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Buying out ex husband from a joint mortgage?
myfairlady
Posts: 121 Forumite
Good afternoon,
I'm looking for some advise please?? I have a joint mortgage with my ex-husband and I'm hoping to buy him out. Can anyone tell me if I have to stay with my current mortgage lender (not tied into any deals at present)? I would like to re-mortgage and add another person. Is it as simple as taking out a new mortgage, paying off the old one and passing the money across to my ex? I've never done this before, so sorry if it's an obvious answer. Many thanks in advance.
I'm looking for some advise please?? I have a joint mortgage with my ex-husband and I'm hoping to buy him out. Can anyone tell me if I have to stay with my current mortgage lender (not tied into any deals at present)? I would like to re-mortgage and add another person. Is it as simple as taking out a new mortgage, paying off the old one and passing the money across to my ex? I've never done this before, so sorry if it's an obvious answer. Many thanks in advance.
The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart....
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Comments
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You can go to any lender you wish.
May be good to get a broker to talk you through it especially if affordability is an issue.0 -
Thank you for your reply, I am planning on going to a broker as I'm sure that they make life much easier! Another question (probably equally as silly!), can I remortgage with a different person on the mortgage to pay off the original mortgage with my ex's name on it?The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart....0
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Yes. Think of this as starting from scratch again.
Of course, all subject to meeting the lender criteria0 -
Just read your posts from a few years ago.
If you are still on interest only this will need to be changed to a repayment as io is very rare these days.0 -
Many thanks. I'm definitely looking to get off the interest only....it served me well for many years but I'm ready to move over to a repayment now. Thanks for your helpful advice.The best and most beautiful things in the world cannot be seen or even touched - they must be felt with the heart....0
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Yes, it is treated as a new application so you can go to any lender and add another person whilst removing your ex husband, A broker will be the way forward to determine which lender is best placedI am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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