mortgage advice

dutchiebaby

before i waste time going to the bank, i wondered if anybody could give me some advice. me and my wife are splitting up and i want her to keep the house and mortgage on if possible, but i want to be able to get myself a mortgage in the future, so would need to come off the mortgage i would assume? she can afford the mortgage but is self employed and has only got one years worth of accounts, would this raise problems? also to the best of anyones knowledge is it possible to have joint mortgage on this property and purchase another property jointly for me to live in? or am i living in cloud cuckoo land this house is worth 120,000 the mortgage is 89,000 so 30000 equity, house i would be looking to buy would be no more than 70,000.

any suggestions??

kingstreet

At this point, your wife is unlikely to be able to have you removed from the mortgage and the deeds unless you are with a lender prepared to accept just one year's accounts. She'll need to ask them.

You may be able to get a mortgage while still a party to the current one. Your income will have to be able to support both mortgages for this to work though.

The equity in the current property is pretty much unavailable to you unless you sell. Therefore, you'll need 10% deposit and the money to cover fees for any new purchase.

pink_petal

Hi
I am going through this at the moment. I split with my partner last year and he wanted to keep the mortgage on but couldn't afford to buy me out in a lump sum so he has been making the mortgage payments and paying me a monthly amount. We agreed my name would stay on the mortgage til he had paid fully in January 2012.

I am now in the process of buying another flat and was organising my mortgage yesterday. I spoke to an advisor and he said I'd have to declare the mortgage in my application as I'd still be liable for it. I then spoke to the lender and they confirmed this. So as long as your salary can cover both payments it won't be a problem.

PP x