Getting a mortgage when separated

katiek102010

My husband and I have split.

We were having problems a while so house was sold 2 years ago and we were renting. We are living separate (only 2 weeks). Crazy rental market and covid primary reasons.

I'm looking to buy somewhere small for me and my son. Luckily property in my area is relatively cheap. I have approx 20k in savings and as I have a full time dependent I'm only allowed borrow max 2 x salary which will be mortgage of 80k.

Not an issue as I will get a decent 3 bed for between u80 and 100k. My biggest issue is they all want a legal separation in place prior to drawdown.

I have spoken to solicitors and this could cost up to 5k.
Ex is happy for separation and divorce to go ahead but he's refusing to pay for a solicitor as he doesn't have money ( he's an alcoholic, drank his share of sale of house and I already paid for detox from my share and forked out for accommodation, deposits and rent twice over last 2 years)

We have applied for the family mediation separation but that's going to take months, and to be honest will the banks even accept this.

Has anyone gone down this route and had lebders accept this agreement?

brisan

While you are still married with no legal agreement in place your husband is legally entitled to a share in your assets
Hence the bank want a legal separation in place
You will need one in place to drawdown a mortgage

phormium

The banks will want some legal agreement in place before you drawdown the mortgage, what they want to see is that property issues are dealt with and that he can have no claim on the new property they are giving a mortgage on.

If he is agreeable to all this and willing to sign the necessary legal stuff then I'm not sure you have to go the whole way to JS. I know I did this years ago but it's 30 yrs now and not relevant to today's world and bank requirements.

BronsonTB

katiek102010 wrote: »

I have spoken to solicitors and this could cost up to 5k.
Ex is happy for separation and divorce to go ahead but he's refusing to pay for a solicitor as he doesn't have money ( he's an alcoholic, drank his share of sale of house and I already paid for detox from my share and forked out for accommodation, deposits and rent twice over last 2 years)

We have applied for the family mediation separation but that's going to take months, and to be honest will the banks even accept this.

Has anyone gone down this route and had lenders accept this agreement?

You use the family mediation agreement to do the agreement, then rubber stamped by the court. This cuts the cost down dramatically.

While waiting for the family mediation meeting, have your agreement already drawn up between you. It'll mean less meetings.

Husband will need his own solicitor but cost should be minimal if everything is agreed beforehand.
Mortgage companies will need a copy of the court order to allow you draw down on your own mortgage. (That's what was needed in my case)


Best wishes as it's not easy.

katiek102010

BronsonTB wrote: »

You use the family mediation agreement to do the agreement, then rubber stamped by the court. This cuts the cost down dramatically.

While waiting for the family mediation meeting, have your agreement already drawn up between you. It'll mean less meetings.

Husband will need his own solicitor but cost should be minimal if everything is agreed beforehand.
Mortgage companies will need a copy of the court order to allow you draw down on your own mortgage. (That's what was needed in my case)


Best wishes as it's not easy.

Thats a huge pain but hopefully costs will be down.
Every penny spent on it is just eating into my deposit and I 100% I will end up footing the bill for his solicitor too

BronsonTB

katiek102010 wrote: »

Thats a huge pain but hopefully costs will be down.
Every penny spent on it is just eating into my deposit and I 100% I will end up footing the bill for his solicitor too

1 - Write up an agreement you both agree to (Include all assets/finances/access etc)
2 - Both go to Mediation with this agreement. Mediation will charge you what you can afford to pay. They will draw up the agreement making it offical.
Have this checked by your solicitor & his solicitor (Should be 1 visit).

Go to court & have it approved by the court. (1 appearance)

This is then legally binding & will be accepted by the mortgage companies.


Not sure if the mediation agreement itself will be accepted by mortgage companies. Maybe check this with a mortgage broker or the mortgage company that gives you approval in principle.

spaceHopper

katiek102010 wrote: »

Thats a huge pain but hopefully costs will be down.
Every penny spent on it is just eating into my deposit and I 100% I will end up footing the bill for his solicitor too

Can he get free legal aid?

katiek102010

spaceHopper wrote: »

Can he get free legal aid?

I don't know and to be honest I don't think he will even try

andy6

This happened to a friend of mine. Ex wouldnt go to a solicitor and all the bills were hers. Seriously, go to MABS. I was able to get sorted with my house and pay off the sharks due to Mabs help