Transferring my mortgage to my ex

Craig660

getmore4less wrote: »

They may also insist on repayment. Then term may need changing.

Can you give me further details on what you mean? Thanks

getmore4less

thye may not allow the mortgage to continue on an interest only basis if she takes it on on her own.

Craig660

getmore4less wrote: »

thye may not allow the mortgage to continue on an interest only basis if she takes it on on her own.

Ok thanks for clarification, that would be a big problem if that was the case.

mrginge

getmore4less wrote: »

thye may not allow the mortgage to continue on an interest only basis if she takes it on on her own.

I would put the chance of being able to remain on IO at about 0%

Craig660

mrginge wrote: »

I would put the chance of being able to remain on IO at about 0%

That doesn't sound good.

I am not up to speed on mortgages rates and payments, but i am estimating this will be at least a £2-300 rise in monthly payments?

chelseablue

Im no expert but I would also think they would insist on a repayment mortgage, not interest only

mrginge

Craig660 wrote: »

That doesn't sound good.

I am not up to speed on mortgages rates and payments, but i am estimating this will be at least a £2-300 rise in monthly payments?

Just looking at the basic MSE calculator -
25 years, 3%
IO - 412
Rep - 782

Craig660

mrginge wrote: »

Just looking at the basic MSE calculator -
25 years, 3%
IO - 412
Rep - 782

Thanks.

This isn't looking great for me.

Is there any other options for transferring, if she was to get a guarantor etc?

[Deleted User]

Craig660 wrote: »

That doesn't sound good.

I am not up to speed on mortgages rates and payments, but i am estimating this will be at least a £2-300 rise in monthly payments?

Does she have a lot of outgoings? On a £35k is she's struggling on that amount and has other outgoings the bank wouldn't lend anyway. I have similar income (mine includes Tax credits and child maintenance) and I know I can afford the repayments but the bank won't lend what I need to be able to keep my house

Craig660

dalo wrote: »

Does she have a lot of outgoings? On a £35k is she's struggling on that amount and has other outgoings the bank wouldn't lend anyway. I have similar income (mine includes Tax credits and child maintenance) and I know I can afford the repayments but the bank won't lend what I need to be able to keep my house

Hi Dalo,

No she doesn't have any other repayments, so thats the only area itv is positive by the looks of it.