Transferring my mortgage to my ex

pollyanna24

If she needs to go on a repayment mortgage, but would struggling with the payments, would an option be for her to extend the term of the mortgage?

Craig660

pollyanna24 wrote: »

If she needs to go on a repayment mortgage, but would struggling with the payments, would an option be for her to extend the term of the mortgage?

Hi Polly,

Thanks for the suggestion, is this an option or a question for other members to reply to?

pollyanna24

Craig660 wrote: »

Hi Polly,

Thanks for the suggestion, is this an option or a question for other members to reply to?

A bit of both really.

If she is able to take on the mortgage by herself, but the bank is refusing to let her do this unless she takes on a repayment mortgage, I wondered if there was scope (either in her age or how long the mortgage was originally taken out for) for her to extend the mortgage in order to make the payments more manageable?

I have just bought my brother out of our property, and to make (one of) my mortgage more affordable, I extended it by 5 years and the payment came down (only by about £50, but every little helps!).

Thrugelmir

Does your ex have a new partner who could be added to the mortgage application.

Does she have savings that could reduce the amount that needs to be borrowed. Your ex may have been reluctant to pay the mortgage while you remained on it.

The alternative option is that your ex sells and buys another property that's within budget. As it's her interests as well to remove you from the mortgage. As matters stand you still own part of it.

Craig660

Hi,

I don't think that will be an option, but I will ask the question.

No savings as far as I know, or none that should would want to put into the property.

I don't think she will sell either as she won't have a deposit to buy another, as there is very little equity in the flat.

Craig660

mrginge wrote: »

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

So I have called the bank again and the figures are:

10 years left on mortgage.

3.99% Standard variable rate which is £649.47 PM on a mortgage of 164k.

So realistically speaking, it would be around the £950 mark?

betmunch

Craig660 wrote: »

So I have called the bank again and the figures are:

10 years left on mortgage.

3.99% Standard variable rate which is £649.47 PM on a mortgage of 164k.

So realistically speaking, it would be around the £950 mark?

How did you get that figure?

Just quickly on the figures you gave, I get 1650pm

No way will Halifax agree to that even if your ex wanted to.

It's clear you are grasping at solutions and working yourself up. The way to figure this out is not to give snippets of info to the Internet, but for the 2 of you to meet with a competent broker.
They will assess the situation and make it easy to move forward, or not, as the case may be

Craig660

betmunch wrote: »

How did you get that figure?

Just quickly on the figures you gave, I get 1650pm

No way will Halifax agree to that even if your ex wanted to.

It's clear you are grasping at solutions and working yourself up. The way to figure this out is not to give snippets of info to the Internet, but for the 2 of you to meet with a competent broker.
They will assess the situation and make it easy to move forward, or not, as the case may be

these were the figures given to me by the bank, I worked out the remaining part of the mortgage myself (10 years)

I will double check what is left.

Would you recommend going through halifax for the broker or external advisor?

betmunch

Craig660 wrote: »

these were the figures given to me by the bank, I worked out the remaining part of the mortgage myself (10 years)

I will double check what is left.

Would you recommend going through halifax for the broker or external advisor?

Halifax don't use brokers, they only have their own advisors/salesmen.


I would suggest you take your mortgage paperwork to an independent broker and tell them the situation.


They should either tell you to go back to Halifax to sort it, or suggest a remortgage to sort it, whichever is best for you.


The important thing is that you both hear the solution first hand and you are both there to agree a way forward.

Craig660

betmunch wrote: »

Halifax don't use brokers, they only have their own advisors/salesmen.


I would suggest you take your mortgage paperwork to an independent broker and tell them the situation.


They should either tell you to go back to Halifax to sort it, or suggest a remortgage to sort it, whichever is best for you.


The important thing is that you both hear the solution first hand and you are both there to agree a way forward.

Thanks for the advice.

Any ideas how much a broker would charge for this service ?