2nd mortgage advise

benh33

Hi I would like a little advise please , 2 years ago I got a mortgage with my ex partner , all in my name as her credit was crap , her family gave deposit , we split up and she lives there with my daughter , I want to get the mortgage out of my name and into hers , so I can get my own house again. I was wondering what I could do , if there is nothing would there be a chance of me getting another mortgage , I am a self employed electrician , also the mortgage I have is up for renewal soon.

Dave_Ham

Hi there,

It is difficult without seeing the full picture, although given a few considerations below.

You cannot transfer the mortgage into her sole name, you will have to add her and then remove yourself further down the line. Either that or you will need to "sell" to her, which may indeed incur Stamp Duty and additional legal costs

You will not be able to do anything legally as your Daughter resides there, so above is your only option but will depend upon her credit score, income, commitments and sometimes appetite to take on a mortgage. Depending upon Parents ages, she could put them on there to protect the deposit.

You could potentially achieve a second mortgage, but will depend upon your deposit (as a % of purchase) credit score, declared income, how long self employed, other commitments amongst other things.

All the best