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Original poster

Mortgage

20 replies

Bonkerz · 24/02/2022 15:01

House mortgage free
Need to raise some £ to pay off ex
Before tax I earn about £12k and then £6k carers.
Cater to two autistic children so earning power not likely to change and hasn't for 10+ years.
Equity in house £120k

Do you think I could borrow against the house and what should I be expecting??

OP posts:
DenholmElliot · 24/02/2022 15:04

You'll probably get a mortgage for 4 x salary, provided you've got no debt and a good credit score.

Will 4 x salary be enough to pay him off?

Original poster
Bonkerz · 24/02/2022 15:25

I'm proposing a £20k payoff. Really don't want to give more than that

(Off setting his £20k pension (50%) and me retaining 70% of house.

OP posts:
Original poster
Bonkerz · 24/02/2022 15:25

Ideally want a £30k mortgage. Do they include carers allowance as a wage seeing as it's taxable income??

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Cocomarine · 24/02/2022 15:27

You’re housing 2 autistic children that limit the hours you can work. Is it even on good advice that you are offering £20K?

RebaMcAndCheese · 24/02/2022 15:28

Some lenders consider benefit income but is there not an earnings limit if you claim carers allowance? It used to be £120 per week ish so I think earning £12,000 a year possibly makes you ineligible for carers.

DenholmElliot · 24/02/2022 15:30

Do they include carers allowance as a wage seeing as it's taxable income??

Some do, some don't. Depends who you ask. But you don't need to have that included anyway as you earn enough to borrow enough to pay him off.

Original poster
Bonkerz · 24/02/2022 15:43

£12k is before tax.

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Avidreader12 · 24/02/2022 20:41

Try the Halifax I got a small mortgage 25k to pay off ex on my low income and they took into account benefits (i went direct) but also if you ring a non fee broker like L&C they will check if anything is suitable

BarbaraofSeville · 25/02/2022 07:10

@Cocomarine

You’re housing 2 autistic children that limit the hours you can work. Is it even on good advice that you are offering £20K?
This. If the ex is the DCs father, shouldn't he be paying you maintenance if you remain their main carer, especially given the circumstances that you can't work much due to their needs?

Or if they're not his DC, but he's a more recent ex, you'd only expect to need to pay him off if he owned more of the house while you were together and he's effectively giving you a house that was his either solely or vast majority.

What are the circumstances that make you think you need to pay him off and have you had legal advice?

Original poster
Bonkerz · 27/02/2022 08:18

Thanks guys.
He's the kids dad. 16 year marriage and been separated nearly 4 years now.

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Original poster
Bonkerz · 02/03/2022 16:00

Thanks for all the advice. Found a very helpful free broker who has got the ball rolling and found a company who will likely lend up to 45% of the house worth based on my varied income.
Now to make an offer to the ex but he needs to agree to sign the house over in order for me to access his pay out.

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Orangesandlemons77 · 02/03/2022 16:04

I thought it wasn't possible to claim carer's allowance if you earn over something like £100 a week? 12K a year = around £250 a week?

Outnumbered99 · 02/03/2022 16:26

@Orangesandlemons77 the amount you earn for carers is after deductions- i earn a little bit too much so pay more into my pension to bring my earnings back down, so its possible you can "earn" more than you think

HollowTalk · 02/03/2022 16:39

Be very careful before you do anything! I would spend money on a solicitor who specialises in family law before going into any discussion at all about finances with your ex. Seriously, you could end up with a huge debt that you don't need to have.

Babyroobs · 02/03/2022 17:00

I don't understand how carers allowance is 6k a year when it's £67 a week?

Original poster
Bonkerz · 02/03/2022 17:10

My carers is £3400 ish a year. I earn £6000 a year after expenses so my total income for the last 14 years INC carers has been between 9-11k.
I'm already paying a family law solicitor. She helped find the broker thankfully.
Carers work out my income based on a whole year. I actually take all school holidays off (due to not being able to work when I have my own kids home) so over the year that takes my average income down.

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Orangesandlemons77 · 02/03/2022 17:28

[quote Outnumbered99]@Orangesandlemons77 the amount you earn for carers is after deductions- i earn a little bit too much so pay more into my pension to bring my earnings back down, so its possible you can "earn" more than you think[/quote]
I see, thanks.

caringcarer · 02/03/2022 17:55

If you get a mortgage broker they will find a building society for you that will accept Carers Allowance.

Halllyup17 · 05/03/2022 10:55

Santander accepted my Carer's Allowance/Child Benefit and provided a mortgage at 5x income, if you want a suggestion.

madeittofriday · 05/03/2022 11:54

I hope you've taken legal advice before you do anything

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