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Newbie with a question
MissIndependent_2
Posts: 10 Forumite
Wondering if anyone can advise me please.
Right basically I currently own a property with my now ex partner which is about to go on the market. The mortgage on the property is for £90,000 and I expect to get £105,000 for the property (its going on the market for £112,000) based on the £105,000 price my share of the profit after expenses would be about £6,000. I would like to keep the mortgage we currently both hold (due to a hefty redemption penalty). The mortgage I have with my partner can be transported to another property but I would need to remove his name from the mortgage. I would need a mortgage for about £53,000 and according to the bank who I have a mortgage with they would only lend me about £50,000 (based on taking out a new mortgage) do you think that given the circumstances and the fact I would have to pay a redemption on my current mortgage they would allow me the other £3,000. This might become irrelevant should I manage to get more money for my current home but I am looking at worst case scenario!!!
Hope this makes sense! And I would appreciate any ideas!
MI
Right basically I currently own a property with my now ex partner which is about to go on the market. The mortgage on the property is for £90,000 and I expect to get £105,000 for the property (its going on the market for £112,000) based on the £105,000 price my share of the profit after expenses would be about £6,000. I would like to keep the mortgage we currently both hold (due to a hefty redemption penalty). The mortgage I have with my partner can be transported to another property but I would need to remove his name from the mortgage. I would need a mortgage for about £53,000 and according to the bank who I have a mortgage with they would only lend me about £50,000 (based on taking out a new mortgage) do you think that given the circumstances and the fact I would have to pay a redemption on my current mortgage they would allow me the other £3,000. This might become irrelevant should I manage to get more money for my current home but I am looking at worst case scenario!!!
Hope this makes sense! And I would appreciate any ideas!
MI
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