Separation - husband remaining on mortgage

[helen1122]

Hi, I’m after some advice or help where to find the best advice please.

My husband and I are separating and he will be moving out of our home. He has said that he will remain named on the mortgage to enable me to continue to live here with our daughter.

Whilst I can afford all of the household bills (inc mortgage) on my own salary (with money left at the end of each month) I wouldn’t meet the lenders criteria of salary multiples to enable me to get the mortgage changed into my sole name.

Although he has said he’ll remain on the mortgage I have no guarantee that he won’t change his mind in the future. Also, he will have a legal right to any profit should I choose to sell in the future (we only moved in/got the mortgage 6mths ago so it’s not like he’s paid into it for years)!

I wondered if I have any legal options available? Could I get something written by a solicitor for him to sign that says he will have no financial rights/gain should I choose to sell the property in the future despite him being named on the mortgage agreement?

I don’t suppose that I have a legal leg to stand on in terms of making him stay named on the mortgage and that if he changed his mind he could be removed?

Many thanks for any insight.

Agree re solicitors. I’d also try a mortgage broker as they can find deals for people in less standard situations. It sounds like you could easily afford the repayments so they might be able to find something for you.

If you are paying the mortagage yourself, you can apply to take it over by yourself after a few months proving that you can manage it yourself. My ex took over our flat after i moved out, i stayed on the mortgage but not paying for around 6 or 7 mths then we arranged for me to be removed from it and the deeds.

We both needed solicitors and had to pay fees for the removal on the land registry etc but it was all approved by the bank even though he did not meet the criteria.

May be an idea to see how the land lies first. Why don't you go to a couple of independent brokers with your financial facts. They will know what is possible and which companies may be more likely to grant you a sole mortgage. My friend was in (what she thought was) a tricky situation but with the knowledge of the broker - who has heard an endless variety of scenarios - it was sorted very quickly.

Please please speak to a solicitor and also your mortgage company.

As a mortgage broker for a view on the mortgage, rather than your own company first...could you be in this situation in 5 years time anyway?
Is there anyone who could also act like a parent?

It might sound generous for him to walk away with house equity but does he have a pension to offset the equity?

I doubt we have built any equity in the home aside from the deposit which was £20k we’d probably be lucky to get back what we purchased it for. We only purchased last October and we are tied into the current mortgage with exit fees so I’d rather not have to pay out anymore than I’m going to have to over the coming months.

Yes he does have a pension, which once we separate will become his alone and his view is that the house will be my pension (despite the fact anything could happen with the housing market between now and when I move/retire or whatever).

Yes, I could be in this position in 5yrs time but at least it would buy me some time to consider all options.

Tbh at the moment I’m trying to get into survival mode and still dealing with the shock that he doesn’t want to be with me anymore. I need to ensure that myself and my daughter have somewhere safe to live and are financially sound, then I can deal with the rest. Thanks again for replies

Well I have spoken to my mortgage lender and need a pay rise of approx. £5k in order to pass the affordability criteria which is unlikely to happen at least for a couple of years unless I get a new job.....tbh the last thing I need right now is to be applying/going for interviews and rocking the boat workwise so plan b will have to be to keep him on the mortgage now and try and get a deed/declaration of trust arranged.

At least I know where I stand mortgage wise and I suppose I could investigate other lenders but if my current mortgage co won’t let me have it on my own I doubt any others will.

I was hoping this part would at least be easy! The next hurdle is to tell our 12yr old which I am DREADING.

OP a couple of things. His pension is not his pension, he has chosen to leave. Get yourself a good solicitor and get yourself a share of that.

Re mortgage. When I did exactly what you're doing, my lender mortgaged 4.25 x my salary. This was with Britannia. It was a close call but I managed to get a pay rise by getting a new job and the current employer to match the salary increase (about 5k, ironically!) so then I didn't have the issue with being recently in role that mortgage companies dislike.

Best of luck. Hoping you're OK.

The pension is a joint asset so don't ignore that. Ask him for a CETV, which the pension company will easily give. Please don't feel it is his, he paid for it from joint incomes.

Would your mortgage company consider child maintenance or spousal payments as income if it is in a court ordered consent order? Worth asking.

Be careful as it looks like you get the house, although it is limited in value, tied to a mortgage due to fixed term and he walks away with a pension. He seems to have the better deal.

As others have said, you should be able to create a trust, so he holds the title in law but it in equity. My trusts law is v rusty, but should be possible.

What you probably have to work out though, is the terms of the agreement regarding what happens when the property is finally sold. If memory serves, such agreements are often only out in place until the children reach majority to give them security (though you can obviously sort out your own terms).

I am confused, do you not think your Ex deserves some equity in the property? Just because you can afford it on your own doesn't mean that should not get a bean. He is your ex husband and the father of your DC.
You should see a solicitor, but you should also be fair.

I am in the exact same situation. We both agreed it was unfair for him to get endless equity for the house without paying in. Fortunately my parents have agreed to be a guarantor for the mortgage, which is basically the only way i have been able to keep my house.
is this something you could possible do?

wishing you lots of luck

I am confused, do you not think your Ex deserves some equity in the property?
No he doesn't.
He's fucked off after 6 months of moving in.
Paying the bare minimum in child maintenance.
The OP will be paying for the mortgage, any upkeep, all the bills.
Why does he get the equity when it is sold if he's paid nothing in?
Makes no sense!!!
If he wants his slice of the equity when it's sold then he needs to be paying 50% of the mortgage repayments!

Tha k you for the replies and especially Hellsbells

I am happy to not have a share of his pension if it means I can live in the house for as long as I need to. I’m seeing a solicitor this week so should have a clearer picture then. Many thanks again