Mortgage transfer

SavingSteve

You get a mortgage for whatever you need to borrow to pay the old mortgage off and pay off the other half, less what your willing to put in in cash. The amount you owe you other half and what the bank base the loan to value of the mortgage on is the new property value. That is not the mortgage amount. All subject to what the bank may be willing to lend you, if at all, at that time. That is if they haven't discovered your fraudulent mortgage application by that time, then all bets are off.

getmore4less

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).

just checking
deposit £85k=30% mortgage £198k = 70% total £283k

(80+(198/2))/283 = 63.25%

close enough to 65% as you will have probably rounded the numbers.

if you are to become 100% responsible and paying the mortgage then his share is only the £5k so your liability to buy him out stays sensible even with big increases in value.

you need to make that Trust deed rock solid including your right to take on the property as soon as you can get a loan in your name only.

Your biggest risk is he goes AWOL.

There have been a few of those on her.

Caz3121

stephanieemma wrote: »

I would have thought I could get my own mortgage for 200,000 and privately settle with him what we agree he owes.

whilst the house value will come into the mortgage amount, you also need to consider income multiples and affordability.
It is worth having a look at some mortgage calculators with your single intended income to see what the maximum mortgage would be
Is your current mortgage offer for a fixed rate? how much would need to be paid in penalty if you end the agreement before the fixed rate term early
I assume you are/will be a high earner and the property is a one of a kind as this plan will likely cost more in the long run than backing out the sale and waiting till you are working and buying on your own when you are sorted

semma19

I know he would be entitled to any increase in value.
I asked my broker and you CAN apply to put the mortgage in a single name. It would NOT be a new application based on the current value. The current value would only affect how much I would give my ex. Just thought you'd all like to know

semma19

If I backed out it is unlikely I'd find a house this good at this price in the future so would probably end up costing me the same either way. It is a v popular area, the good ones get snapped up.

SavingSteve

stephanieemma wrote: »

I know he would be entitled to any increase in value.
I asked my broker and you CAN apply to put the mortgage in a single name. It would NOT be a new application based on the current value. The current value would only affect how much I would give my ex. Just thought you'd all like to know

Thats what everyone has been telling you all along

Thrugelmir

stephanieemma wrote: »

It would NOT be a new application based on the current value.

The question is will you meet the criteria and be able to borrow enough to take out the new mortgage required in your own right.

zagubov

stephanieemma wrote: »

If I backed out it is unlikely I'd find a house this good at this price in the future so would probably end up costing me the same either way. It is a v popular area, the good ones get snapped up.

OP, you have allowed yourself to get too obsessed with this would-be home, and you seem to be overlooking the extremely complicated financial and legal difficulties this joint mortgage could cause.

When I read about the complicated predicaments home-owners have on these threads I often wonder how they got into such an inevitably awkward and profoundly miserable situation in the first place. This reads like the kind of "reasoning" that could be the start of such a situation.

This may be the right house but it's definitely the wrong time, and no amount of wishful thinking can change that. Please don't do this.

goodwithsaving

I know you're putting money in, but it sounds like he's being used a bit. I've been through the same but so badly wanted it to work. It didn't. It was heartbreaking selling up and moving on, and would have been easier had we not bought.
There are many houses but believe me, you will regret a. either being financially tied into a relationship you don't want to be in or b. always wondering if things could've worked under less pressure.

Selling a house or even buying someone out, and separating doesn't give you enough time to heal. Only now am I grieving, long after the actual separation, because I previously didn't have headspace to while conveyancing was underway.

This is assuming it didn't get very messy.

Focus on the relationship and abort the buying process.

ViolaLass

For clarity, OP, the amount you owe the bank doesn't increase because your house's value increases (and no one suggested that it does).