Buying a house when separated

[Thankyo]

When a couple separate, how does the person moving out get a mortgage?

Me and my husband are separated but not divorced so we haven't sorted finances yet. My husband is going to stay in the family home and I am buying another house for me and the kids. I spoke to a broker and he said because I am still on the mortgage for the family home, what I will be able to borrow will be much lower than if I did not have another mortgage. I understand the logic as its about affordability but I'm a bit confused - does this mean that for most people when they separate, one person has to rent until all the finances are sorted? I've heard of divorces taking years! The irony is that rental prices where we live are triple what my mortgage would be, as I am fortunate to have a very large deposit.

I'm wondering if I'm missing something? Thank you.

In my case we decided the finances amicably between us. I saw a solicitor just to get some advice on what a fair amount would be and we went from there. Ex applied for a mortgage for the amount needed to buy me out and had me removed from our existing mortgage and I went ahead with my house purchase with the money from him as my deposit.

I should add that we're still not divorced so it can all be done before divorce as long as you can agree the finances between you.

I think ordinarily the ex would buy you out of property A, removing you from the mortgage, and you would use that money as a deposit for property B.

My DP had to stay on the mortgage he has with his ex because she couldn't afford it on her own, but he re-mortgaged so we'd have the cash we needed to buy our house. (Effectively, taking his 50% early). It is only because he is on a high income though that he can sustain two mortgages.

Dp should buy you out of the house if possible. Or you sell it and both get something and you buy your house with the money you have plus the portion that you got from the sale of the house.

Thanks all, that's really helpful.

In my case we had to sell the house as neither of us could afford to buy the other out. Until it sold, he moved in with family.

Whilst you remain married the assets you both own remain available for consideration as marital assets. So even though you can agree things it would not be legally water tight I don't think. That's why so many people end up living together until the divorce is agreed and the financials sorted, its not because they want that arrangement. If you are financially secure enough that you can buy without needing to sell the family home and you think you can negotiate arrangements ahead of divorce proceedings then you are in a fortunate position.

My exdh and I decided together how we would split the equity in our house based on earnings, me being part time through our marriage etc. It was difficult but we managed to come to a future we were both happy with.

None of this was sorted before I put an offer in on a house! It was all done as part of the buying process when I bought my house (he bought me out). It was very straightforward to be honest.

In my husband's case he told his ex she could have the house until kids were 18, which meant him renting until he saved enough or qualified for a second mortgage. In the end she wanted to sell, so she bought a smaller house with the equity one street over and he was then was able to buy a house with me.
Other people just seem to share the house until they sort their finances, something I could never do, but I know several who have done this.
I don't know why you are surprised, your (mortgage) debt is still a debt and you need to pay one off before incurring another.