Joint to Sole Mortgage

samand

Hi,

Has anybody ever gone from a joint to a sole mortgage when buying a new property? Is it possible? Many thanks. Our current mortgage is in our joint names and thinking of getting the new one in sole name.

Trying_to_be_good

Assuming you're not trying to 'port' the old mortgage, the old mortgage will be redeemed on sale of the old property, and the new mortgage will be a totally separate contract. So long as the income multiples/affordability/credit history etc of the sole applicant stack up, I don't see where there would be a problem - good luck!

_Andy_

What's the reasoning behind wanting to do so?

samand

Hi,

Simply because when we took out the joint mortgage I was working full-time and have since become self employed (not long enough for salary to be considered for mortgage multiples) and have a business loan too so we were going to go with a sole name mortgage. I will be added on later when I can provide a year's worth of accounts.

We applied with the Post Office and they are saying that we cannot do this. Something about the deposit coming from the sale of a house in joint names and that the money can't be used for the purchase of the new house in a sole name.

Thrugelmir

Hi, If you want proper advice you need to truthful. People that deal with finance can see through the mist.

https://forums.moneysavingexpert.com/discussion/2540507

Why start another thread?

https://forums.moneysavingexpert.com/discussion/2538297=

As I said yesterday. Playing games.

We genuinely try and help on this board.

samand

You think that was helping? You think I needed that right now? All I was looking for was some information that would help with today and if you read my other thread you will see what is happening today.

You could have sent me a PM.

_Andy_

As already stated, the mortgage can be in joint names but just your partner's income being taken into account

Trollfever

Sorry, but confused.

On my side I am self-employed, but only have 1 year's worth of accounts.

I will be added on later when I can provide a year's worth of accounts.

Do you have one years accounts and do they show a profit?