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Three on a mortgage - weird I know
tipsymcstagger
Posts: 71 Forumite
So,
Split from hubby years ago. But he is still on the mortgage. I am with a new partner but at the moment in the current climate I don't think we would be able to get a mortgage together and take my ex hubby's name off.
The thing is, we are moving and my new partner is going to put £20000 into the house. I would like my partner to have a stake in the house so how do I do this???
Thanks in advance
Split from hubby years ago. But he is still on the mortgage. I am with a new partner but at the moment in the current climate I don't think we would be able to get a mortgage together and take my ex hubby's name off.
The thing is, we are moving and my new partner is going to put £20000 into the house. I would like my partner to have a stake in the house so how do I do this???
Thanks in advance
£1 a day/£365 2011
Lose 38lbs 11.1.11 33lbs
Proud mummy to 4:A
sealed pot 2011 (waiting on a number)
no more toiletries saved 8
Lose 38lbs 11.1.11 33lbs
Proud mummy to 4:A
sealed pot 2011 (waiting on a number)
no more toiletries saved 8
0
Comments
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Moving?
If changing house why would ex want to be on the new mortgage?0 -
its not a new mortgage, just a new house.£1 a day/£365 2011
Lose 38lbs 11.1.11 33lbs
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tipsymcstagger wrote: »its not a new mortgage, just a new house.
When you move house you need to apply for a new mortgage. The old mortgage is not transferred.0 -
really? I can remember having to do that last time. What if we dont qualify for the mortgage. Will we be homeless?£1 a day/£365 2011
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But most of the time you would close down your mortgage to move to the new house unless you're porting the mortgage.I am a Mortgage Adviser
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.0 -
Ah yes, it is a portable mortgage.£1 a day/£365 2011
Lose 38lbs 11.1.11 33lbs
Proud mummy to 4:A
sealed pot 2011 (waiting on a number)
no more toiletries saved 80 -
Portable just means you can keep your current deal, subject to meeting current criteria.I am a mortgage adviser.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.0
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When you sell your current home, the current mortgage ends and your former partner is released from his liability. You take out a new mortgage on the new property with the new partner and that mortgage starts on the day you complete the purchase.
You may use the existing lender of your current mortgage and they may allow you to transfer the rate from your current mortgage, but the old mortgage is repaid and the new one starts. There is no ability to transfer an old mortgage to a new property.I 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 -
So as I am now a stay at home mum and carer for my disabled son I no longer have income from employment. Does that mean we cant move?£1 a day/£365 2011
Lose 38lbs 11.1.11 33lbs
Proud mummy to 4:A
sealed pot 2011 (waiting on a number)
no more toiletries saved 80 -
No. It means that you need your partner's income and any benefits to which you're entitled to be taken into account in establishing how much you can borrow.tipsymcstagger wrote: »So as I am now a stay at home mum and carer for my disabled son I no longer have income from employment. Does that mean we cant move?
I suggest an urgent discussion with your mortgage lender and possibly even with an independent or whole market broker to establish your options. TBH you should have done this before you put your home on the market.I 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
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