Putting a Charge on a property....

bicesterboy

Hi,

I am named on a mortgage (with my ex partner) and I want to get my own mortgage (age is not on my side, I am 49).

The house in London (a 5 bed) is also the home of my two children (8 & 14) and I've no wish to sell the house or disrupt their lives if I can help it.

We have agreed to sell the property when my youngest is 12 and split the property 40/60 in her favour but that is 4 years from now.

Can I get myself removed from the mortgage now so that I can make use of the government help to buy schemes that will start next year and get my own mortgage again?

I'm wasting money on rent at the moment, I earn too much to get a shared ownership property but not enough to get a reasonable deposit through savings.

I'm happy to continue to pay my percentage on the mortgage if I am removed, so that my children can continue to live there, and ideally I would like my financial interest in the property to remain, and grow, but i've been told I cannot get a new mortgage whilst i'm still on my London property.

She does not have another partner.

Thanks for any help or advice in advance.

kingstreet

The only way the lender will remove you is if she can afford the payments alone. She'll be vetted, as if she's applying again.

bicesterboy

Thank you Kingstreet. Will putting a charge on the property benefit me in any way and what exactly is a charge and what does it do?

Is it possible to have two mortgages?

If I can help it I really don't want to put the kids through any stress but I really need to get myself on the property ladder again even though it will be the bottom rung again...

Let_Us_See

Pointless considering charges before establishing if ex-partner is able to afford current mortgage solely in her name. If not, lender will not release you from mortgage any charge questions become irrelevant.