What is likely to happen with the house?

[1973magpie]

Hi, I have another thread on here about separating from my h, but wanted to ask what is likely to happen with our home.

Basically, I am a sahm (have been for past 6 years), my h works and we have debts and a mortgage.

The house is in joint names, and we are on a fixed rate mortgage until Feb 2014. We have a maximum of £50k equity in house, and mortgage left is around£90k.

If we sell house and split equity, I will not be able to get a mortgage, so what will I do about housing for the kids? (This is what h wants to do)

I can't afford to buy him out (& don't think mortgage Co would take him off mortgage anyway).

I would like to stay in the house with the kids,at least until our youngest is at school full-time, when I can get a job, and hopefully remortgage in my own name.


What are the possible outcomes?

[Lovemy3kids]

When my STBXH and I seperated, we sold the house (which was entirely in my name due to his bankruptcy a few years previous), paid the mortgage off, cleared all joint debts, and then split the equity 60/40 - me and my 3 DC moved into rented accommodation near to their school and he moved into rented accommodation a few miles away. I didn't even consider seeking to buy a new property - I had to many other things going on and didn't want the kids to be even more unsettled than was absolutely necessary. There was no way that i could have afforded to remain in our house and pay the bills, as the mortgage was extortionate. The only difference between you and I is that you are a SAHM, and I work full time, and because of this am able to claim WFTC and CTC, which really does help towards the cost of living. I hope you manage to sort things out. :)

[1973magpie]

Thanks lovemy, I would be able to afford to keep paying the mortgage and bills (with IS, CTC and maintenance for the children from h), but would struggle to rent anywhere in this area for less than the mortgage, so am stuck really

[Lovemy3kids]

I know this isn't much consolation, but I found I was financially better off not having a mortgage and being able to work and claim the benefits I was entitled to. I did have to prove where every penny of the equity of the house went to the Housing Benefit people, and provide letters from the people that we had borrowed money off and then paid back, and also prove that all debts had been paid off. Luckily i didn't rely on STBH's maintenance payments, as he has now chosen not to pay anything for our 3DC for the past 6 months!

[Pooka]

Reported.