Divorce and mortgage

Bilisa1309

Thanks.
That's how I was kinda hoping it would work.
It seems the easiest way, he gets his new start and I get the house with the mortgage 8/9 years paid off.
The mortgage people get their money, everybody happy!
Simple!
Or too simple?

Bilisa1309

I think he probably would. He doesn't want a claim on the house, he doesn't want to live in it as he's going abroad and if I'm prepared to take it on then it still there for our children when the time comes

kingstreet

It has been valued at 120,000 and the settlement figure on combined mortgage/loan is 118,000 so it just balances.

There's no equity, so suggestions of a broker, or a remortgage, are pointless. No other lender is going to take this on. I'm ignoring the secured/unsecured issue deliberately. There still wouldn't be enough equity for a remortgage, even if the loan was left in situ and the rate allowed to go to base + 8%, as we're all pretty much guaranteed this is NR Together...

In the first instance, ask the current lender about a "one off, one on transfer of equity". You want to remove your former partner and add your new one, to the mortgage and the deeds. You can't do one without the other.

If the lender is willing to consider this, then you would appoint a solicitor to handle the legal work, once the mortgage approval has been given. The cost of this transaction, including a reasonable lender fee is about £1,000.

Establish which solicitors are on your lender's panel, then shop around and see what they quote for the job.

4.78%? Ridiculously high interest?