Take partner off mortgage/deeds

EverHopeful1

Hi,
A rather complicated mortgage situation here.... Some help would be greatly appreciated.

My husband and I have a mortgage on a house together.
He wants to buy another flat, but the mortgage on the flat must be in his name only.
The bank won't lend him the money while he's on the joint mortgage for the house.
I can easily afford the mortgage payments on the house on my own, but the two mortgage companies I've spoken to (halifax and santander) won't allow me to take him off the mortgage and the deeds while he still lives here at the weekends.

Any suggestions as to what we can do or if any other lenders would consider this?

loveka

I went quite far down the line with Nat West in doing this exact thing. We didn't do it in the end, but we had gone as far as solicitors letters for him to sign and no one had asked if he was still living in the house.

You know it is not just a case of affording the payments, but earning enough to take the whole mortgage in your name? Assume you do as you have spoken to some already.

You should maybe go and see a mortgagr broker. The person we saw was great, I felt a bit guilty when we didn't go ahead meaning no fee for him.

HappyMJ

EverHopeful1 wrote: »

Hi,
A rather complicated mortgage situation here.... Some help would be greatly appreciated.

My husband and I have a mortgage on a house together.
He wants to buy another flat, but the mortgage on the flat must be in his name only.
The bank won't lend him the money while he's on the joint mortgage for the house.
I can easily afford the mortgage payments on the house on my own, but the two mortgage companies I've spoken to (halifax and santander) won't allow me to take him off the mortgage and the deeds while he still lives here at the weekends.

Any suggestions as to what we can do or if any other lenders would consider this?

Is the flat for your husband to live in? A second home...

Instead of talking direct to lenders how about speaking with a broker who knows a bit more about mortgage companies and whether they are wiling to lend.

It's certainly possible but you just need to know who to speak to.

EverHopeful1

Thanks for the replies.
My husband will be living in the flat in the week while working, and then at the house at weekends.
I can comfortably afford the mortgage in my own right, and it's only when the lenders discover my husband will be partly living there that a problem crops up.

Loveka - did you not go through with it because you struggled to find a lender?

Our experience with fee free brokers so far has been appalling. We've had 3 who don't listen, don't call us back and generally don't seem interested in helping us. Perhaps because we're not a straightforward case but I've lost all faith there!
We have previously seen a financial advisor who I'd love to use but it's going to cost us over a grand in fees for the two mortgages. That's increasingly looking like money well spent!

Thrugelmir

EverHopeful1 wrote: »

I can comfortably afford the mortgage in my own right, and it's only when the lenders discover my husband will be partly living there that a problem crops up.

Your husband will continue to have a financial interest in the property. Which in certain circumstances puts the lenders security at risk.

loveka

No, we found a lender- Nat West and also a broker found another who would do it. We were offered a new deal by our mortgage company and took that instead.

As I said, Nat West didn't even ask if he would still be living in the house.