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Joint to Sole Mortgage
samand
Posts: 13 Forumite
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.
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.
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Comments
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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!Mortgage Free thanks to ill-health retirement0
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What's the reasoning behind wanting to do so?0
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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.0 -
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.0 -
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.0 -
As already stated, the mortgage can be in joint names but just your partner's income being taken into account0
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Sorry, but confused.On my side I am self-employed, but only have 1 year's worth of accounts.
Do you have one years accounts and do they show a profit?I will be added on later when I can provide a year's worth of accounts.0
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