Take over Mortgage after ex??

djman

Bunch of questions here guys!

Split with my ex and wondering is there any hope of taking over the mortgage in my own name? On paper I couldn't get a new mortgage but is there any rule or something where they might let me do this? I know it's essentially applying for a new mortgage and I wouldn't get this?

Also if taking over the mortgage with my new partner what do they count as income?
Wages obviously, would they count child maintenance or any other benefits like that??

Thanks

Mr. Loverman

There are no exceptions. If you wouldn't qualify for the full mortgage on your own, you won't qualify for your ex's share.

Sorry to hear about your situation.

andreac

Nope, unfortunately you have to qualify to take over full mortgage.
Same thing happened me and i had to get my mam to go on with me as i couldnt qualify by myself.

seamus

Also note that if you're in negative equity, it would make sense to have your ex buy you out for the privilege of leaving the mortgage.

Mr Wood

Hi

I think you might find the bank sympathetic to your situation. The last thing the bank wants is a long drawn out tussle with you and your former partner. I went through the process and found my lender quite accommodating. They may see it as easier to go along with your plan than risk having a debt struggle with bickering co-loanees.

Also, it is not a new mortgage, it is a case of removing one name from the deeds and leaving the other name on, handy if your on a good interest rate. This was so with my lender anyway.

All income is considered so long as it is documented e.g maintenance though they may differentiate between child and spousal maintenance.

Best of luck!

andreac

Mr Wood wrote: »

Hi

I think you might find the bank sympathetic to your situation. The last thing the bank wants is a long drawn out tussle with you and your former partner. I went through the process and found my lender quite accommodating. They may see it as easier to go along with your plan than risk having a debt struggle with bickering co-loanees.

Also, it is not a new mortgage, it is a case of removing one name from the deeds and leaving the other name on, handy if your on a good interest rate. This was so with my lender anyway.

All income is considered so long as it is documented e.g maintenance though they may differentiate between child and spousal maintenance.

Best of luck!

Sorry, but it is kind of like applying for a new mortgage as the op has to qualify for the mortgage they are left with themselves now and the banks have to see that you can manage the amount by yourself.

Similar happened to me and i couldnt qualify for the amount myself so luckily i had my mam to go on it with me or we would have had to sell up and owe the bank money as we were in neg.equity.

Mr Wood

andreac wrote: »

Sorry, but it is kind of like applying for a new mortgage as the op has to qualify for the mortgage they are left with themselves now and the banks have to see that you can manage the amount by yourself.

Similar happened to me and i couldnt qualify for the amount myself so luckily i had my mam to go on it with me or we would have had to sell up and owe the bank money as we were in neg.equity.

Like I said andreac, it was the case with my lender. It is still the same mortgage I am paying, term of loan and interest rate. I did have to fill out forms and stuff but again I'd say to give it a go. No harm in proposing to take on the mortgage going solo.

Anyway hopefully a resolution can be found!

liger

Have a chat with your bank, they might ask you to pay the mortgage on your own as it stands for 6months to prove you can actually handle the burden on your own.