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Remortgage affodability

  • Divrocee01
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17 Dec 24 #524736 by Divrocee01
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Hi, i am hoping for some adivce regarding remortgaging and my position. Have been divorced 3 years now, family home was agreed and court ordered for sale which it has not yet. The current mortgage deal is good but runs out at end of year. this means we will need to remortgage however due to the increases in rates i dont believe we will be able to remortage and current mortage will increase by circa 500 per month which i can not afford and neither can she. in the last year i finally got my feet back on the ground and purchased a second home and have a mortage on that, this means i really can not remortage on a higer rate or apy any more. currently we have a court order agreement that i pay a fixed amount pr month untill the house sells and then just pay for the kids here after untill 18.
My question is, if we can not remortage due to the points mentioned above and the payments go up,
will i have to pay more even through a fixed amount agreed in the court order?
and if so will i have to sell my second home and be homeless to be able to remortage?

I am really worried i will have to sell my home and have no where to go just so that she can keep hers until it sells which there does not seem an equal effort to sell. of course my kids live with her and i want to do what ever i can to protect them but i seem a bit stuck unless the house sells.

any advice would be more than appriciated.

  • EMC3419
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17 Dec 24 #524738 by EMC3419
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If you have been ordered to pay a fixed amount then this is what you should pay. Any excess is her responsibility.

It sounds like she should have sold the house by now and hopefully this will give her the extra push she needs. She will just have to sell for a lower amount.

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17 Dec 24 #524739 by Divrocee01
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thank you for the reply, I was not sure if she could go back and get a new order as i am on the mortgage in joint names. It seems only i can not ask for new demands. Of course i would love nothing more than the kids come and live with me so they would never be homeless and i would not allow her to be either but i don't seem to be given the same care or respect.

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17 Dec 24 #524740 by EMC3419
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Well no, the court has already made a decision based on what you can afford and they will not be at all impressed with her if it has been 3 years and she hasn't sold yet. The court's intention must have been that she sold and bought something she could afford a long time ago and having not done so the consequences are her problem.

Also, it sounds like she will have a big mortgage to pay and won't be able to afford a solicitor anyway.

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18 Dec 24 #524743 by WYSPECIAL
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Is the mortgage in both names?
Do not agree to, or do anything to support, moving it to a new fixed rate. Ensure it stays at SVR until a sale goes through.
Why hasn’t the house sold yet? Is the asking price too high or is she putting buyers off as she doesn’t wish to sell? You need to review this so that it can be sold ASAP.

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18 Dec 24 #524744 by Divrocee01
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I agreed to pay a higher rate o support her until the house sells and the court agreed to the higher rate without question. When sold i will only be paying child support which is 60% less than i am paying currently.

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18 Dec 24 #524745 by Divrocee01
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yes in both names, house on market originally at market value, have reduced 50k over last two years but she wont go any further as needs the equity of the sale which i have already offered upfront 70% to help her out. I have noticed when I go to get my kids the house is not tidy, grass not cut etc. this wont help. If i was still in the house i would of course keep it spic and span as i did when i lived there. I think maybe i ask the agent to do the viewings but we have not had viewings in a couple months now, hoping just time of year.

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