remortgage after divorce

oli5

Hi

I am going through a divorce and am trying to sort out whether or not I can afford to buy out my husband. How do I figure out how much extra my monthly payments would be? Who should I go to for advice?
The current mortgage is a Nationwide Capital Repayment Mortgage at 5.85% running until 2024 with £83,000 left. Im looking to get £50,000 out for my husband. I pay £640 a month and am not really able to afford a lot more. I am just wondering if I should go to Nationwide or would be better off trying someone else? Would it just be adding £50,000 or might I get a better deal which would make the monthly payments lower? I need something fixed and stable. The house has been valued at £210,000.

Thanks

Oli

homer_j_3

if you speak to your current lender they will be able to provide quotes or possibly even use an online payment caluclator to work out what potential costs maybe.

If you were to stick with current lender, you will need to doe a transfer of equity and a further advance. The FA may not be available on the rate you have so that may have some bearing but without talking to your lender, you will not know.

The other option is to remortgage and to look to get a cheaper deal (if you can). I would go and see a mortgage advisor.

You havent stated salary details or whether you are emploted or self employed so cant really give more indication to how you will fair with either option but having a fair amount of equity in your property will help..

oli5

thanks for the reply homer. I am employed and make £30,000 a year

homer_j_3

no problems.. You will be looking at over 4 x your salary so you may be struggling to borrow that money and you have said yourself that you cannot really afford more.

If you speak to the nationwide first and see what they say. Check if you have any early repayment charges and then see whether ot not you can afford it. The cost of a TOE is normally a couple hundred of pounds plus legal fees so if you dont have an early repayment charge, you may want to speak to an independent mortgage advisor to see what they can do.

homer_j_3

deadmellow wrote:

have a look at this site that helped me https://www.selling-property-quick.com this is not an add just a reall tip for help trust me.

I would not look at this - I would take professional advice. I am sure that they maybe helpful but only as a last resort if you are forced to sell the property as part of the seperation and you cannot find a buyer having let it sit on the market for a while.

deadmellow

Always seek professional advice very, very true words. I recommended that site as I have used there service in the past. The service they offer is quite new and unique and I know people can be scared of change and doing things different to the norm. But it’s nice to have all options available to make the right decisions.