Divorce and mortgage

Bilisa1309

Hi guys,
Hope someone can help me here

Ok, basically 7 years ago my husband and myself took a mortgage out, we used a broke who found us a mortgage at ridiculous high interest rate, but due to his age...49 and we had no deposit it seemed the only way we could do it. So the house was 120,000 we borrowed 130,000 altogether for the house, the deposit and a but to spend in the house.
Ok so after 2 years we separated, I left the house and husband kept it in and paid the mortgage. Now, he wants to leave the house and travel Europe with his new partner and settle probably in France. He is saying I can have the house and he doesn't want me to buy him out, just take it over.
It has been valued at 120,000 and the settlement figure on combined mortgage/loan is 118,000 so it just balances.
Can we do this?
Myself and my new partner really want to, it's a home for my children to stay when they visit, and our only chance to own our own home, ex really wants to do it, he sees it as his only way to get out and set off on his new life.
Legally can we do it?
I don't think I'd get a mortgage as I'm now 48 and my new partner doesn't earn enough to get a mortgage alone.
Main thing is we could afford the repayments, even at the ridiculously high interest it is at at the minute

Aaaargh....help please?

~Beanie~

You can get a mortgage at the age of 48, you might just have to have it over a shorter term.

You can't just take over the mortgage though, you would have to apply for your own.

bryanb

Who's name is on the existing mortgage?

Bilisa1309

Both names are on the mortgage and the deeds.

ethank

Do you earn enough to support the mortgage on you own or with a partner?

Bilisa1309

Yes me and my new partner can easily cover the mortgage. It's not much more than we've been paying in rent for the last 3 years.

Bilisa1309

Hi again,
Just bumping this in case someone who can help missed it?
Cheers

~Beanie~

You need to speak to a mortgage broker. Assuming you both work and have a good credit history, you should be able to get a mortgage.

Bilisa1309

Thanks. So does it have to be a mortgage then. Obviously over a shorter term as I'm 48?
Is there no way at all ex can just sign his half over to me?

Thrugelmir

New mortgage will require a new full application.

Can your new partner help inject some more equity into the property?

chirpchirp

Seeing as your name is on the mortgage already you need to see a solicitor to draw up a deed of transfer. Then your ex husband signs over his rights in the property to you. The issue that could arise is if your ex-husband wants his name off the mortgage. You would then need to apply to the mortgage company for this to happen who will want to check your mortgage ability on your own or with your new partner (depends if you want his name on the mortgage too). Hope this helps