Posted on 13 March 2008

I am separating from my husband. We have a £145,000 mortgage and my annual salary is £23,000. My monthly repayments are £700 and I normally bring home about £1400. I could afford to do it and rent a room, but would they let me?

Hi Hayley,

If you are separating from him, a lender is unlikely to let you carry more than £100,000 on your own, so this could prove to be a difficulty.  Of course, if you keep the existing mortgage going, you have the legal problems of your ex being on it.

Whilst you are welcome to rent a room, and can in fact earn £4,250 per year on rented room without paying income tax on it, the lender would not be able to take this into account at all.

I would explore the possibility of getting the mortgage alone so it is a nice clean break, but possibly finding a guarantor.

 

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