Re-mortgage or not

F

farran

Registered User
Messages
14
I separated from my husband recently & he wants me to buy him out of our house so he can move on.
The house is currently on the market with a guide price of 400,000.
There is 120,000 on current mortgage so to consolidate my loans & what my ex wants I would need approx 210,000-215,000
I am earning 29,000 for the moment but that is likely to increase to 31,500 soon . What are my chances of getting a mortgage on my own?
Thank u
 
The absolutely only way to do this is to approach a bank, your own bank or another, or a broker and ask them based on your precise circumstances, how much they would lend you. The second question in any event is to ask if you can service a loan of this size.

If you can't service the loan, no-one will lend to you.

mf
 
I'd consider it unlikely that you'd get a mortgage of the size you want, based on your salary. The monthly repayments would eat up more than half your take-home pay and that's just too much.

Maybe you should consider selling the house, clearing your loans, splitting the proceeds and buying something else for a lower price?
 

I don't mean to state the obvious, but as you are married - are you legally separating? Have you engaged a solicitor?
 
We are in the process of a legal separation at the moment. The house is on the market since early Feb & not a single viewing yet. My ex wants to move on & so needs to end his intrest here. I spoke to a broker & he said I would need a guarantor for the loan. My brother & his wife are considering this at the moment. What are my chances?
 
In the current climate, your chances of getting the mortgage you seek are pretty slim, I'm afraid. Banks only like taking guarantors if the applicant (you) can show that you will definitely be earning sufficient to pay the mortgage yourself in a short space of time. Alternatively, if your brother & his wife are earning so much that they can prove to a lender that they can pay their own mortgage or rent, living expenses AND yours with cash to spare, they might be considered.

In my opinion, your husband will have to wait to move on until the house sells. He might not like it but if there's no viable alternative, why should you go out of your way to take on a mortgage that's frankly too big for your income just to accomodate him? You bought the house jointly. Any chance he could buy you out?
 
Spoke to my brother & he is very agreeable. Broker said that he needs to be earning at least 25,000 to be considered & he is earning more. Has a good job +10 yrs. I will be receiving 100 weekly maintenance payment & when my tax is separated I can earn bit more .
At the moment I"M paying 800 mortgage & 700 in other bills monthly ,so I"d be well able for new mortgage of 900 approx.
As for my husband buying me out he has no credit rating as all loans etc. have been in my name for 10 yrs. Also I like where I live & don"t feel happy about him living here with his new partner & her family .I"ve put a lot of work into this house.
 
And don't forget interest rates will eventually rise. And you have to able to pay the higher amount.
 
Hi just a quick update. 3 banks have declined my application because of my short term loans.
Car finance 25,000
Credit union 12,000
Credit card 6,000
I can see where they are coming from as these loans can be cleared in 3-5 yrs.
Current mortgage is 134,000 & my ex wants 35,000 & the car (paid for) as his settlement.
In total thats 212,000.I can afford re-payments of 1,600 a month is there any chance the credit union would refinance the credit card & I give my ex 60,000 & he can pay car.
I"m sorry for long winded post but I"M at my wits end. One bank still looking at application is Leeds,any one have experience with them?
 
We applied for a mortgage recently, and Leeds were the only bank to take a second look at our application, so I wonder if they are dodgy?
 
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