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Hey guys, new on here, and must admit my heads all over the place with recent events. Basically me and my wife have mutually decided to separate. We haven't been in love for a few years now, the problem is we have 2 kids, aged 3 and 7.
I have agreed to move out, but stay locally to see my kids for a couple/three days or nights a week. It's all very amicable at the moment.
The problem arises with our house, we paid 90k deposit (made from our first home) and another 90k on top. Our mortgage now stands at 90k, but I was hoping to be able for my wife to take on the mortgage and 'pay me off' the money I'm owed(half the deposit basically).
My mortgage company has refused my wife to take over the mortgage herself, so I am stuck, I want to move on and hopefully find another place and with a lump sum have a decent deposit etc. Is there any way I can get the money I believe I am entitled to out of the house? I don't want to end up in a dingy 1 bed flat, whilst my wife stays in our house with the kids. ANY advice will be gratefully received.
Thankyou.
One thing you could try - not sure if it would work.
Basically, you have £180,000 worth of home with £90,000 of mortgage. Presumably, you'd like to buy a house of similar value - so if your ex stayed in the house, between you, you'd have £360.000 worth of houses with £90,000 of equity - that means £270,000 of mortgage and a 75% LTV. If your salaries can stand this then you could ask the mortgage company if they will lend you the money for a second home, in joint names and you live in the second home. You can play around with the size of house you buy, but hopefully you get the idea,
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