wildrover4441
New Member
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- 4
Hi . Me and my wife are separating. We have only recently separated . A good bit away yet from dividing asset's and getting agreements written up. No one else involved. We have a joint tracker mortgage at margin of 1.25 %. Have 150000 left on mortgage and 14 yrs remaining of 30 year mortgage. House value is 245000 approx. Costing 964 and rising per month .We both have been paying half the mortgage since the start. She would like me to move out and would take over paying the mortgage but rental market is ridiculous at moment . I would probably like to sell the house but we have our 12 year old in the house with my wife and wouldn't like to uproot him. Some said to me to remortgage house maybe at a longer term so I could buy small apartment for myself rather than pay sky high rental fees. Maybe remortgage for 19000 and use the difference for a deposit. But not sure I would get enough from this to get an apartment. I earn around 70000 per year and she earns round 30000 .Between car loans and credit cards we have around 20000 of debt . I have only round Three thousand in savings. Don't think my wife has any savings. She was out of work for a few years so had to use some of the savings.
Should I
1. Sell the house if she would agree to it and maybe give her most of the profit for a place to buy since she won't get much of a Mortgage, example being might make 90000 profit for sale of house and give her 50000 or 60000 and I take the what's left over
2. Just move out and rent but that will probably take an extra 6000 out of each our pockets a year for foreseeable future since she would be paying mortgage on her own and I paying rent. And I'm not convinced she could sustain paying a mortgage for that much money.
3. Try to come up with some amicable agreement where I stay in the house .
We don't have any options really to move in with a friend and don't want to move back with my parents.
I know my options are limited . Just thinking is there any other options .I would like to do something with the mortgage since tracker rates are going up but no point if we selling
Any advice appreciated
Should I
1. Sell the house if she would agree to it and maybe give her most of the profit for a place to buy since she won't get much of a Mortgage, example being might make 90000 profit for sale of house and give her 50000 or 60000 and I take the what's left over
2. Just move out and rent but that will probably take an extra 6000 out of each our pockets a year for foreseeable future since she would be paying mortgage on her own and I paying rent. And I'm not convinced she could sustain paying a mortgage for that much money.
3. Try to come up with some amicable agreement where I stay in the house .
We don't have any options really to move in with a friend and don't want to move back with my parents.
I know my options are limited . Just thinking is there any other options .I would like to do something with the mortgage since tracker rates are going up but no point if we selling
Any advice appreciated