2nd mortgage due to separation.

cameron99999

Hi.

Just looking for some advice. My wife and I have separated. She is going to buy me out with the help of her parents. However she has said she needs 3 full time wage slips before she can apply for a mortgage on her own. At which point I'll be taken off join the mortgage.

So I currently have enough of a deposit and have just seen an ideal flat however due to my current circumstances would I be able to get a mortgage or will I need to wait the 3 months until my name is off the joint?

Thanks
Cameron

amnblog

That depends on the affordability calculations.

kingstreet

You can certainly apply, noting you will be removed from the existing mortgage prior to completion.

This means your solicitor will not be able to complete your purchase until after the transfer of equity is finalised.

TrickyDicky101

Bear in mind it may not be a straightforward process to get you removed from the existing mortgage - this forum is littered with people stuck on original mortgages with an ex-partner years after the relationship came to an end.

cameron99999

Her parents are going to be giving me my share of equity and as we are still on good terms they have said if i need it sooner then that wouldnt be a problem.

amnblogWould the affordability calculation take into account the fact i on still on the old mortgage or, as she is paying for this on her own could this be excluded? Id prefer it to be excluded as i will be taken of shortly however was looking for help on this?

amnblog

It would included as if you were paying for the lot.

Thrugelmir

cameron99999 wrote: »

Her parents are going to be giving me my share of equity

Being named on and liable for the mortgage is the issue.

bigheadxx

I am in a similar situation and every lender has told me that they will take the full mortgage and monthly payment into consideration. My ex is buying me out too.