# Quick mortgage advice



## Eightball (Nov 21, 2005)

Hello All,


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## Gruffs (Dec 10, 2007)

Firstly, I'm sorry to hear about the break up of your marriage.

I am not financially qualified in any way but i did get mortgage advice last weekend.

For new mortgages, there is a flat deposit rate of 10% of the mortgage amount. I know this as we can comfortably afford a 4 bed yet as we only have £4K deposit (bloody wedding) we can't get a mortgage on a shoe box.

So on a new mortgage at least, you would need to raise a deposit on the house. I don't know anything beyond this so i won't offer it.

However, if the break up is amicable and you have just drifted apart, could you not keep the arrangements as they are?

You live in the house, she lives in the flat but you both keep your equity in both properties?


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## DiscoDriver (Oct 27, 2009)

I'm not an IFA either so what I say may not be correct.

Assuming you hold the mortgage in both your names, you are both jointly and severally liable for the mortgage debt secured on each property. With all due respect to Gruffs, I would not want to leave the current arrangements in place with you living in one and her in the other: should she fall behind on the flat mortgage the mortgage provider can (and will) still come after you to recover its money (this will naturally apply to her if you fall behind on the house's mortgage).

Your annual salary is insufficient to support a mortgage of £127k plus approx £43k to repay your other half: That's over 6 times your annual salaray and in the current climate banks are highly unlikely to provide such a deal. Ways to mitigate this could include taking a lodger(s) but you would likely need the agreement of the mortgage provider in this case. Incidentally, even without the £43k additional cash you owe on the equity, you may be unable to find a mortgage provider who is happy to provide you with a mortgage for £127k a year.

Is there any way you can raise money from an alternative source (eg parents)?


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## -Ally- (Mar 6, 2009)

Murder her. 


Just kidding. I know nothing about mortgages.


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## -tom- (Jan 27, 2009)

Pm sent andy


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## Eightball (Nov 21, 2005)

Thanks All... even Ally for his constructive offering  you are not the only one of my friends who has suggested something similar!

Gonna do some homework, speak to the bank & probably take up Toms offer as well

cheers
Andy


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