We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Joint mortgage Hell
Draxs303
Posts: 5 Forumite
Help!!!
Just trying to find out if i can possibly take my name off a joint mortgage but leave it on the deeds so i still have part ownership of the property.
I would still pay the mortgage but just throught my ex partner i would give her the money to pay the mortgage, as she has my children and i cant force her to sell and she does not work so cant afford to buy me out.
Its just i would like to get a house on my own, since i have been living back at my mums but even though i have the finances and my existing mortgage is only £26500.00 and the house is worth £85000.00, no one will give me a mortgage until i get rid of my existing mortgage its just crazy.
Thanks
Just trying to find out if i can possibly take my name off a joint mortgage but leave it on the deeds so i still have part ownership of the property.
I would still pay the mortgage but just throught my ex partner i would give her the money to pay the mortgage, as she has my children and i cant force her to sell and she does not work so cant afford to buy me out.
Its just i would like to get a house on my own, since i have been living back at my mums but even though i have the finances and my existing mortgage is only £26500.00 and the house is worth £85000.00, no one will give me a mortgage until i get rid of my existing mortgage its just crazy.
Thanks
0
Comments
-
Sadly, with a partner without income your bank won't let you relinquish your responsibilities towards the mortgage. You are likely stuck with it until it is repaid (either by paying it off or by selling the house and repaying the balance).0
-
There is no reason why you can't be a party to two mortgages at the same time as long as you can satisfy the new lender's criteria and affordability and you have sufficient deposit.
If you haven't already done so, I suggest a whole market or independent broker should be an early call.
TD101 is right about you not being removed from the current mortgage if your ex has no income.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 -
I dont mind paying both mortgages its realy an obligation to the kids, I went to see a broker last week who said i really need to get off the existing mortgage. Even though i can afford 2 comfortable its just driving me round the bend thanks any way0
-
As long as your income and deposit stacks up you should be ok with 2 mortgagesI am a Mortgage Advisor. You should note that this site does not 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 shouldnt be seen as financial advice.0
-
And was a reason given for this assertion? Can you tell us about the broker and their status?I dont mind paying both mortgages its realy an obligation to the kids, I went to see a broker last week who said i really need to get off the existing mortgage. Even though i can afford 2 comfortable its just driving me round the bend thanks any wayI 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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.8K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.8K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards