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Query re mortgage/marriage split
spendleb
Posts: 37 Forumite
Hi, hopefully the right place to ask this but apologies if not, basically splitting from my wife and moving into my own (rented) apartment next month. We have kids and the reasons are complex but it's very amicable, idea is she carries on living in the house and once the kids are old enough and left we will sell and sort out some compensation for me.
Thing is we want to keep my name on the mortgage, if we swapped it solely into her name I doubt the bank would let her continue with the mortgage, there is absolutely no danger of her not being able to pay but I am worried about the effect of changing my address will be? The mortgage is at the same place as my current bank account and credit card for example, would the bank be bothered that this was different to the one held against the mortgage or are they not interested as long as it is being paid monthly as normal? Suppose it's only the same as me being her landlord and living elsewhere?
Thing is we want to keep my name on the mortgage, if we swapped it solely into her name I doubt the bank would let her continue with the mortgage, there is absolutely no danger of her not being able to pay but I am worried about the effect of changing my address will be? The mortgage is at the same place as my current bank account and credit card for example, would the bank be bothered that this was different to the one held against the mortgage or are they not interested as long as it is being paid monthly as normal? Suppose it's only the same as me being her landlord and living elsewhere?
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Comments
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Won't be an issue. You can give your mortgage lender another address for correspondence for you so you get the same communications as your wife.
It's pretty certain they wouldn't let you out of the commitment if she didn't have the means to continue on her own. This may be more relevant later, from what you've said.we want to keep my name on the mortgage, if we swapped it solely into her name I doubt the bank would let her continue with the mortgageI am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »Won't be an issue. You can give your mortgage lender another address for correspondence for you so you get the same communications as your wife.
It's pretty certain they wouldn't let you out of the commitment if she didn't have the means to continue on her own. This may be more relevant later, from what you've said.
Brill thanks, thought it would be OK
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