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Buying house outright from joint mortgage (divorce)
someguy85
Posts: 2 Newbie
Hello, first post on here, ive exhausted google and other avenues and getting no clear answer. Even mortgage broker couldn't really answer (possibly because with wanting to buy outright there was no business in it for them).
So myself and my ex wife are now divorced (approx 2yrs) she has since remarried and now lives with her new husband in his home, I take it its his home and not rented. We still have a joint mortgage on our original contract family home which ive been paying alone along with bills since 2021. We have came to an agreement for a part of the equity which she will be happy with via solicitor. My question is, if I pay her this lump sum and she signs over so its solely in my name, usually I take it this would involve taking out a fresh mortgage since this mortgage term is over and ive been on a variable one for the last year. Would it be possible that instead of taking out a fresh mortgage could I simply have her removed from existing mortgage and just buy the house outright? I will be potentially selling the house in the near future to move away so dont really want to be locked into a long term new mortgage and get hit with fees when I come to sell withing the next year or so.
So myself and my ex wife are now divorced (approx 2yrs) she has since remarried and now lives with her new husband in his home, I take it its his home and not rented. We still have a joint mortgage on our original contract family home which ive been paying alone along with bills since 2021. We have came to an agreement for a part of the equity which she will be happy with via solicitor. My question is, if I pay her this lump sum and she signs over so its solely in my name, usually I take it this would involve taking out a fresh mortgage since this mortgage term is over and ive been on a variable one for the last year. Would it be possible that instead of taking out a fresh mortgage could I simply have her removed from existing mortgage and just buy the house outright? I will be potentially selling the house in the near future to move away so dont really want to be locked into a long term new mortgage and get hit with fees when I come to sell withing the next year or so.
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Comments
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Do you have the money to pay her and the mortgage off?0
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No, you'll be going from a joint mortgage to a single mortgage and will need a new application etc.
when you say - buy the house outright are you paying off the FULL outstanding mortgage?0 -
Hi, yes pay her off outright then buy the house outright/remaining mortgage which is down to around 40k now.
Was more interested if I have to enter into a new mortgage between joint and buying house or if I can go from joint to owning house. Obviously if I have ti get a new mortgage is there a way of taking out a variable mortgage without a set term so if I sell in a few months im not going to get hit with fees0 -
You're jointly and severally liable for the current mortgage so you can just pay it off, and it will be settled and you'll own the house.
You need to get your ex removed from the deeds etc0 -
Best to get a tracker or offset which have no early re-payment fees - may also be able to get interest only...someguy85 said:Hi, yes pay her off outright then buy the house outright/remaining mortgage which is down to around 40k now.
Was more interested if I have to enter into a new mortgage between joint and buying house or if I can go from joint to owning house. Obviously if I have ti get a new mortgage is there a way of taking out a variable mortgage without a set term so if I sell in a few months im not going to get hit with fees
If it's only 40k - perhaps even a personal loan?0 -
Ask your current lender about how they deal with a Transfer of Equity.
When I bought out my ex-husband it was just a check to make sure they were happy I could afford the mortgage by myself and a conveyancing solicitor dealt with the rest and the transfer of the money (which came from me) to my ex after he’d signed the house over2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shadingEverything will be alright in the end so, if it’s not yet alright, it means it’s not yet the endMFW #4 OPs: 2018 £866.89, 2019 £1322.33, 2020 £1337.07
2021 £1250.00, 2022 £1500.00, 2023 £1500, 2024 £13502025 target = £1200, YTD £9190
Quidquid Latine dictum sit altum videtur2 -
When you divorced, was there not a legal financial split all sorted out then ?0
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