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Splitting up and sorting mortgages
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Lori2288
Posts: 2 Newbie

Hello,
I am splitting with my partner - we have a house in joint names and a flat that is in my name. Both are due a remortgage. We have agreed to put the house mortgage in my name and I give him the flat equity with the small mortgage that remains on it. I have applied for a remortgage on house and that seems fine. My question is, with the flat, is it best to remortgage in my name as it is and then transfer equity or start a new mortgage in his name. If that is the case is it classed as a new buy as he doesn't have a deposit to put down other than the equity?
Thanks
I am splitting with my partner - we have a house in joint names and a flat that is in my name. Both are due a remortgage. We have agreed to put the house mortgage in my name and I give him the flat equity with the small mortgage that remains on it. I have applied for a remortgage on house and that seems fine. My question is, with the flat, is it best to remortgage in my name as it is and then transfer equity or start a new mortgage in his name. If that is the case is it classed as a new buy as he doesn't have a deposit to put down other than the equity?
Thanks
0
Comments
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The equity will be his deposit.If the intention is that you should not be on the mortgage or the deeds for the flat after the split then I would not remortgage in your name first, it will just be a new mortgage for him.Take care with the timing regarding the SDLT and take advice on any CGT liability.1
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