Remortgage/Transfer of Equity to remove ex

MrSteveo

Circumstance
Need to remove ex from joint mortgage, either by equity transfer or remortgage to another provide.
No dependants, children etc
No debts whatsoever
£14000 savings to potentially pay down the mortgage
Experian credit score 999 - Never had any late payments, no CCJ’s etc


House
House Value: £192000
Current Mortgage Balance: £151000 (Nationwide)
Rate: 5.19%
Fixed until February 2015

Income
Main Job: £24892
Second Job: £4218 (only had this for 2 month)
Combined: £ 29110


1. My mortgage is fixed until Feb 2015, can I reserve a mortgage with another provider 6 months in advance of this date using the income from my second job in the affordability check?

2. Do Natwest and Barclays/Woolwhich require me to have worked 6 months in my second job prior to an application?

Thanks in advance your help

JustinR1979

Are you expecting to take on mortgage on your own?
Similar figures when it happened to me, had to put my dad on mortgage.

MrSteveo

Hi,

Yes, at the moment my ex is on the mortgage and I need to remove her from it. I've ran the figures through various affordability calculators and it doesn't seem to be an issue.

Only problem is how long i've been in my second job for. Nationwide require me to have worked for 6 months in my second job.

I did think about putting my parents on it, but they are past retirement age (although mortgage free)

Cheers

amnblog

Get yourself some advice from a broker before you crash and burn on this one.

It sounds like half a dozen loose ends that need tying.

MrSteveo

amnblog wrote: »

Get yourself some advice from a broker before you crash and burn on this one.

It sounds like half a dozen loose ends that need tying.

'Crash and burn' oh dear.. That doesn't sound good

amnblog

It will crash and burn unless you get some decent advice.

Let_Us_See

As long as you wife agrees to be removed from mortgage, then it appears to be a question of affordability - "crash and burn" a little emotive! Even if a lender is willing to accept 100% of second income, it will still be very tight. Perhaps you can save to reduce the mortgage required by Feb 2015?

dimbo61

You are looking at 6 X your main income and 5X income taking both jobs into account ( If a lender will allow that ? )
Not going to happen at 6 X income.
You do have £14,000 to pay towards EX share ( How much is she asking for ? )
By Jan/Feb 2015 you will have six months of wage slips from second job ( not self employed is it ?)
In the mean time save every penny you can and speak to close family to see if they can help.
OR put property on the market in a few months, Sell up after Feb 2015 and move on with your life

MrSteveo

My ex has agreed to come of the mortgage without me paying her anything luckily.

By Feb 2015 I will have £17k in savings to pay the mortgage down if needed.

I was hoping not too have to use all my savings.

Would a lender take into account a guaranteed pay increment to £26k in April 2015?

Let_Us_See

Unfortunately, no.

MrSteveo

I've ran this through the Nationwide affordability calculator and I can borrow £137k over 38 years based on the above.

Do Barclays/Woolwich allow the use of second income? I've tried contacting them over the phone can the chap had no idea?

Can't see anything on there website relating to second jobs as acceptable income?