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Help. Mortage & Land Registry Advice please
HayleyGreen_2
Posts: 1 Newbie
My partner went bankrupt a year ago. I purchased his equity in the property, all done through the insolvency practitioners. Now our fixed rate deal has ended I need to get a new mortgage and know that will be virtually impossible if his name is on it too. Am I right in thinking that I need to take his name off the deeds? Also how do I go about taking his name off our current mortgage? Is it straightforward or will I have to go through my earnings etc? I'm not confident that I could even get a mortgage on my own.
House has been valued at £175k, currently have a mortgage of £137k. I'm company director of a company that started a year ago (last year I earned £20k from this job, expected the same if not more this year) and £12k part-time as a PA. I'm currently on maternity until July so would be looking to remortgage in July when I go back to work if I can,
What do you think is best?
House has been valued at £175k, currently have a mortgage of £137k. I'm company director of a company that started a year ago (last year I earned £20k from this job, expected the same if not more this year) and £12k part-time as a PA. I'm currently on maternity until July so would be looking to remortgage in July when I go back to work if I can,
What do you think is best?
0
Comments
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Even if you could prove your company income, your total income would be 32k. Three and a half times your earnings would by 112k, in the current climate I can't see anyone lending you much more than that on your own.
It may be possible to get a mortgage with your partner as you have equity in the property, see a broker.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Which company is your mortgage with?
Your first point for remortgaging should be to go to your existing mortgage company to see what if any new deals they will offer you.
You can then speak to a WOM broker to see what if any deals are out there, that you qualify for.
What shareholding do you have as the company director? How has your part-time income been affected by being on maternity leave?0
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