Joint Mortage to sole mortge

Emmzi

as OP has already said they want to rent out current flat and move into the new one; he has £20k to put down, less than 10%. Income £35k. We don't know the equity on the current property.

Caz3121

It is just not going to happen

even if you get the current property onto a BTL by finding the money to get the LTV to 75-80% max

new property £236, deposit £20k, mortgage required £216 which is over 6 times income (plus there are 2 dependents)

aayush

well let say i go for mortgage in my name alone say the present lender allows the change for time period the mortgage for new prop will be in my name sole thus the will just need to know my financials details and not both of ours

aayush

Response to Paul the painter

Hi aayush,

Do you have some background to your question? We often find that the question someone asks, is not really the question that needs answering!

You keep saying that everything would be fine if you could transfer the current mortgage into your wifes name only. That is not going to happen, unless she has an income. Banks do not care WHO pays the mortgage, just that the person who applied for the mortgage can afford to pay it - your wife has no income, therefore she can't afford afford to pay it.

Your response to the other posters that have pointed this out, is to say that you will continue to pay the mortgage - that's wonderful, but the bank doesn't care, or more to the point they do care, but will only take your salary into account if you are on the mortgage.

Why do you want this new flat? Do you want to rent it out, or move into it?
i want new flat to live as it a bigger one and will rent out present one
How much is your current property worth, and what is the amount of the outstanding mortgage?
My current prop is worth £130K o/s mortgage is £114K
How much extra deposit cash do you have available? Around £10K

Simon_gloster

Caz3121 wrote: »

It is just not going to happen

even if you get the current property onto a BTL by finding the money to get the LTV to 75-80% max

new property £236, deposit £20k, mortgage required £216 which is over 6 times income (plus there are 2 dependents)

Even with the jt to sole element never happening, this quote is just as important.

On £34k with no kids or debt, I would say £170k mortgage for the OP is irresponsible and would never happen for many a year to come.

Lets put this one to bed, in one yrs time op will be in the same situation as they are now unless they manage their expectations and buy a cheaper property.

Emmzi

aayush wrote: »

well let say i go for mortgage in my name alone say the present lender allows the change for time period the mortgage for new prop will be in my name sole thus the will just need to know my financials details and not both of ours

and you still don't have enough money.

You keep asking the same question in slightly different ways.

Bottom line: you do not have enough money. Either coming in, or as capital.

Yorkie1

aayush wrote: »

well let say i go for mortgage in my name alone say the present lender allows the change for time period the mortgage for new prop will be in my name sole thus the will just need to know my financials details and not both of ours

1. There is no way that the present lender will allow the change. Your OH does not earn sufficient on her own to allow this.

2. You will not get the new mortgage, which is over 6x your income as previously calculated by another poster.

Posters have repeatedly told you that the maths does not add up; please listen to them rather than ignoring them and trying different ways to achieve the impossible.

Paul_the_Painter

I don't think we are going to convince you aayush. Why not just call your mortgage company in the morning and ask them if they will remove your name from your current monrtgage, leaving it just with your wife?

They will give you the correct information.

Also I noticed that the new property is a Shared Ownership, and from what you have said, it seems that it is also part of a scheme that requires you to not own another property. (like most of them)

Have you thought through EXACTLY what you are proposing, it could be construed as fraud. You are wanting to buy a property that is effectively subsidised, and cover up the fact that you already own a flat. At the same time you want to put your current home, into the sole name of your wife, with a standard residential mortgage, and let it out. If you do that you are acting against the terms and conditions of the mortgage.

If that is what you want to do, even if you had enough money for both deposits (which you don't), you would be commiting fraud.

Don't try to "play the system"

Do try to punctuate.