Dividing Equity When Separating - what is typical?

[ItsABitPersonal]

H and I are likely to separate and I'm trying to figure out what sort of place I can get for myself and the DC to live in. I had a dispiriting session this afternoon getting an agreement in principle to lend me 1.7 x my income, which won't get me far.

I think H will probably take the kids every other weekend and 1 mid week over night, so their primary residence will be with me.

With this in mind, does anyone have any advice on typically how equity in the marital home is split? if it's going to be 50/50 then I'm in trouble.....

It all depends really - could you afford to keep paying the mortgage without him? How much equity is there in the property - with the amount you can borrow, what percentage would you need of the equity in order to buy a property? Will you be eligible for tax credits or anything once separated?

hi, thanks for the reply.

Neither of us could afford to pay the mortgage alone, and I certainly could not afford to buy him out.

there's probably about £240K of equity in the house. I've been offered a mortgage in principle for £74k.

I'd like to stay in primary school catchment so that when DC2 starts school there's no danger of the DC ending up at different schools. The minimum for houses like that is £250-£275. The DC would probably have to share a room. I think I just need to wave good bye to any hope of staying in catchment of the outstanding secondary we moved here for.

it just doesn't work written down.

good tip on tax credits. i assumed i'd get nothing as my salary is too high, but have just been on entitled to and it looks like i might get over £300 per month. I'd need to check that as it seems rather generous....