Seperation and what to do with the mortgage

Posted on 12 August 2008

I am thinking of seperating from my partner, but we have a joint mortgage and I want to remain in the house. I am currently on maternity leave, and plan to return to Childminding from home. The problem is I was only working part-time as a Childminder before having our baby, so cannot proove I can make the payments. Although I know I can when I return to work.  Will the mortgage company let me take on the mortgage myself, or will I have to leave my partner's name on the mortgage and draw up an agreement that he can have 50% of equity and a 50% of the mortgage that has already been paid off?  Also, what if he refuses to move out - where do I stand then?

This is a difficult question to answer as there are a number of options to explore and all will depend on your personal circumstances. How long you have been employed/self employed, evidence of earning, loan size and property value, do you have someone who could possibly be a guarantor for you? All these things will be taken in to consideration when looking for the right lender and mortgage for you - if possible and affordable. I would recommend to you seek legal advice as to where you stand regarding ownership of property.

The best advice I can give is to seek advice from a mortgage broker who will be able to take your details and complete the research for you. You can contact one of our Charcol brokers on 0845 413 1053.

I wish you all the best.

 

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of John Charcol Limited. All comments are made in good faith, and John Charcol Limited will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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