Split = further loan (on mortgage) + transfer of equity (can it be done)?

jammy78

Hi all,

I need some advice!

8 months ago me and my now ex fiancee got a mortgage together to buy a new build.

You guessed it, things have not worked out and we have split :money:

Anyway, I want to buy her out and need to give her 8K but I want to get 10k to give me some cash to pay off some small debts and get this added onto the mortgage.

What is the score with transfer of equity on the mortgage? If I want to take her off the mortgage, will they do it after you pay there charge and get solicitor involved?

Or will they look to see whether I can afford it on my own before they do the transfer?

Because we got a mortgage for £180K and I wouldn't have got this on my own, more like 110K. So will the mortgage people refuse to make me sole owner as on earning I can't afford it? But I plan to either let out the spare room or rent the house out.

Also I need this extra 8-10K, shall I apply for it while both our names are on the mortgage?

Or would it be best to get a secured loan, but I have already got a loan and 2 credit cards and worried I might failed the credit check!!!


Can I get rid of her from the mortgage and keep the house?

Any help / advice will great as I don't know what way to go!

JoeK_3

The answer is that you will need to remortgage to raise the money to buy her out and this will be based on your income.

I assume that you are basing your experiences on the existing lender and this may not be the best route to take.

You should consult a whole of market mortgage broker, who will marry your circumstances up with the best lender.

Post the following info:

Property value?
Loan amount you want to raise?
Your income
Adverse history.

JoeK