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Joint mortgage

  • Realisticmum50
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6 months 3 weeks ago #510310 by Realisticmum50
Joint mortgage was created by Realisticmum50
Hello everyone

Am in the divorce process, application submitted , our fixed mortgage term has ended. He moved out of the fh 14months ago, he hasn’t paid towards the mortgage. We have two kids one 16 and 14 he pays maintenance which is a plus.

I have been accepted for a remortgage but he wants me to buy him out and wants 50% of the equity. The trouble is he refuses to declare all his finances am in debt right to my eye balls due to me taking on all the matrimonial debt he left me with. My plan was to remortgage to pay off all the debts since I don’t want to ruin my credit file.

We only have a house between us, which was valued in September 2018 for 240k
Equity. 124k
Pension 21k for myself

His pension unknown

He gets performance bonus every year roughly about 8k

Earnings myself. 25k, but have to work extra shifts just to keep a roof over our heads. I have the kids 24/7 he only sees them once a fortnight for a couple of hours

His earnings as of last year was 55k

I can’t afford to give him 60k

My question is I have applied for financial order and it looks like we will be heading to court but am trying to avoid it. What can I do. Any advice will be greatly appreciated.

Sorry for the long post

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  • hadenoughnow
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6 months 3 weeks ago #510317 by hadenoughnow
Replied by hadenoughnow on topic Re:Joint mortgage
On the face of it, going to court may not be a bad thing. He will have no choice but to provide details of his finances. You will be able to ask questions about them and hopefully reach a settlement by agreement on the way through.

It need not cost a fortune if you represent yourself at least in the early stages. There is lots of help available here and we also have low cost services to support litigants in person. Talk to the helpline.

If you are in a position to take on the mortgage and staying in the family home is the best option for now (assuming it is not more than 3 beds) then there is a good chance you would be able to stay put at least until the children can be more independent. The court will want you both to provide details of suitable alternative accommodation and assess whether any lump sum could be freed up if the family home was sold and another property purchased.

Given the disparity in your incomes it is not unreasonable for your share of the equity to be greater than fifty per cent. He would be able to get a bigger mortgage so would only need a small deposit to rehouse. If the children are not staying with him and there are no plans for them to do so, his housing need is less. If necessary he would be expected to rent for the time being.

The court would also take account of matrimonial debt. He would be expected to pay his share of this possibly through receiving a reduced share of equity. How much debt is there?

His pension CEV will have to be produced. Depending on the size of the pot, a pension share may be the best option or some of all of your entitlement to a pension share could be offset against equity in the house. It would be inadvisable to agree anything without knowing his pension CEV and being confident that the rest of his finances have been fully disclosed.

Hadenoughnow

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6 months 2 weeks ago #510323 by Realisticmum50
Replied by Realisticmum50 on topic Re:Joint mortgage
Thank you very much for the reply, yes I will give the helpline a ring I have informed him about the court application I intend to. The marital debt is 15k
I hope we come to some form of agreement,

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