mortgages on different properties...
Discussion
going through the process of a divorce. Wife is sitting tight in the "old" house (in both our names) with me paying 50% of the mortgage whilst she pays the other half whilst i live in rented. We are trying to sell the house however I suspect the so to be ex wife isn't exactly rushing to show potnetnial buyers around shall we say.
assuming this continues and I keep paying 50% of the mortgage, does anyone know how a lender would view this situation if I wanted to get a fresh mortgage on a "new" property for me to live in?.
the monthly payment on my 50% is c£300pm and from an affordability angle, no issue with keeping this going and getting a new mortgage. just wondered if anyone had expeirence of this first hand or as a broker etc?
cheers
BB
assuming this continues and I keep paying 50% of the mortgage, does anyone know how a lender would view this situation if I wanted to get a fresh mortgage on a "new" property for me to live in?.
the monthly payment on my 50% is c£300pm and from an affordability angle, no issue with keeping this going and getting a new mortgage. just wondered if anyone had expeirence of this first hand or as a broker etc?
cheers
BB
sorry - I didn't make that clear.
this is all following the divorce (within the divorce we have agreed a % equity split on the old house and will agree no further claim in life or death) but in the absence of a sale, can I move on with my life and get an additional mortgage on a new property whilst she "tries" to sell the old house?.
this is all following the divorce (within the divorce we have agreed a % equity split on the old house and will agree no further claim in life or death) but in the absence of a sale, can I move on with my life and get an additional mortgage on a new property whilst she "tries" to sell the old house?.
Edited by BerksBoy on Tuesday 24th August 16:24
Yes you can, as this is what I did. I was effectively on 2 mortgages.Same situation as you with family home to be sold. Your liability on the other old mortgage will affect the amount you can borrow.
I know you said you agreed the split... But please trust no-one until the fat lady sings. Are you actaully now divorced and got a financial agreement agreed by the court? - if so...all well and good and start building up a new home/life. Renting can be soul destroying when you want to start again. If not. sit tight. You never know how low people can stoop until you experience a divorce.
I know you said you agreed the split... But please trust no-one until the fat lady sings. Are you actaully now divorced and got a financial agreement agreed by the court? - if so...all well and good and start building up a new home/life. Renting can be soul destroying when you want to start again. If not. sit tight. You never know how low people can stoop until you experience a divorce.
BerksBoy said:
going through the process of a divorce. Wife is sitting tight in the "old" house (in both our names) with me paying 50% of the mortgage whilst she pays the other half whilst i live in rented. We are trying to sell the house however I suspect the so to be ex wife isn't exactly rushing to show potnetnial buyers around shall we say.
assuming this continues and I keep paying 50% of the mortgage, does anyone know how a lender would view this situation if I wanted to get a fresh mortgage on a "new" property for me to live in?.
the monthly payment on my 50% is c£300pm and from an affordability angle, no issue with keeping this going and getting a new mortgage. just wondered if anyone had expeirence of this first hand or as a broker etc?
cheers
BB
surely you should be paying 50% of the mortgage minus your rental costs?assuming this continues and I keep paying 50% of the mortgage, does anyone know how a lender would view this situation if I wanted to get a fresh mortgage on a "new" property for me to live in?.
the monthly payment on my 50% is c£300pm and from an affordability angle, no issue with keeping this going and getting a new mortgage. just wondered if anyone had expeirence of this first hand or as a broker etc?
cheers
BB
Silver993tt said:
BerksBoy said:
going through the process of a divorce. Wife is sitting tight in the "old" house (in both our names) with me paying 50% of the mortgage whilst she pays the other half whilst i live in rented. We are trying to sell the house however I suspect the so to be ex wife isn't exactly rushing to show potnetnial buyers around shall we say.
assuming this continues and I keep paying 50% of the mortgage, does anyone know how a lender would view this situation if I wanted to get a fresh mortgage on a "new" property for me to live in?.
the monthly payment on my 50% is c£300pm and from an affordability angle, no issue with keeping this going and getting a new mortgage. just wondered if anyone had expeirence of this first hand or as a broker etc?
cheers
BB
surely you should be paying 50% of the mortgage minus your rental costs?assuming this continues and I keep paying 50% of the mortgage, does anyone know how a lender would view this situation if I wanted to get a fresh mortgage on a "new" property for me to live in?.
the monthly payment on my 50% is c£300pm and from an affordability angle, no issue with keeping this going and getting a new mortgage. just wondered if anyone had expeirence of this first hand or as a broker etc?
cheers
BB
no, paying 50% of mortgage in old house, 50% of school fees for daughter and a nominal ammount for child maint.
I have to cover all costs incurred by me outside of this.
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