do i have to lose my home?

[bejeezus]

hi, my husband and i are seperating and he will be the one to leave the house, we have 2 kids.

This is how I imagined things would happen;

his name would come off the mortgage and the deeds transferred into my name only. I forsaw thta my wages werent enough that the mortgage company would let me take the mortgage on myself, so my dad said he would come in with me (he is retired, mortgage paid off, on a modest pension). At the moment I am paying interest only as I am on maternity leave and I knew we would struggle- this agreement is up in September when it will revert to repayments again. I thought that I could talk to them about extending the interest only agreement until the baby is a bit older and I can work longer hours- so in short, I thought I would be able to carry on pretty much as I am, with my dad instead of my husband on the mortgage with me (i paid the majority of the bills in our 'marriage' anyway)

The reality;

as my dad is 65, the mortgage company would only give me a mortgage term of 9 years, making the monthly repayments too much for me. They will not allow me to have an interest only mortgage as the loan to value is above 75%

It looks like my only option is to sell and move into rented accomodation.

I DONT WANT TO!!

I love my home.

It seems mad ridiculous- i CAN afford an interest only mortgage and I CAN afford a repayment mortgage over a longer term than 9 years!

I am not financially or legally very clued up- does anyone know if there is a way I could keep me and the kids in our beloved home?

sorry its so long!

There is another option. Your ex can come off the deeds so that you have legal ownership of the title but as the mortgage company won't be able to release him from the mortgage so that you can have the mortgage in your sole name, he would remain on the mortgage.

This would be a transfer of equity of the title. A solicitor would be able to do this for not too much money.

This is all dealt with under "matrimonial rights". Here is one link about it.

thanks Ben- isnt he unlikely to agree to that?? if hes moving out, he says he wants his name off the mortgage, but you say '....the mortgage company wont be able to release him....' does that mean its not really his decision?

sorry for being thick

oh-just seen you gave me a link...that may answer my question...

Exactly Bejeezus. Basically, no lender will remove him without proof that you can take on the mortgage on the current underwriting rules of that lender. He will have to go to court but due to the children, it is likely that you would be able to remain in the property until the children are 18 (from my experience of working for a lender).

thanks

he is not likely to want to come off the deeds then?? how does that work- he wont be paying any of the mortgage despite his name still being on it- so I want him off the deeds but presumably he will want to stay on the deeds?

When my exH left me with a large mortgage, I applied to the lender to take it over and my mother (then aged 57) agreed to stand as guarantor should I default. We did it as a remortgage on a capital & interest basis, which meant that my exH was removed from the deeds and I became the sole owner of the property. However, at the time, there was no equity in the house (no issue about division of assets therefore) and I could also afford the payments on my salary alone.

That worked for me but I struggled for many years financially just for the sake of clinging onto the past. I think if I had thought about it more, I would have been better selling up, moving into something smaller and leaving the past behind.