Mortgage transfer

semma19

Hi
I know I should talk to my broker about this but I want to be prepared and also we haven't broken up yet...
Long story short I think my relationship may be at an end however we are in the middle of buying a house together. I currently have a mortgage on my flat (and am selling the flat) and am putting down 80k deposit against his 5. Taking into account the joint mortgage this would mean I own 65% of the property. (overall, we're putting down 30% of the house's value).
However I lost my job so don't currently have one. We have been granted a mortgage in joint names and have a deed of trust for our tenants in common purchase.
How likely is it that I could get the new mortgage transferred to me? Do I absolutely need a job? I should be contracting soon so should have money coming in. I still want the house as I could afford the repayments on my own as long as I am working, and could buy him out.

Thrugelmir

Mortgages aren't transferred they are applied for (from scratch). Lenders won't assess affordability on the same basis as yourself. Is the lender aware that you've lost your job. As this needs to be declared to them.

Personally I'd quit the process now of purchasing anyway given your thoughts on your relationship.

Caz3121

stephanieemma wrote: »

How likely is it that I could get the new mortgage transferred to me? Do I absolutely need a job? I should be contracting soon so should have money coming in. I still want the house as I could afford the repayments on my own as long as I am working, and could buy him out.

Your post is unclear about the planned timelines...are you still planning on purchasing the property together with the mortgage offer you have? (and do they know you have lost your job?) Is he aware that you believe the relationship is ending?
when are you planning to buy him out?...if contracting you will need a couple of years accounts first

If you are asking whether you can use the joint mortgage offer for a single purchase with no income...no, you would submit a new application and be assessed on your income and affordability

semma19

The lender does not need to know I lost my job as we borrowed on his salary only, just in joint names. Regarding my current mortgage I dont believe I need to tell them as it's still getting paid.
He does know we are in a difficult position personally. Wondering if we could complete purchase then transfer to me only? Is that possible?? And re contracting I would be using an umbrella company to get paid

Thrugelmir

stephanieemma wrote: »

The lender does not need to know I lost my job as we borrowed on his salary only, just in joint names. Regarding my current mortgage I dont believe I need to tell them as it's still getting paid.
He does know we are in a difficult position personally. Wondering if we could complete purchase then transfer to me only? Is that possible?? And re contracting I would be using an umbrella company to get paid

Joint mortgage, joint application. You both signed a declaration on the application form. (Did you bother to read it? ) Part of which was to the effect that you would let the lender know if there was any material change in circumstances.

You obviously didn't read the earlier replies. No transfer. You'll need to reapply in your own right.

AnotherJoe

stephanieemma wrote: »

Wondering if we could complete purchase then transfer to me only? Is that possible?? And re contracting I would be using an umbrella company to get paid

No it isn't (as said earlier), mortgages aren't transferred they are applied for. From what you say you have no hope of a mortgage at present.

Pack the whole purchase in now why spend a bunch of money now and then spend even more 5 minutes later to undo it all.

semma19

I didnt have a job when we applied so no we dont need to tell them.
So my only hope really is if he allows his name to remain on it til I can get my own mortgage. We've already spent fees etc why waste them on giving up the purchase?

Kynthia

stephanieemma wrote: »

I didnt have a job when we applied so no we dont need to tell them.
So my only hope really is if he allows his name to remain on it til I can get my own mortgage. We've already spent fees etc why waste them on giving up the purchase?

If you buy jointly with someone you are splitting up with its going to cost you a whole lot more to unpick everything. If you want to own on your own you'll have to apply for a loan in your own name, pay fees again, and get your partner to agree to sell their share to you. All this isn't guaranteed to happen so will you be happy jointly owning and being financially linked for months or years?

AnotherJoe

stephanieemma wrote: »

I didnt have a job when we applied so no we dont need to tell them.
So my only hope really is if he allows his name to remain on it til I can get my own mortgage. We've already spent fees etc why waste them on giving up the purchase?

Unless you've exchanged already, then there will be further larger costs you would be needlessly spending. Such as stamp duty on your transaction. Several thousand pounds. And then when you sell, there will be estate agent fees.again, thousands.

Why on earth would you want to move into one house together, giving up your property that you already own, with additional costs, if you are splitting up!?

Unless there's something you aren't telling us. Are you getting a new job? Do you think it would pay enough to enable you to afford this new house on your own? What will you earn, what size of mortgage would you need.?

Would your ex partner be willing to sell it to you ?what if he wants it and you end up Ina messy legal case? Does he know you are planning to split or is your plan to entrap him into buying the house so you can then get it ? Because otherwise your plan makes no financial sense. The fact you've spent money already is irrelevant, that's a sunk cost, it's what you are preventing losing in the future that matters.

semma19

Yes I am expecting to be in a job that would enable me to afford it on my own. I can already afford to buy out his share of the deposit. We have discussed it and he would not want me to lose the house. I don't think there would be stamp duty to pay as half of the mortgage that he 'owns' plus his share of deposit is about 108,000.
Maybe we are both being silly but we acknowledge the state of our relationship but also feel we've come this far and he feels if I can afford it all, he doesnt lose out and he helps me as houses in our area get snapped up and prices rise all the time. It's a perfect house.

semma19

He would never want my share as he cannot afford to buy out my 80k deposit and also he is not from the UK if we split he would go back to renting in central london where he works.