Mortgage for newly divorced

smoyes

I am now divorced and we are just about to put the house, which is in joint names on the market. I should have a reasonable amount of equity (I hope) and I have been named on the previous mortgages so I would think that should make it reasonable easy to get a mortgage in my name, however, the current mortgage is on a fixed rate till June 2009 and has penalties if it is paid off early, is there anyway out of this under the circumstance, as I did not forsee this happening when I set it up. Are they likely to still apply if I take out my new mortgage with the same company even though it will be for considerably less?

poppy10_2

I'm afraid unless you can port the mortgage you will have to pay the ERC.

Mr_helpful

Yes penalties will apply. perhaps you could agree to rent it out until the deal ends and then sell it