Mortgage Transfer and New Property as part of Separation

mpaxton78

Ok so the short story is this:
Bought current home 7 years ago solely in my name.
Live with partner and children but we are now going our separate ways.
Plan is for them to remain in the home while I purchase a "fixeruper"
Issue is she doesn't earn enough to be able to take on the mortgage solely in her name.

So the question is would it be feasible to do the following:
- Add my partner to the existing mortgage
- Increase that mortgage to release a deposit
- Purchase a second property in my name
- Later remove myself from the original mortgage

While I am sure this is full of pitfalls can anyone advise if this is feasible or if there is a simpler / more cost effective way of going about it?

kingstreet

She can't afford the mortgage now, but you want to add her, increase the mortgage then try to take yourself off a larger mortgage later?

Are her circumstances going to change sufficiently that that becomes a possibility?

mpaxton78

Sorry Kingstreet I should have been clearer on this point. On paper she has more than enough to cover the mortgage plus the uplift when you account for the "CSA" payments, however I understood this can't be accounted for as an income for a period of time. Plan was to only remove myself from the mortgage once the lender could be satisfied that the income was stable.