Taking over my partners ex-wife's 1/2 of their mortgage

Catherinel2808

Hi,

I'm currently renting a property with my partner. He currently still owns a property with his x-partner. We would like to look to move back to the property in approx 1 year and I'm wondering if there is a way I can take over her half of the mortgage. My wages are the same as hers when they were living in the property a few years ago.

I've been looking online and it seems to be that you can 'assume' someone else's mortgage or part of. The reason they're not selling and my partner and I starting afresh is because the house is currently in negative equity. They took a 100% mortgage an are currently only paying interest as far as I'm aware (I would ask my partner now but it's 5am and he's fast asleep!

They currently rent the property but male no profit due to cost of mortgage repayments (approx £650 a month).

Please help with what our next steps would be and if this is indeed possible.
Many thanks

Catherinel2808

Also not sure if this makes a difference. The property is worth £115'000 (approx).

Dave_Ham

You need to speak to the existing lender, regarding transfer of equity.

Given the negative equity, your options are limited.

I would recommend you speaking to the Ex, as she should be liaible for half the negative equity amount.

Additionally, on this sort of deal I am assuming the lender does not know it is currently rented out so would suggest you tred delicately.

Obviously, once in you need to try and reduce the balance (or increase the value - easier said than done) as that will open up your options to other lenders and I would assume obtain you a better rate..

Good luck

Catherinel2808

The mortgage company are aware it is rented, they've temporarily changed the mortgage to buy to let for now. I guess we will just have to talk to them about our options. I just wasn't sure if there was some sort of set rule or law.