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    • berkshireguy
    • By berkshireguy 6th Dec 17, 10:45 PM
    • 3Posts
    • 0Thanks
    Separating from wife - buying out options
    • #1
    • 6th Dec 17, 10:45 PM
    Separating from wife - buying out options 6th Dec 17 at 10:45 PM
    Hi there,

    Sadly my wife and I have decided to separate. We have a mortgage together and, unfortunately, signed a 5 year fixed deal with Santander 18 months ago (seemed a great idea at the time, but not so now).

    What we'd both like is for me to buy her share of the house out, and me take on the mortgage. However, having spoken to Santander, they've said that based on my earnings alone, they can't lend me enough to cover her share.

    Has anyone else ever been in this situation or have any knowledge of further options? I always thought there would be a way to get additional lending based on the house's current value (the price of the house has increased 40% since we took out the mortgage 4 years ago). Like you can with a re-mortgage, Is this not right?

    If not, does anyone know if it's possible for both of us to re-mortgage based on the house's current value - enough to pay off her share, and then transfer the mortgage to my name. I know I would have to prove to Santander I could afford the re-mortgage myself. But has anyone else ever done this?

    Other than these options, the only other options are 1) sell the house and pay the termination fee, or 2) one of us purchase a new house and transfer the mortgage to our new property so we don't have to pay the termination fee.

    I'm a little lost and don't feel Santander are being particularly helpful to our situation, so any advice/experience would be appreciated!
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