Hi All
I'd like some help please, as I'm assuming either someone on here has been through this or helped someone else who has! I have to make a decision this weekend!
I'm in the FMH and as part of the court settlement we are selling this, my ex after paying off mortgage and other costs getting £180K from sale plus half of extra profit. I get other half of profit, which is roughly £20K based on the offer I have right now for the house which I have to accept, or not, asap.
As part of the deal I keep another property which I own (previous to the marriage) in my own name worth £250000 which is rented out. Rent gives me £700/month profit a month. I have a £30K mortgage on this other property.
I would like to buy my ex out of the FMH home (£200K) by remortgaging FMH and my other property to raise the funds as I want time to choose where I live. There is also the possibility of extending the FHM and selling on later at profit.
My issue is my job may be redundant in 4 months time although I am not officially at risk of redundancy yet. I have £50K savings to cover mortgage payments if made redundant and have a job offer (which I cant take until I'm actually told I'm redundant), but is there anyway I can remortgage, do I have to state there is a possible risk of redundancy?
My other options I see are:
- to sell the FMH, pay ex off and rent somewhere until I have a job if made redundant to get a new mortgage.
- to sell FMH, pay ex off and try to port my current FHM mortgage (1.5% interest) to a new property, which would mean removing ex's name from mortgage - would a lender let me do this in current circumstances?
- to sell my other property and pay ex off and stay in FHM
Are my options correct and can anyone with the financial knowledge tell me if any of this is viable and/or what my real options are??!
Really appreciate any help, thanks.
I'd like some help please, as I'm assuming either someone on here has been through this or helped someone else who has! I have to make a decision this weekend!
I'm in the FMH and as part of the court settlement we are selling this, my ex after paying off mortgage and other costs getting £180K from sale plus half of extra profit. I get other half of profit, which is roughly £20K based on the offer I have right now for the house which I have to accept, or not, asap.
As part of the deal I keep another property which I own (previous to the marriage) in my own name worth £250000 which is rented out. Rent gives me £700/month profit a month. I have a £30K mortgage on this other property.
I would like to buy my ex out of the FMH home (£200K) by remortgaging FMH and my other property to raise the funds as I want time to choose where I live. There is also the possibility of extending the FHM and selling on later at profit.
My issue is my job may be redundant in 4 months time although I am not officially at risk of redundancy yet. I have £50K savings to cover mortgage payments if made redundant and have a job offer (which I cant take until I'm actually told I'm redundant), but is there anyway I can remortgage, do I have to state there is a possible risk of redundancy?
My other options I see are:
- to sell the FMH, pay ex off and rent somewhere until I have a job if made redundant to get a new mortgage.
- to sell FMH, pay ex off and try to port my current FHM mortgage (1.5% interest) to a new property, which would mean removing ex's name from mortgage - would a lender let me do this in current circumstances?
- to sell my other property and pay ex off and stay in FHM
Are my options correct and can anyone with the financial knowledge tell me if any of this is viable and/or what my real options are??!
Really appreciate any help, thanks.