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Mortgage with new partner

Posted by DD1979 
Mortgage with new partner
August 05, 2020 07:19PM
I’ve been separated from my husband for three years and am still living in the marital home. My current partner of two years would like to buy my ex out of the house. The problem we have is that he is still joint owner of his marital home and his ex is unable to get a mortgage on her own due to being on disability benefits. They have a six year old daughter who mainly lives with his ex.

We would probably be able to get a mortgage for what we need but the problem is stamp duty. The house is worth £450k and we would have to pay around £34k in second home stamp duty. This extra outlay puts us beyond what we can get a mortgage for. My current partner has a good salary so month to month we would be fine but the initial outlay is the problem due to his outstanding legal bills (for access to his daughter).

It’s very frustrating since technically he doesn’t have a second home, he just doesn’t want his daughter to have to leave her home. On the other hand it feels like an impossible choice between his daughter’s happiness and his future with me & my kids.

Anyone been in a similar situation and have any advice?
Re: Mortgage with new partner
August 06, 2020 12:46PM
He clearly cannot get a mortgage if he is retaining his former home and has no proposals to sell it. He should therefore pay you rent. As to the situation between you and your husband if you have been separated for three years you would be wise to get a divorce and to settle the financial issues arising from that marriage formally and finally. For as long as you don't your husband is a stakeholder in the house in which you live and sooner or later he will want his share.
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