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Risk of taking a mortgage solo
Charliebird
Posts: 54 Forumite
Morning!
This is probably going to sound a dumb post but here goes anyhow!
DH is in a dmp. We would like to remortgage as we are currently on interest only and a stupid high rate with Bank of Ireland. However DH has had a recent unsuspecting default which has scupper our chances for two years.
I am considering remortgaging on my own. It looks like we could go back on a fixed repayment for two years for less than we are currently paying on interest only. I earn £60k per annum and the remortgage would be or £173k. However what are the risks I face and how can I mitigate them?
1. DH does a runner ( highly unlikely but a risk!)
2. I lose my job but DH is still working and his salary should cover the mortgage
3. He loses his job - I would not be able to cover the mortgage and the dmp.
4. He is unable to work and can't contribute financially.
The house is in our joint names but the mortgage would be in mine.
Is there anything I have missed?
Thanks all as ever
This is probably going to sound a dumb post but here goes anyhow!
DH is in a dmp. We would like to remortgage as we are currently on interest only and a stupid high rate with Bank of Ireland. However DH has had a recent unsuspecting default which has scupper our chances for two years.
I am considering remortgaging on my own. It looks like we could go back on a fixed repayment for two years for less than we are currently paying on interest only. I earn £60k per annum and the remortgage would be or £173k. However what are the risks I face and how can I mitigate them?
1. DH does a runner ( highly unlikely but a risk!)
2. I lose my job but DH is still working and his salary should cover the mortgage
3. He loses his job - I would not be able to cover the mortgage and the dmp.
4. He is unable to work and can't contribute financially.
The house is in our joint names but the mortgage would be in mine.
Is there anything I have missed?
Thanks all as ever
0
Comments
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Yep - as you have a financial association already I assume the default will impact you anyway (a broker here can confirm)0
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You would have to take mortgage and home ownership into one name. You can't have more owners than there are borrowers.
Your credit situation may be affected by your partner's if you are "linked" financially by joint accounts and commitments.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 -
We are currently linked on the mortgage and that's it. So if I remortgage and take him off of the deeds we will no longer be financially linked.
So can anyone see any other risks?0 -
You are linked - when your new lender credit searches, as per above, your partner's default may well affect you.0
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Thanks Andy I hadn't realised that!0
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