Recently split from my husband, what are my options when looking at buying my own place?

Posted on 24 June 2013 by Jo


My husband and I have recently and very amicably separated. We own a house together that my husband and my daughter will remain in (it's very much the family home and I don't wish to sell it, not at least until my daughter has left the nest). We bought the house in 1995 and have pretty much paid off the mortgage. My question is this - my gross income is £18.5k but I can provide a deposit of around £30k and so am thinking about buying a flat. Rent in my area is extortionate and I feel my money would be best spent on my own place. What sort of mortgage could I expect - or is there a way of combining my potential new on with the one that I already have (albeit only for a couple more years). Any advice would be gratefully appreciated!

Jo,

You can certainly look to get a new mortgage in your sole name for a flat, and the rate's etc.... will be dependent on the LTV you require. With your salary  of £18.5k you could typically look at around 4.5 - 5 x your income, which (dependinging on other outgoings) would get you a maximum mortgage around £92,500 which would mean you could at property around £125,000.

Alternatively you could, with your husbands agreement raise the mortgage against your current marital property, to give you a larger deposit. There are various legal options around this to protect the remaining equity for all parties.  

If you 'd to find out more about either option, then please let me know and I'll arrange a convenient time for you to speak to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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