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My wife is divorcing me but wants to take out a joint mortgage for a buy to let?
It is for a studio apartment and she says it will be for our children, but as I work and she doesn't it will be based on my salary. It could be set up with a long enough mortgage so the rental income pays the mortgage. We have other rental properties with joint mortgages which we intend to keep paying from rental income, only those expire in the next 4 years whereas this will be more like 20 years. I probably wouldn't buy a property like this after the divorce, and she is good with rental properties. Normally, I would think no way, but without rejecting it totally out of hand, what might it need to actually make sense?
- Christin KLv 71 month ago
You should NOT enter into a long contractual agreement with someone whom you're divorcing. If you OR she remarries, that huge debt will be there for your new spouses as well as you. I would not do this at all. I don't think this makes ANY financial sense. Not for the long run OR the short. Your other obligations will be finished in 4 years--and you will be clear of debt. Let your ex-wife handle her OWN finances and leave yours out of it.
- SCATTY cLv 61 month ago
If you want to do this, do it in your name only. She doesn't work anyway, so is she going to qualify for any sort of loan with no income??
- SlumlordLv 71 month ago
There is no way this makes sense. If you are getting divorced then no good can come out of getting a loan in your name on property she is going to keep. Forget, she is playing you for a sucker.
- SlickterpLv 71 month ago
Not sure why you would ever agree to this.
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- Anonymous1 month ago
Let me get this straight.
You're considering buying real estate with the woman you're divorcing knowing she will contribute zero dollars and yet be 50% owner? Why on God's green earth do you want to gift her half an apartment?
If you will be paying 100% of the payments, buy it yourself and hire someone (even her if you wish) to manage it. It's a helluva lot easier to fire a property manager than to get out of a real estate deal that your ex-wife owns half of.
No, no, no, no and no. Just no.
Why does she want to buy an apartment for the kids? And why would adult siblings want to share a studio apartment? And how come the kids can't pay their own way in life? And if your ex-wife wants to buy an apartment, why does she expect you to pay for it? And how would your kids live there anyways since you plan to rent it out to generate income? Would you be charging your kids rent? If the kids are paying rent, wouldn't they rather choose their own apartment? None of this makes any sense to me.
- Elaine MLv 71 month ago
If you sign the papers you will be responsible for all payments if she doesn't make any.
It's a bad decision.
- MaxiLv 71 month ago
Only a fool would take out a joint mortgage when you know you are divorcing...... as far as the 'other rentals' you already have unless you and /wife go now BEFORE any divorce proceedings start and make a legal business partnership all those rentals will become part of the divorce, sold and money split
- KiethLv 71 month ago
I believe the legal reply to her request is Go **** yourself.