Mortgage after divorce

rewindrooms

Hey,

I'm currently going through a separation. We have 18 years left on our mortgage (£165,000 to pay). We have 8 years of a 10 year fixed rate left (2.2%). As part of the separation one of us will be coming off the mortgage once we have things sorted (most likely early next year). I have seen that when one person comes off a mortgage the other has to reapply. Would this be just for affordability checks or would is it the norm that the person left on the mortgage needs to take out a new mortgage (which would obviously be much higher than 2.2%, adding a good chunk more onto the mortgage). 

Thanks in advance

simon_or

This is called a transfer of equity, with one person buying out the other. Assuming you meet affordability for the mortgage on your sole income, there is no change to the rate, it just continues as normal. 👍