Splitting up - getting another mortgage

newnhak

I am splitting up with my partner but the joint mortgage is a problem. It is a fixed term and finishes this August. We owe about £24K and the house is worth £65K. My annual earnings are £25K.

Would it be possible for me to get another mortgage for a second property whilst this one is still running? It just doesnt make sense to me to pay all the early redemption penalties when there is less than 6 months to run? I thought this way he could just remortgage in Sept and then pay me what I am owed at that point.

Any thoughts as to why this would or wouldnt be possible would be helpful.

Thanks

homer_j_3

The best thing to do would be wait until august and then let the OH buy you out but if you have a deposit without the money from the buy out then you could get a 2nd mortgage but your 1st mortgage would need to be taken into account as part of the amount you can borrow on the 2nd.


The other way if you have no deposit would be to do a transfer of equity and remove your name but the costs for that may not make it worth it.

Both these circumstance assume that your OH can afford to maintain the mortgage on their own and pay you what is due.

newnhak

Thanks for the reply - presumably as we are both liable for the full amount owing on the original mortgage, what I could borrow would be reduced by £24K?

I can raise about £8k for the deposit.

I know it would probably be best to just stick things out but sometimes that is easier said than done isnt it!

OH does not currently have a job but he is sorting this.

silvercar

If OH does not have a job, the current lender is very unlikely to allow your name to be removed from the mortgage.