Taking over mortgage

petunia100

After a trial seperation my husband and I have decided to separate. I own 3/4 of the property and would like to take over the mortgage of £30,000 on a property worth approx 230,000.

I get some benefits and my husband pays me money for the children and I know I could afford the repayments of £240 per month.
However as I do not work at the moment because I have young children I wondered how likely it would be for me to get a morgage without a job.

TwelfthMan

How old are the children?? Would be more likely to be looked on favourably if the child support was done thru either a Solicitors Letter, Court Order or CSA. Some lenders will also allow Tax Credits and Child Benefit but you will need to be fully underwritten by your mortgage lender when you apply for your Transfer of Equity.

Conrad

As a rule of thumb lets assume lenders lend 3.5x income.

With so much equity some lenders will not need any proof of income, but if they so wish they may insist the maitenance income is under court order.

The basic principle you want to keep in mind when making an application is that lenders need to demonstrate they are lending responsibly, and the mere fact you have equity does not at all indicate the loan would be responsible.

Be aware if you use a broker the commission will be very low, but the work quite involved and moreover the responsibility upon the broker from a regulatory stance will be considerable as you would be deemed a high risk category (in the regulators eyes). This could well mean a decent broker able to properly bring about your deal will charge a fee.