Mortgage help wanted following seperation please

[lilymolly]

dp left me 2 weeks ago
adament he is not coming back
House is Valued at £350k
Mortgage £187k

I want to stay in the house
Basic Wage is £32k plus bonus and now entitled to about £100 week benefits

Can I remain in the house? Can I Afford to buy him out?

He said I can keep his share of the equity until kids are 18 (currently 4 and 1 year)
This may change obviously

Can anyone please advice me.

Thanks
LM

Come on

Please help?

please?

you need to contact ciizens advice and your mortgage company

get reliable advice

Very unlikely that you will have a mortgage in your own name for that amount. Your income is not enough.
Next best thing is either you sell and have a smaller mortgage in your own house assuming you get some or all of the equity. Or DP gives you maintenance to help pay for the mortgage so you can continue to stay there but the house will still be in joint name.

£165,000 mortgage is 5 x your salary which is very high. Even if you got an interest-only mortage at 4% it would cost you about £550 per month; could you really afford that, plus all the bills etc?

Get proper advice as above, but try not to let your heart rule your head.

On the other hand, take it slowly - don't rush into anything.

So sorry.

LilyMolly - sorry to hear of your troubles. Here are some ideas which may help:

1. Contact your Mortgage company to find out if you will be able to transfer the mortgage to your sole name. This is unlikely given your income but worth a try. At the moment both you and your husband are liable for mortgage payments - essentially you will be asking if they would lend you the same sum in your own name releasing him from all his liabilities under the mortgage. If your current Mortgage company won't agree, seek advice from a mortgage broker to see if another Mortgage company would offer you a mortgage but bear in mind you may have to pay a higher interest rate.

1. If you can do take on the mortgage yourself, then your H should agree for the house to be transferred to you. If you can't, you can still transfer the house to you but it will be subject to the mortgage in joint names and you will need the consent of the Mortgage company before the transfer can take place.

1. Decide how much equity you want to give him when the last child turns eighteen. It can either be expressed as a percentage - not 50% as you will have been paying the mortgage yourself for the last seventeen years, I'd suggest 30% max. Or you could express it as a fixed sum - starting point would be 50% of the current equity (Value less equity less costs of sale).

1. At the same time as transferring the house to your sole name, a "charge" will be given to your husband for the agreed sum. This charge will be triggered not only by the youngest child reaching 18 but also by your death, remarriage or cohabitation for more than six months.

TBH, this is all very complicated for the normal person to "get" and most people do it with the help of a solicitor. Typically the agreement to transfer the house to you is agreed either in a Separation Deed or in a Consent Order (it's referred to as a Mesher Order by the courts). Have you got a solicitor? Doesn't sound like your entitled to legal aid? Have either of you started divorce proceedings? That will matter if you want a Consent Order as it's done as part of the divorce. Are there other assets you need to think about? Does he have a pension or do you? Are there savings etc?

Sorry - more questions than answers really! Hope it's helpful though...