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Downsizing. Can I stay on the Mortgage / Go on new one
Okydoky25
Posts: 1,139 Forumite
We are currently looking to sell our house downsize and move to a different area. Since getting our mortgage on this property I have become a Stay at home parent so no income of my own. Even with this the current mortgage is affordable criteria on just my husbands salary so by downsizing this is even more affordable but what about my current situation? Currently am on the mortgage and joint own the property with my husband. Can that continue on the next property or does the property have to be in his name only. Roughly £150k deposit available for next property bringing us down to 60%ltv.
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Comments
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If a joint purchase/mortgage meets lender criteria and affordability no reason not to proceed on that basis.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.1
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