblesE]

We are separating after 3 years trying to get over his infidelity.
It’s mutual as we both just don’t love each other enough now to make it work.
I’m stuck with what I need to do re finances.
We have a mortgage of £150k and there’s about the same in the house if we were to sell.
We have two dcs so it would be great to stay here and he agrees.
Current mortgage repayments are £550 pm which is way less than any rental I could find so it makes sense that I’d stay with the dcs.
I have worked for his business and earned a wage from that but this will immediately stop.
I have no savings and will set up a business (something I did prior to joining his business) but will earn about 14k.
He earns about 80k and has some savings with a business partner.
I stayed at home with our dcs (now 12 and 9) and feel huge regret as it has massively limited my earning potential now.
He’s happy to look for rented after Christmas and move out.
Where on Earth do I start please.
It’s he right decision to separate but I’m feeling so broken.

If you want to stay on in the house or buy another property you will need to find out how much you can borrow. Mortgage payments might be £550 atm but when you remortgage they will be a lot more. Expect that to double especially as you may need to increase borrowing.

Then is no way you can live off £14k per year, even with UC and possible CMS. Employers are falling over backwards to recruit people and starting salaries are good even for people with no experience. Look into how you can earn more. It will help with mortgage affordability.

He won’t stay in rented forever. You will have to buy him out. The longer you leave it the longer you are paying his share of an investment vehicle.

Are you able to get a job rather than start your own business?. You'll get more money (even on min wage)

Would your ex be willing to remain on the mortgage when he’s moved out? Would child maintenance from him cover the cost of the monthly mortgage payment? Or even better, would he pay his share of the mortgage on top of that?

This would be the simplest solution in the short to medium term for your housing needs, until you can establish a firm financial footing and apply for a mortgage in your sole name.
In the first year of establishing your business I think you would be eligible for UC top up payments, as the minimum income floor is waived for that time, I think. Also Council tax rebate if income is low enough (not just the single person discount).

However, it’s a tricky time to start a new business - I would consider local job opportunities to begin with as it would provide greater security in terms of a regular income, holiday entitlement and sick pay, as well as making it easier to apply for a mortgage.
Perhaps look to grow your business gradually alongside that.

Looking ahead, if you are married you will probably be entitled to a share of the value of the business, and your husband’s savings and pension if you divorce.

These are very similar financials to when my wife and I divorced, although you seem a lot more reasonable (mine was grabby)!

If he's a decent bloke and doesn't deliberately depress his salary to avoid CMS then you should have a net income of about £2.7k a month for the foreseeable future, which is the equivalent of someone earning just over £40k (if he's not a decent bloke, you could still get him to agree about 4 years worth of Christmas Orders that are child maintenance agreements that self renew. Unlike spousal maintenance it won't reduce your universal credit). The income will be around £1,100 you earn, £850ish CM, £600 UC and £140ish of CB.

You will get more working for someone else too. £14k is less than you will get FT on minimum wage and as your youngest is 9 you should expect to work FT in 2 years time.

This income will be enough to get your husband off the mortgage which he will be delighted about. I know a broker but not sure I can mention them here, but Google for a specialist for divorced mums. Your mortgage capacity will be around £150k.

I'd also advise against a Mesher if you can. Your husband will probably be so delighted to be off the mortgage that he might agree a transfer instead, offset against any pensions/savings/his business.

14 isnt minimum wage. You'd be better getting a job and working full time.

The very first thing you need to do is see if you can get a mortgage on your earnings.

If the answer is no, the next thing to do is to get a job that will enable you to do so.