Shared ownership - existing mortgage issues

gostosa86

Hi, I am looking to buy a flat through the shared ownership scheme. This requires that I do not have an existing mortgage. I am recently seperated from my partner who is remaining in the house we bought together but I am on the mortgage. She is on a very low income. Can anyone offer any advice on how I can transfer the mortgage into her name (with me continuing to pay for most of it) so that I can take out a new mortgage for the shared ownership property?
Thanks in advance!

angjaw

Sorry I can't answer your mortgage query.

However, I am 22 years into a shared ownership property. With hindsight I would never have done it.

My rent on the 50% is twice my mortgage. However, I have had to pay all the maintenance on the house which now needs re-roofing and new windows

They not only get the rent as a sleeping partner, but also benefit from the huge amount of equity in their share of the house I have to maintain!!

Definitely conned

kingstreet

The lender will not remove you from the mortgage if she is unable to afford it in her own right.

gostosa86

Are there any lenders out there that will consider her various incomes:
- rent from a flat she owns
- small net profit from a home run business
- monthly maintenance payments from me (non court ordered currently)

Thanks again!

kingstreet

She either asks your current lender, or asks a broker for advice on a lender which may be able to help. He will explain what evidence she would need to produce to have the income considered.