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Taking over mortgage
ScottishMum
Posts: 69 Forumite
hi there
just looking for a bit advice.
Seperated from ex in July, im still living in the family home but m/g is in his name.
I am hoping to take over the mortgage in the new year if possible by applying for a mortgage on my own.
My question is, he has a secured loan against the house, again in his name only - does this have to be paid off prior to me taking over the loan or does this get included in the mortgage amount i need to take out?? hope this makes sense??!!
thanks
sm
just looking for a bit advice.
Seperated from ex in July, im still living in the family home but m/g is in his name.
I am hoping to take over the mortgage in the new year if possible by applying for a mortgage on my own.
My question is, he has a secured loan against the house, again in his name only - does this have to be paid off prior to me taking over the loan or does this get included in the mortgage amount i need to take out?? hope this makes sense??!!
thanks
sm
0
Comments
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Secured loan is in his name only but its secured against the house so will have to be repaid before you can buy the property.
Good luck with the mortgage application0 -
is this something he has repay back?? or does the mortgage I take out have to cover it??0
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ScottishMum wrote: »is this something he has repay back?? or does the mortgage I take out have to cover it??
Was the secured loan dealt with as part of the divorce settlement?
Is your ex still paying the installments?0 -
All secured lending in his name will have to be redeemed upon disposal of the property (i.e sale/transfer to you ) - as your ex will no longer hold any interest in the asset.
In any event, you will be unable to secure additional funds (in excess of the effective property purchase price), to repay his secured loan - so this will need to be repaid by him, from free equity of the sale proceeds, or other available capital.
Hope this helps
Holly0 -
Hey, I don't really know much about mortgage..Could you please tell me how to choose mortgage company? I'm very afraid of scams and don't want to lose my money..0
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begemot ask a mortgage broker to do it for you. A good one is worth their weight in gold.
I would be cynical though and suggest you're peddling your wares on this forum though, as a) you've highjacked this thread and b) posted a dubious link in your title. However I'm going to take you on face value and say contact a broker.Feb 2012 - onwards MF achieved
September 2016 - Back into clearing a mortgage - Was due to be paid off in 32 years in March 2047 -
April 2018 down to 28.00 months vs 30.04 months at normal payment.
Predicted mortgage clearing 03/2047 - now looking at 02/2045
Aims: 1) To pay off mortgage within 20 years - 20370 -
Well I think its spam and have reported it !0
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