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remortgaging
mrmagika2000
Posts: 3 Newbie
Hi Members,
I am in a dilemma, I currently have a joint mortgage with my wife and have had the mortgage for 15 yrs.
last year our marriage was going through some difficulties and we separated for 6 months but now back together living in the same house,
I started my own business in march this yr. and have looked at re-mortgaging to reduce the monthly payments, however we have approached various banks and they are stating that due to me not having an income I am classed as a dependant and therefore will only mortgage the house in my wife's name which means I will have to transfer all the house including my equity.
my fear is that if we encounter marital issues in the future which are not resolvable, that I may lose everything.
please can you advise me on any legal documents that can be draughted up to protect my investment for the last 15 years? or at least some advice.
thanks
I am in a dilemma, I currently have a joint mortgage with my wife and have had the mortgage for 15 yrs.
last year our marriage was going through some difficulties and we separated for 6 months but now back together living in the same house,
I started my own business in march this yr. and have looked at re-mortgaging to reduce the monthly payments, however we have approached various banks and they are stating that due to me not having an income I am classed as a dependant and therefore will only mortgage the house in my wife's name which means I will have to transfer all the house including my equity.
my fear is that if we encounter marital issues in the future which are not resolvable, that I may lose everything.
please can you advise me on any legal documents that can be draughted up to protect my investment for the last 15 years? or at least some advice.
thanks
0
Comments
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Why not simply ask your existing lender what customer retention products it has for existing customers not moving home?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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If you must change lenders now, you may be treated as a dependent on a joint application, but if your wife's income is sufficient to cover the mortgage you need, this may not be an issue.
Use lenders' online affordability calculators to see what can be done. Some lenders take child benefit and tax credits into account too.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Do you have children?0
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As you're married it will make little difference who is on the deeds - all assets are marital so belong to you both regardless of who paid for them.0
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