Transfer of equity

Rooster1st

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.

kingstreet

Is what you need to borrow affordable?

http://www.halifax-intermediaries.co.uk/tools_and_calculators/mortgage_affordability_calculator/default.aspx

Rooster1st

This calculator only gives me a borrowable amount of 36,855.00. Do they not take into account any equity in the property with this.

kingstreet

No. Equity is no help with affordability.

Your income and the outgoings noted therein establish what is affordable.

Rooster1st

The amount varies greatly if number of dependants is reduced to zero. If my daughter who is 17 went to live with my wife the figure is £17000 more and with another £3000 I have in savings makes it just achievable. So if my daughter went to live with my wife at her mum & dad's until she goes to uni in summer would this alter their calculations?