Post divorce pay out & Mortgage hell

jknighton

Any advice welcome:

I need to raise £195k (£135 existing mortgage & £60 court ordered payout to ex to get him off said mortgage). My new partner is self-employed and will have to self cert. House is valued at £325k.

Advice on raising the money needed desperately! Should I remortgage and how?

Many thanks

koexelek

Are you looking to get your new partner on the mortgage and take your old one off ?

If so, unless you personally earn enough to justify borrowings of £195k, it looks like you will need to remortgage.
However, if your new partner were able to prove his income, your current lender might be prepared to put him on the new mortgage ( instead of your ex partner) and let you borrow the extra at the same time.

if you need to remortgage elsewhere, it should not be too much of an issue at 60% loan to value.
If your new partner has been self employed for at least a year, several lenders will look at that.