Ex-Partner on Old Mortgage, We Want a New One
Answered on 10 December 2017
Hi, my partner and I are looking to buy our own home together however we have recently been to the bank to be told that as he is still on his existing mortgage with his ex wife its not possible for us to have a mortgage. She is refusing to buy him out and refusing to Sell the property that she resides in with there 9 year old daughter. She wants him off the mortgage but isn't prepared to buy him out to do so. And she's happy to wait until the child is 18 and then sell the property. My partner will not walk away with nothing Do we have any options at all ?
It may well be that there are options open to you. Firstly there's a difference in the way that some lenders calculate borrowing when an applicant is to remain on a marital home. Some lenders calculate the total borrowing you can get on your incomes and then subtract the amount of the other mortgage, and the remainder is what they will lend you. Other lenders will take the marital mortgage payment as just a monthly committment, which may give a better result for you. There are also those lenders who manually underwrite their mortgages, and can therefore judge each application on its individual merits.
Also your partner could agree to come off the mortgage now, but retain an interest in the property, which wouldn't have to be paid until his daughter turns 18. This is something that could be set up by the solicitors as part of the 'Transfer of Equity' process to remove him from the deeds and mortgage. This would free him of the commitment now, and protect his share of the equity in the property by deferring it, which would hopefully overcome the impasse.
Without knowing the exact figures involved it's difficult to be more specfic, and I would therefore suggest it's worth talking in more detail. If you'd like to do so, then please call us on 0330 433 2927.
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Ask The Mortgage Experts answers are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them. We recommend you seek professional advice with regard to any of these topics where appropriate.