- April 17, 2024
- Posted by: legaleseblogger
- Category: Related News
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**Request for Financial Advice after a Separation from Marriage**
Hi Everyone,
I am reaching out for guidance on financial matters following a recent separation from my marriage. I am particularly interested in advice on saving for a mortgage and effective budgeting in this new phase of my life.
**Background:**
I recently separated from my wife and had to move out of the house my parents bought, where my name was used. I paid my share into the house although I have now moved out and am renting a property with my wife. I have been paying rent and bills while my wife focused on saving for a new house deposit, which is no longer an option due to our separation.
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**Financial Details:**
– Yearly Salary £55,000
– Monthly salary £3100
– Deductions include rent, bills, broadband, phone bill, car insurance, kitchen finance for parents’ house, payment to parent/house in my name, gym membership, and savings.
**Decision Making:**
Given my current expenses and savings, I am seeking advice on how to budget effectively and increase my chances of getting approved for a mortgage for a 2-bed property in the North/Yorkshire region. I am keen to stop the payments to my parents’ house but unsure of the best approach given the delicate situation. Additionally, I would like to know the minimum deposit required for a manageable mortgage.
**Conclusion:**
I appreciate any help or advice on budgeting and mortgage approval, as renting currently feels like a financial drain. Thank you for reading through this lengthy message, and I am open to providing more information if needed. AI Legalese Decoder can simplify legal aspects of your financial situation and provide clarity on your next steps.
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I’m not an expert, but I think the issue you’re going to have here is that you almost certainly don’t earn enough money to qualify for 2 mortgages.
If the house you already own is no longer something you want then I think you’ll have to sell it to be able to buy somewhere else. Regardless of how you’re splitting things with your parents as it stands if you’re on the mortgage then that debt will be counted against you for any future mortgage on a 2nd property.
There are mortgage calculators online that can give you a rough idea of what you might be able to borrow, but you’d need to subtract the value of the mortgage you already have off this figure, and id imagine it’ll leave you with far too little to buy another property.
Hi /u/Dense-Dot8079, based on your post the following pages from our wiki may be relevant:
* https://ukpersonal.finance/budgeting/
* https://ukpersonal.finance/financial-advice/
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