Mortgage after divorce?

lady_geek

House bought in joint names 6 years ago - 28K 20 yr mortgage plus 10k deposit (yes, cheap house), joint mortgage.
House now worth around 85K and mortgage paid for the last 6 years.

Husband left, and I've paid the mortgage for two years. We're about to divorce, very amicably, and I want to buy him out.

I plan to get a new mortgage in my own name for the outstanding amount of the current mortgage plus 30K to pay him his equity - so I'll need a mortgage of around 55K. My salary is around 20k. I have no savings and my credit is good.

Is this the best way to do it, and does anyone have any advice about how I should go about all this? I'm told that I can't just renegotiate the current mortgage, even though I have paid all of the payments for two years, so I don't see any other way to do it. Is there any wisdom in adding 2K to the mortgage (to pay for home improvements)?

Thanks in advance,

Lady Geek

molotov_3

Probably best to speak to your mortgage company as you will need to transfer the existing mortgage into your sole name if you are buying out your husband, in addition to the further mortgage you need. Explain to them the situation and see what they say. They would have to agree to you transfering the mortgage to your sole name.

canny_yorkshireman_2

Also remember that you have paid the mortgage for the last 2 years with i suspect no help from your partner so this is also his debt and half of those payments should be deducted from the equity he has accrued. I see no problems with you refinancing the mortgage as your salary is within the current critera used by most lenders first port of call is your current lender see what there best offer is and then go straight to martins guide to best remortgage deals I am sure you will sort a reasonable deal there as to adding 2k on probably the best time to do it #best of luck
hth