Hello
Bear with me - I'm new to this but have been a lurker for a while. After over a year of living with a husband who was constantly saying he is going to move out, he has come home tonight and told me he has put an offer on a house, for around £200,000, which has been accepted.
He wants to buy the house outright and would like to take about £40,000 of overpayment from the
offset mortgage on our
FMH, as well as half the value of our £100,000 joint savings/ISAs. The rest of the cash would come from selling some of his French shares (he is French and has always kept shares and savings in France).
Our jointly owned house is worth £700,000, with £90,000 left to pay on the mortgage. If he takes £40,000 out of the offset account, this will increase the amount outstanding on the mortgage to £130,000.
He says I can stay in our home until the youngest leaves school and he will pay half the £600 monthly mortgage payments, plus child maintsnance. Then he wants to sell and get 50% of the equity.
Is this a good idea? We have 3 children aged 10, 15 and 16 who will live with me pretty much most of the time as he is moving an hour away, so too far from their schools, activities etc.
We have been married 20 years. I am 49, he is 45. No debts. Just the UK savings as mentioned above, plus his French savings which he tells me are 'his' and I have no claim to them.
He has around £200,000 worth of pensions. I have around £30,000 (I took 10 years out of work to bring up the kids).
He earns around £55,000 plus commission (unknown as new job) and I earn £29,000.
Upshot is, he gets a home for cash. I get to stay (temporarily) in a home with an increased mortgage which I wouldn't be able to afford on my own. This leaves me feeling a bit vulnerable. But he does need to go. Its been interminable having him living here and procrastinating all this time. But is this the best way? What should I do?
