Mortgage advice,relationship end joint names

whippetboy

Hi,

Me and my partner are splitting up, the mortgage is in both names. She has said she will move out, i would like to keep the house on my own.
I have always paid the mortgage and the rest of bills.

My question is, will i need to reapply in my name? will they accept me on my own?

How much will the solicitors cost?

Mortgage is 94500k house value is 120k
i am employed earn 25k

Thank you

Thrugelmir

whippetboy wrote: »

Hi,

Me and my partner are splitting up, the mortgage is in both names. She has said she will move out, i would like to keep the house on my own.
I have always paid the mortgage and the rest of bills.

My question is, will i need to reapply in my name? will they accept me on my own?

How much will the solicitors cost?

Mortgage is 94500k house value is 120k
i am employed earn 25k

Thank you

How you intend paying your ex , her half of the equity in the property?

whippetboy

Yes, even though she has not asked for anything yet i think she soon will.
If she does how long do i have before i pay the money?

CLAPTON

you need to discuss this with your lender to see whether they will lend that amount of money on your earnings alone

mic200202

You are up against 2 things - the loan to value, and the amount of mortgage compared to earnings.Assuming you want to pay her half the equity,this will be around 89% LTV.You would need to apply for a further advance to purchase her equity share for this.

Depending on your lender, they may not want/be able to lend to this LTV,or they may not lend the amount based on your earnings.They will deducy any regular outgoings for loans or other finance before they do this calculation.

If you have no other outgoings,this would be right up against the maximums.Touch and go as to whether its do-able I woiuld say.