A reader wrote into What Mortgage asking about how to proceed with an amicable divorce with his wife of ten years, a stay-at-home mother. The reader wants to sell the family home, split the proceeds and ensure that he can buy two residences — one for his ex-wife and children and one for himself. What Mortgage advises that a joint applicant/sole proprietor mortgage would allow him to provide for his children and their mother by using his income to guarantee the mortgage while keeping him off the hook for a stamp duty increase for which he would otherwise be liable.
- A joint applicant, sole proprietor mortgage allows two people to share liability for a mortgage, even though the deed would be in one person’s name.
- Situations in which a person has multiple income sources are not uncommon, and mortgage lenders typically consider all of the larger income source plus half of the lesser income source.
- When utilizing the Help to Buy: Equity Loan scheme, you do not need a specialist lender – most high street lenders will accommodate you.
“In theory you can have two ‘homes’, as long as you can convince the mortgage lenders you can afford them both as you will be jointly and severally liable for the mortgage on your wife’s home as well as your own.”
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