Divorce & mortgage advice needed

Flosswoss

Hi can anyone help... I'm getting divorced & trying to think outside the box in order for both me & ex to be able to buy a house each. We have 2 mortgages on our current house (joint). Is it possible for each of us to have 1 mortgage each so that we can port them individually into the next houses we buy?
Hope that makes sense?! Thanks.

Caz3121

Flosswoss wrote: »

We have 2 mortgages on our current house (joint). Is it possible for each of us to have 1 mortgage each so that we can port them individually into the next houses we buy?

are they particularly good interest rates or do you have redemption penalties? the 'port' part refers to the product not the amount so you would both still be assessed on affordability on single income even if this was possible

Flosswoss

Currently have 4 years left on fixed rate so would have penalties. I doubt I'd be able to buy out ex & keep house by increasing mortgage due to income level. Waiting to speak to financial advisor but thought someone might have done this before?

kingstreet

You don't have two mortgages, you have one mortgage and that is split into two sub-accounts.

I believe only one of you will be able to port the rates from the old mortgage to a new one, if you meet the lender's affordability requirements and other criteria.

The one not porting will be asked to give written consent to the port.

As always, you need to check your lender's policy.