Split from partner - remortgaging/buying out

marmalade73

Bit complicated so bare with me!

Joint morgage/house with partner. Value 170k, morgage £12k with Nationwide on their base rate of 2.5%.

We have agreed I will buy partner out, paying him £70k. He earns £23k and can morgage in own right.

I earn £450 p/month but will be topped up with maintenance/child benefits etc to approx £17k a year, but Nationwide would not accept this as proof of income.

My broker has advised as my credit rating is v high (passe), Halifax will offer me a mortgage for £70k, with no proof of income required (?!!).

Neither of us particularly wanted to lose the existing base rate of 2.5% with Nationwide, but it seems like a catch 22 situation. He can't take the mortgage with him, as Halifax would class as a remortage and would pay Nationwide off!!

My head is totally done in.

I always said I would never go back to the Halifax, but think this is poss my only option.

Can anyone see how we might keep with the Nationwide? We can immediately draw back down £45k, at 2.5% as this is what we have overpaid.

Many thanks.

beecher2

How can you afford a mortgage of 70k when your income is £17k? Who will pay the remaining 12k mortgage? What will you do when base rates move up?

marmalade73

Thanks for reply. We have enough savings to pay off £12k of mortgage. Have worked out my outgoings and can afford repayments. If not will increase my hours.

audreymac_2

there is no way that you will be allowed to borrow extra money from Nationwide at their SVR of 2.5%. as you rightly said, they also do not take into account any tax credits etc. Halifax do but your income of £17,000 is quite low and I hope you have done a budget planner to ensure that you can manage the repayments. as you have overpaid the £45,000 you can draw it back again with Nationwide and this will be at 2.5%, they just need a letter but they will not allow you to take his name off, due to income. he CAN take the mortgage with him if he is buying another house and I think he will have about 3 months to do that. again, though, any further borrowing that he does, will have to be on one of their deals.