Transfer of equity
edited 31 January 2017 at 6:35PM in Mortgages & endowments
4 replies 778 views
My wife and I have seperated and so she can get a mortgage on a new property she wants to transfer the joint mortgage we currently have over to me. The current mortgage is with the Halifax and we have £40,800 outstanding with 11 years & 6 months until it is paid off. Current monthly payments are £354 a month & I would estimate the current market value is £110,000. I am 50 years of age & earn the paltry amount of £15000 a year plus a bit of overtime. My wife only wants £ 15000 to transfer the house to me which would add that sum to the existing outstanding sum which would presumably take my mortgage up to £55,800? We have an appointment with the Halifax to discuss whether the transfer is viable. I presume I would be looking at extending to a further 25 year mortgage? We have always paid this mortgage every month and also the mortgage we had on our previious house which we had for 12 years. We have only had one loan for a car in all that time which we paid off every month & have no other debts.Any pointers on this would be greatly appreciated.
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