Hi all,
Posting under a new name as I had never expected to be in this position.
long story short - reasons for seperation not important.
myself & wife have decided to split but we are trying to come up with a solution that suits both of us. We purchased our home for 350k in 2009 and are currently in NE to the tune of 80k - 120k but will confirm this as soon as I can.
Our mortgage currently stands at 300k with monthly payments of €1330.
We cannot continue to live together for the sake of our kids and both of us are unwilling to move out and rent along with paying the mortgage for whoever stays in the home. It is all amicable at the moment and WILL remain that way as we know its best.
We have been banging our heads together to come up with ideas but we just cant seem to break through the barriers to each and every option.
Option 1 - preferred by both of us.
She buys me out in full inc NE. i.e takes over the full mortgage & i am debt free to rent somewhere and pay for anything my kids & the wife need.
Option 1a - preferred by both of us.
same as above but I buy her out.
For: I can do this with the help of my father as he has 3 properties fully paid for and some cash reserves.
Against: She cannot afford to buy me out!
Against: The bank by phone have told me that with my earning I could renegotiate a new mortgage of 174k but then my father would need to cash inject 125k to clear the wife off the mortgage. We do not have 125k to do this but have no problem paying the monthly repayments of €1330 ig given the chance. I would rent out a room or rent it out full stop €950p/m and pay the top up myself. Bank said they need full amount or part payment roughly 60k and some assurance of the other 75k if anything ever went south. Im gathering that they are just dealing with the figures but the figures are not telling the entire story.
If we could achieve option 1a we could keep our kids in the home with me for 3-4 days and then 3-4 days with the wife in a rented home nearby but we would both be free to enjoy our lives.
I am on the verge of a breakdown between the original marriage split & this and I cant even convey how much this is affecting me and anyone else involved.
Please please can you guys give me some other possible options that i may not have considered but note my father will give anything (put up 2nd / 3rd home with no mortgage as guarantee) to help us out achieving option 1A.
Im on my phone here and its awkward to read back what I have written but if anything needs clarification please ask.
Essentially we need to find a solution that we can both break free from each other without having one person suffering more than the other. its best for us & our kids.
Thanks in advance from a truely desperate home owner, husband & father.
Posting under a new name as I had never expected to be in this position.
long story short - reasons for seperation not important.
myself & wife have decided to split but we are trying to come up with a solution that suits both of us. We purchased our home for 350k in 2009 and are currently in NE to the tune of 80k - 120k but will confirm this as soon as I can.
Our mortgage currently stands at 300k with monthly payments of €1330.
We cannot continue to live together for the sake of our kids and both of us are unwilling to move out and rent along with paying the mortgage for whoever stays in the home. It is all amicable at the moment and WILL remain that way as we know its best.
We have been banging our heads together to come up with ideas but we just cant seem to break through the barriers to each and every option.
Option 1 - preferred by both of us.
She buys me out in full inc NE. i.e takes over the full mortgage & i am debt free to rent somewhere and pay for anything my kids & the wife need.
Option 1a - preferred by both of us.
same as above but I buy her out.
For: I can do this with the help of my father as he has 3 properties fully paid for and some cash reserves.
Against: She cannot afford to buy me out!
Against: The bank by phone have told me that with my earning I could renegotiate a new mortgage of 174k but then my father would need to cash inject 125k to clear the wife off the mortgage. We do not have 125k to do this but have no problem paying the monthly repayments of €1330 ig given the chance. I would rent out a room or rent it out full stop €950p/m and pay the top up myself. Bank said they need full amount or part payment roughly 60k and some assurance of the other 75k if anything ever went south. Im gathering that they are just dealing with the figures but the figures are not telling the entire story.
If we could achieve option 1a we could keep our kids in the home with me for 3-4 days and then 3-4 days with the wife in a rented home nearby but we would both be free to enjoy our lives.
I am on the verge of a breakdown between the original marriage split & this and I cant even convey how much this is affecting me and anyone else involved.
Please please can you guys give me some other possible options that i may not have considered but note my father will give anything (put up 2nd / 3rd home with no mortgage as guarantee) to help us out achieving option 1A.
Im on my phone here and its awkward to read back what I have written but if anything needs clarification please ask.
Essentially we need to find a solution that we can both break free from each other without having one person suffering more than the other. its best for us & our kids.
Thanks in advance from a truely desperate home owner, husband & father.