Mortgage advice- newly single mum

[SuzeD29]

Hi, am after some advice from anyone who's been in a similar situation.

I have 3 children and quite a large remaining mortgage (approx £195k). My ex partner left last week and now I'm struggling with what to do 🙁🙁

Am I being silly thinking I can take over the cost of the house alone? Would it be better to sell and just go into a rental? So confused and upset. I don't work and my children are aged 3-12

Thanks in advance for any advice you may have

Sorry for your situation

Have a look on your bank website and do a quick mortgage affordability check. It takes into account how much you earn and so whether you’re be likely to be able to re-mortgage alone.

Do you have a spare room, or a way of consolidating bedrooms with the children to free one up to get a lodger? Good way of sharing the cost of running a household! Do you live near a big employer/hospital/uni. You could do a mon-fri arrangement which would give you weekends to yourselves, but also a regular income towards bills and mortgage. Don’t think you can use this towards mortgage affordability though.

Sorry, just saw you don’t work. I’m pretty sure you can’t take over mortgage without an income. Would ex be paying towards children?

I am really so sorry for your situation. I can't see that there would be a way for you to stay there with that level of mortgage and no job. You will not be able to get a mortgage with no earnings, there are a few lenders who take into account benefits, but that mortgage is quite large.

Citizens advice may be able to point you in the right direction 👍

Yes my ex will be paying about 300 per month for the children. Really don't want to uproot them but can't see that I could keep the house even if I got a part time job. Exhausting trying to work out what route to go down

I had a mortgage of £158000 ish and was earning around £32000 a year. Ex paying around £200 a month. I was unable to get the mortgage put into my name alone.

His name had to stay on it until I lowered the mortgage to around £128000 (compensation from diabolical negligent birth).

I got a lodger in and was skint for a couple of years but no way was I giving up my home and stability. However, I worked full time and the equity in the house was nearly 40%.

You will be unable to get the mortgage in your name however, if you can keep up the repayments I your own and work you shouldn’t need to sell. You would have to get a job though.

Sorry you are going through this.

On the face of it it sounds like you will struggle to keep the house.
How did you arrive at 300 per month maintenance? What are his earnings? How much equity in the house? How much could you feasibly earn? All of these are factors in what options there are.
I'm sorry you are going through this

£300 a month doesn't sound a lot for 3 children?
Otherwise, and I say this gently as I can, a mortgage provider will not give you a mortgage where there is no income.

I think the best thing would be for him to keep his name on the mortgage, if you can afford the payments that is. I believe that you cannot be forced to move whilst your children are under 18 but I may be completely wrong there.

You'd be best getting some solid advice - somewhere like CAB may be able to give you some free time?

I would go through the official child maintenance channels to get the money directly from his salary. Suggest phone the mortgage/bank about not paying mortgage. Who owns the house ? Jointly owned or in one person's name ? Are you married ?

Could you rent out the house and move somewhere cheaper.
That should give you some time to sort yourself out.
Bear in mind that you will/may need permission from the bank/building society to rent.
That's one of the reasons why ii refuse to give up my job with children. Yes, it's selfish, but I have read on here seen a number of women in this situation.

95% of the time it's the women who are left with the children and in a financial crisis.