Taking over mortgage from ex-partner

Windsorcastle

Following split from partner, she is returning to her sole-owned home, which she was renting out. I want to stay in our jointly bought property which we currently live in. We own unequal shares.

I want to take over the mortgage, but to extend the term so that I can afford the repayments. The actual amount is definitely within my borrowing range, but we took it out for 9 years as my partner will be approaching retirement age then. I am 10 years younger, and can only afford the repayments on my own if they are spread over a longer term.

Is this quite a common situation for mortgage lenders to deal with and can anyone suggest what we actually need to do? We will need to sort it all out together as her original borrowing was against her home and she will need to switch back from an interest-only to a repayment mortgage on her own property. So the finances on the 2 properties are currently linked.

But does it sound feasible for me to take over the mortgage in my name and extend the terms for an extra 5 years or so?

We would then obviously need to recalculate our respective shares of the property.

-taff

Getting a mortgage depends on your affodability, so if you can afford to borrow an amount, then you'll get one.
You'll have to get the property valued, and see how much you need to buy her out first, if that's what you're suggesting.
If what you're suggesting is that you only take over the mortage repayments, then to extend the term is remortgaging, and you need her to be on that too.

Thrugelmir

Try some online lenders calculators. That will give you an indication. Peoples understanding of affordability differs to that of the lenders/regulatory view. Borrowers tend to be optimistic in their view.

Windsorcastle

Thanks for the replies. We have a fixed rate due to run for another year, so presumably remortgaging now would mean an ERC plus a new arrangement fee. I'll need to give this more thought as to the most cost effective way for us to do this.