Newbie here so any advice appreciated. Sorry for the long essay.
My application has just been submitted. Had a look on calculator but not sure how it caters for 4 children as it only gives 3+ and no option for exact number.
Me - married 14 yrs, age 34, with 4 children, youngest 8 oldest 14, work part time and receive universal credit/child benefit. Wages approx £14500 per yr and UC/Child Benefit £ 19000. He currently pays £300 pm maintenance but am not counting on it being regular as he is not good with money so if i get anything its a bonus. Am still in
FMH - 3 bed semi. Can increase work hours when youngest reaches 12 (can't do at present due to child care as I work 12 hr shifts 7am-7pm so rely on parents to come morning and evening when at work as school clubs dont do those hours). Benefits will decrease over time as older ones reach 18/19 so in 10 yrs i will only be on my wages, no benefits or maintenace at all, so probably around 22k a year full time (care sector so on NMW). I am learning to drive so hopefully if i pass my test this next year i will need to buy a basic car so need to be able to fund that as will increase my job prospects in future.
STBX age 36 left in August, earns around £24000 per yr. He is living with a new partner in a 2 bed house (partner tenant) since end October. His new partner has adult child with autism who still lives at home so occupies the other bedroom. As it's very much early days in their relationship our own children have not as yet visited there but in any case cannot stay overnight there as no spare bedrooms.
The equity left in the FMH after deducting mortgage etc is approx £73000 (mortgage is 61k). He can keep his car which is on finance, so its net worth in effect is zero. This leaves pensions as only other assets - his pension
CETV is probably about 12k whereas mine is only about 4k (as I was previously at home till youngest went to school so only paying into pension last 2 yrs while working), so am thinking to use
offset. The house is probably worth around £135000 in its current condtion but of course he thinks its worth a lot more - i am inclining to get 3 estate agents each and if the mid value comes out to something we dont agree on then can i ask him to share a RICS red book valuation (or if he doesnt agree, do that myself) ?
Can anybody give me some idea on how housing needs are looked at and what factors are used in deciding the split as 60/40, or whatever %. I am managing ok paying everything myself and am fairly confident I can get the necessary mortgage, but unsure if i can raise enough to buy him out as obviously any mortgage/loan repayments i have to take on need to be affordable and leave some room in event rates rise and some leeway to buy myself a basic runabout car. So it all boils down to the house valuation and what % split i would maybe get - my parents would possibly loan me the money to pay him off as i dont want to have any ties to him or have a Mesher, but how would that be considered in this situation (and of course it's their money so no obligation on their part). Thank you in advance if you got this far !
