Joint Mortage to sole mortge

aayush

Hi can some one please advise if i can do this as have joint mortgage and want to change it to one person name but will still make payment toward the mortgage for the prop in question as want go for other prop and and can only do this if have no mortgage

await response

BigAunty

The joint owner will need to prove to the lender that they can afford to take over the entire mortgage on their sole salary. What do they earn and how much is the property?

aayush

hi well as i am the sole earner at present as my wife is looking after my son and all i want to do is have her name on mortgage but i will still make the payment

aayush

Hi |Big aunty
the above and this im is for the your resposne

i earn £34k prop is worth around £125K

Thrugelmir

Its your wife's income that will determine the application.

BigAunty

aayush wrote: »

i earn £34k prop is worth around £125K

How much equity is in the current property, what is the deposit that you will put down on the new property and what is its cost?

aayush

well as she has no income and when the original mortgage was taken out she was earning around £9k and now have 1 year child it hard to to go wrk for thus just want joint changed to sole name

BigAunty

A person can only take on a mortgage if they can demonstrate sufficient income to pay it.

aayush

hi big aunty the new prop is a 2 bed flat £236K and depoist is £20K and i wil put the present prop on rent if able to do sole name on present mortg as it will be nest egg as pension

aayush

can i say as when i was living with parents i was paying towards my dad mortgage but mortgage was in his in dad and mums name

aayush

or can u advise of a way that i keep my present prop and then go for 2 bed prop with my income alone fro now and then wife may look for evening and weekend work to help towards new property