Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Original poster

Mortgage - Not perfect credit -Separation from Husband - Mortgage in his name

4 replies

Noteveryonescupoftea24 · 30/08/2024 14:53

Good afternoon
I am in process of leaving my abusive husband
We have lived in our house for 7 years and the mortgage is in his name as i previously had bad credit. It has improved over the years.
I would like to stay in the house
Figures - brought house for 85k
Balance left - 65k
House may be worth more now possibly between 95 to 100 as there is some unfinished work in the house that needs doing.
I would like to stay so that my children ( that live in house, not his children ) go to school local and need to be settled.
What options do I have
I also want to ensure my ex husband is shafted over and has funds available to move forward in life and repurchase his own house etc.

Advice needed please

OP posts:
Mrsttcno1 · 30/08/2024 15:01

If you want to stay in the house then you need to buy the house from him, and take on a mortgage to do that. Have you checked to see if you would be able to get a mortgage now with your credit?

Original poster
Noteveryonescupoftea24 · 30/08/2024 15:04

Mrsttcno1 · 30/08/2024 15:01

If you want to stay in the house then you need to buy the house from him, and take on a mortgage to do that. Have you checked to see if you would be able to get a mortgage now with your credit?

I have contacted a broker who is looking into it for me

If I can get a mortgage, how would i do it so half of what my ex husband is due, he gets ? How does it work

OP posts:
SonicTheHodgeheg · 30/08/2024 15:05

You need to find a way to pay your ex 50% of the equity in your home and see if a bank will lend you the mortgage amount based on your solo income.

It sounds like even if you found a way to give your ex 50% of the equity, the bank is unlikely to want to give you a mortgage. In that case you’d have to rent (I assume that you haven’t got a wealthy family member who will buy the house for you )

Original poster
Noteveryonescupoftea24 · 30/08/2024 15:11

what can i expect the 50% equity would be

I do have the option of speaking to the council and seeking help as would be effectively homeless as This is an abusive marriage that would be ending. I know that he would intend on moving back into the house.
Therefore would my best option be that he moves back in, i seek accommodation and he buys me out ? Then i save the money to settle any credit cards, which arent alot and then keep the money in savings

Would I then have to declare this to HMRC for tax purposes?

OP posts:
New posts on this thread. Refresh page