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Situation - any advice

  • Billie12
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28 Sep 08 #51980 by Billie12
Topic started by Billie12
Married 10 years
Living together 15 years
1 daughter 13 years

Mortgage £25,000 - 7 years left on it.
House worth £180,000 -ish. - £25,000 mortgage.
Equity £155,000 ish -
Would like my deposit of £9,000 back.

Husband has a royal mail pension which I do not know worth
His salary £28,000
Mine £14,000 (part time)

He has offered me buy him out at £35,000 (which he says is less than 30% equity) for a Clean Break - no other claim either way and £225 CM - no spouse maintenance. Will halifax let me increase mortgage from 25,000 to 60,000 ? The mortgage calculator says yes but surely not on my salary?????

Does this sound like a good deal ? Should I grab and run
or not? Don't want to then end up with less - if I hold out for more.

thanks Carrie

  • mrsnomore
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28 Sep 08 #52008 by mrsnomore
Reply from mrsnomore
Carrie - Once you have had some legal advice - be careful about mortgage calculators as getting a mortgage now is much harder than its been for years. Speak to a financial advisor or bank about a realistic mortgage offer that you can get - and then compare that with the advice you get on a settlement.

I would think that 30% and no pension sounds unfair, but I am sure that someone will come along with more sound advice than me!

  • Billie12
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28 Sep 08 #52018 by Billie12
Reply from Billie12
just to be clear I give him £35,000 and am left with the rest of the equity about £120,000. So he will have less than 30% equity and I will have about 70% equity

Thanks Carrie

  • Sun 13
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28 Sep 08 #52019 by Sun 13
Reply from Sun 13
THat sounds ok on the surface, but take some legal advice first.

A £60,000 mortgave would be a lot to handle on your own I think

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