Transferring morgage from his ex, to me?

bagginslover

Hi,
My partner and I are currently trying to buy his ex out of their joint mortgage. I earn a similar ammount to her, and my partner is able to borrow more that half of the mortgage ammout on his own, yet the current lender says they cannot help us.
Any tips or ideas would be most welcome.
Anna x

Trying_to_be_good

This raises questions rather than answers:

Why have they said no? Do you have sufficient equity/deposit? Is the ex consenting?

Answering these will enable us to give you help - we can't without the info. Please post these answers, and anything else you think is relevant,

bagginslover

My apologies, I was a little vague

The ex is happy to get rid of the mortgage yes, she wants out of the whole thing (and so do we )
I have no deposit, but we didn't think this would be an issue as we'd hoped it would simply be a case of swapping the names over and carrying on....guessing now (why can't money be simple?!!)
They have said that we don't earn enough together, even though our combined income is the same as when the original mortgage was taken out. I do have a small ammount of debt (just over £4000) but I am in good standing with my lenders, and have a top credit rating.
Hope that helps you to help me

mortgagewizzard

Hi Anna

The reason the lender will not allow this is that they could have changed the lending criteria from when the original mortgage was taken out. 12-18 months ago, lenders were very relaxed on income multiples, but they have all now tightened up on income multiples.

It could be that another lender may have different lending criteria and would allow you to take over the mortgage. It would be best to speak to a mortgage adviser who would be able to advise you accordingly.