Advice re mortgage following relationship split

mumdad21

My son is currently in the process of splitting with his long term partner but they bought a property together less than 12 months ago. He wants to buy partner out which partner is happy with, but he has been in touch with mortgage provider and they have said that he will now have to go through new affordability criteria.
He wants to stay in the property but is concerned that they say he cannot afford it. If he was to change mortgage provider, is this classed as a remortgage or a new mortgage? Trying to find out what current mortgage rates are around to help him and not sure what to look for.

kiddakidda

One of our broker friends may be advise if this is feasible.

They will need some specifics though, Income, debts, value of property etc.

kxc798

Hello,

I recently went through this myself. I can only talk about my own personal experience but I found the Halifax Bank to be absolutely amazing. I was originally denied the mortgage but they sent it to the underwriters with an explanation as to what had happened between my ex and myself and they allowed it. They have also offered to extend it for a few years whilst my son is still young reducing it by £150 a month. The other recommendation from them which has proven to be invaluable was to subscribe to Experian as it is what they use apparently in order to score customers and it helped me to improve my score in order to help with the mortgage. In fact I went from 15 / 1000 (compliments of my ex) to 989 / 1000 due to the Halifax helping me out.

I wish both you and your son well for the future x

Thrugelmir

Who funded the deposit on the property? Is the ex partner due any money.

The biggest problem may be the lack of second income with the new mortgage based on his alone. What multiple of salary is he looking to borrow. This may give an early indication of the feasibility of the idea. MMR alone hasn't changed the rules to this degree.

mumdad21

Deposit was split 60/40 with him paying higher percentage. He is looking to borrow approx 4 times his salary and looking at figures with him, repayments are viable as he is still managing to save as well as paying 60% of the mortgage and bills.
Thank you for the advice so far.

amnblog

A year in there is more than likely an early redemption penalty to pay if he needs to switch lender.

Just engage a whole of market mortgage broker for the best way forward.