mortgage advice

angiebbz

My husband and i are separating and i cant afford to stay in the home myself, he is gonna keep it on while i look for alternate accomodation with kids, does anyone know if my name can be taken off the mortgage?

shop-to-drop

You will need to ask the mortgage provider. If your husband earns enough they should have no problem.

Kelzabells

If your husband earns enough, he should be able to buy your half out, therefore you will be entitled to a cash sum. See a mortgage advisot and also get 3 separate estate agents around to value the property, and go from there.


Good luck.

angiebbz

Thanx so much x

kingstreet

The party to remain in the mortgage should approach the lender for a transfer of equity. If there's sufficient equity, a sole remortgage with a new lender may also be used to repay the current mortgage to get a lower mortgage rate and/or to purchase the leaving borrower's share of the property.

If the borrower's income is sufficient to maintain affordability, the lender will permit the change, or accept the remortgage application.

At that point, the matter will be passed to a solicitor for the transfer of equity to be completed. Once both parties have given their agreement, the leaving borrower is removed from the mortgage and the deeds to the property so they have no further interest in it.

A transfer of equity typically costs between £400 and £600.

Thrugelmir

Have you consulted a solicitor. Suggest you stay in the property for the time being.

p00pieb0tt0m

Would second consulting a solicitor. Many years ago(more than 20) when my Mum and Dad divorced, Dad was obliged to keep a roof over our heads.

Thrugelmir

p00pieb0tt0m wrote: »

Would second consulting a solicitor. Many years ago(more than 20) when my Mum and Dad divorced, Dad was obliged to keep a roof over our heads.

Welfare of the children is the priority.