Remortgage possibilities

Rusty79

Hi. Me and my wife we are separated now for 2 years. We have joined mortgage together and I want my name taken off from that mortgage so I can get mortgage on my own. Problem is she took a loan for car last year and if bank ask her to clear that loan off she can't do that. That mean she won't be able to remortgage house . I don't want her to lose that house. What options do we have? Thank you for your advice.

csgohan4

Depends on her income and how much is owing on the mortgage


If she took out a car loan that will affect her affordability


Generally can only borrow x4.5 of your income not including current debts/loans


Another possibility is selling the house and splitting the proceeds


Do you have children together as that will affect things too

foxy-stoat

Will the bank ask her to clear the loan though? It will just affect the affordability - have you actually spoke to your lender about her taking on the mortgage on her own?

Thrugelmir

Rusty79 wrote: »

Hi. Me and my wife we are separated now for 2 years. We have joined mortgage together and I want my name taken off from that mortgage so I can get mortgage on my own. Problem is she took a loan for car last year and if bank ask her to clear that loan off she can't do that. That mean she won't be able to remortgage house . I don't want her to lose that house. What options do we have? Thank you for your advice.

Have you had a financial consent order drawn up to divide the assets you own?

Rusty79

Just done appointment with bank today so will see what they going to tell her. Thank you for your help.