Mortgage and divorce help!

PH1LL

Hello everyone,


I have recently parted company with my wife, which was my decision. We have a 2 bed flat, purchased in 2006 for £118,000

The mortgage is a open ended tracker at 0.56% above base rate on interest only.

I have moved out and left everything to my ex wife, I want it this way as I can do it all again, she can't.

I have about 10k of unsecured loans in my name, i am also on the mortgage. I have decided to study and will shortly be having problems paying the loan payments, I am considering going bankrupt as i wont be buying property again now for about 10 years.

My question is:

Is there any way i can be removed from the mortgage without renegotiating it?

I have read somewhere that if in neg equity, my ex wife can buy me out for £1 ? She can make the payments, in fact she has been for the last 5 months on her own as i havent been working.

If i go bankrupt with the mortgage in my name but not equity what will happen?

The contents of the flat now belong to her, i live elsewhere with no posessions.

Can someone advise me on the best way to go about this please?

Thanks

Phill

herbiesjp

As long as she can afford the mortgage (via meeting the lending criteria of the bank) - then you can get taken off the mortgage and she can have the property in her sole name

vansboy

What happens if it's an offset mortgage, but one partner wants to take it over, has more than enough funds to cover it, (although no actual income) but doesn't want to close the mortgage down, instead maintain it in their sole name.

Thanks

VB

herbiesjp

I doubt the lender will agree the mortgage being transferred into one name in that case

neas

sounds like you wanna leave her house and go bankrupt to renege on your responsiblities.