How to remortgage to buy second home

[plastix]

My husband and I are not getting on. Due to my Aspergers we cannot live together. He doesn't understand my needs. We are usually OK when out of the house. Instead of divorcing, we want to buy another smaller place for me to live in by remortgaging. Obviously this is a financial strain but much less so than full on divorce and means we keep our relationship healthier. If we don't do this we won't survive. Has anyone done this before? I'm clueless as to how it works. We have a lot of equity in our house 1/9th of the value of the house left to pay off. Please support me and encourage me. The downside is that we have to wait until autumn due to a financial reason. We have a child.

Hi op,

There is no reason you cannot remortgage and buy another home, if you have plenty of equity.

Go to London and Country's website, they will get a mortgage broker to discuss with you your viable options,ie how much you can draw by remortgaging, what the repayments will be after remortgaging and whether you need a mortgage on the new home, and what the repayments on that would be.

I would advise you think about how big a place you can afford and where you want to be, if you are sharing childcare perhaps very near is a good idea,
go on Rightmove and see how much a suitable place would be in the location you want, also work out how much you could afford in mortgage repayments yourself.

If the figures don't stack up then perhaps selling your family home and buying two houses very close may work, or two flats.

It is perfectly reasonable to want to live alone and stay married if that works for you and DH and your daughter, if unconventional. Don't worry about what others may think.

Honestly plastix I have said to my DH often that if we could afford it, my ideal living situation is a few houses side-by-side, with a shared living area for the children and family life, and then a couple of independent living areas each, one for me and one for him. My DH hates that idea, but it sounds bloody blissful to me! So I don’t think you’re odd to wish for a more separated division of responsibility and living space.

A lot if the conflict in ‘normal’ relationships comes in trying to find the compromises in opinions on childcare, rules, domestic labour etc etc. It’s not odd to want to opt out of that.

But being with a good partner and being a present reliable parent are important so you need to make sure you’re not fixing one problem at the expense of another, iyswim.

Did you make a decision plastix? They only thing stopping us from buying a local flat for similar reasons is a council tax bill of £2,600 extra per year.

It may seem a simple solution to buy another property. However, you will have the added pressure of buying the second property and all the bills, wear and tear, things that go wrong. If you rent the second property, you will still have the added financial pressure. I would suggest looking at making improvements in your current home first example taking turns to cook every other day or week. Sit down and discuss chores that need doing and who will do them. Give it 3-6 months and see if things have improved. During this time, you could investigate how much it would cost to run a second home. I think that you will find that it costs slot to run a second home !

Is current house jointly owned?
Are you both married?
Are you both working?
Will second house be jointly owned?
Usually a second house bought by both will be on a BTL not residential. You would pay higher stamp duty also. Both salaries looked at for affordability if both are in your names. Even if not jointly owned and your married then for future if you were to separate every asset is counted. If not married then it's not the case. Having two mortgages and bills, council tax, maintenance etc.. is far from easy.

You could remortgage and pull out enough equity to purchase cash. The stamp duty on that property will be an additional 3% due to being a second property. You could remortgage for a deposit and get a mortgage on the new home. You will have two mortgages and two lots of bills to pay between you of course. So if this is not a long term solution I would consider renting as an initial thought. To get two mortgages your combined income needs to cover both with two lots of bills and he children factored in as dependents also just to add. By all means see a broker (I deal with them daily in my job) but as a simple guide, times your incomes by 4 and does that get to what you will need to borrow? Just offering some factual i formation and hope you can find a way to move forward. The bickering is tough and the angry reactions tougher and so cannunderstand where you are coming from.