Grasscutter
Registered User
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- 6
About to go through marriage separation and the biggest financial issue will be the house - joint mortgage with 48 months left to pay at 730 per month.
House is worth between 240 and 250k.
I would like to get a new mortgage to buy ex's half but not sure if I'd get it - earn 37,000 p.a. , have 3 kids 17,15 and 12. I can work out income but can't factor in maintenance when I don't know how much I'll get - would like a definitive answer from the bank before starting mediation but won't know maintenance till after mediation so its a chicken and egg situation. Also WO seeing does it make sense to borrow from bank to give him larger lump sum or would it be possible to subtract projected maintenance from half the value of the house?
Another option is my father might buy his half of the house and I pay my father rent. Would that be legal?
House is worth between 240 and 250k.
I would like to get a new mortgage to buy ex's half but not sure if I'd get it - earn 37,000 p.a. , have 3 kids 17,15 and 12. I can work out income but can't factor in maintenance when I don't know how much I'll get - would like a definitive answer from the bank before starting mediation but won't know maintenance till after mediation so its a chicken and egg situation. Also WO seeing does it make sense to borrow from bank to give him larger lump sum or would it be possible to subtract projected maintenance from half the value of the house?
Another option is my father might buy his half of the house and I pay my father rent. Would that be legal?