I will be going to a bank and estate agents to talk about this but just wanted to get some feed back from this forum first to give me a head start.
I currently have a mortgage with my ex (we still live in the same property) i would like to get another mortgage so I can start my life again but am concerned I wont be able too. So here are a few questions....
1. Would I need to get my name taken off the current mortgage so I could get a full mortgage?
2. If I took my name off the mortgage would the mortgage lender re-calculate my ex-partners wages to see if she could still afford it or would they just continue the mortgage?
3. Would I need to say I was living at a different address if I wanted to get a mortgage as I have one at this address?
You can have as many mortgages as you like as long as you have the ability to keep up the repayments on the mortgages. With that in mind you would need to disclose to any potential lender that you are already paying a mortgage and they will want to know the details before lending you money. Yes, you can keep it a secret, but the Banks and B.S. get very tetchy if you don't disclose this info.to them and in the worst possible case can foreclose on you and leave you in financial difficulties.
Originally posted by weavers: 1. Would I need to get my name taken off the current mortgage so I could get a full mortgage?
That depends what you mean by a "full mortgage".
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2. If I took my name off the mortgage would the mortgage lender re-calculate my ex-partners wages to see if she could still afford it
Yes.
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or would they just continue the mortgage?
No. However, lenders can be quite lenient when one partner is being left with the mortgage on a property if they can prove they can afford the actual outgoings. As an example, about 13 years ago my ex needed to borrow something like 4.5x his salary to be able to afford to buy me out. At the time lenders were only going up to 3.5x salary for a single borrower. As he was able to prove that he could afford the mortgage plus all the bills (as they were a known quantity) by himeself, they agreed to lend him the money.
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3. Would I need to say I was living at a different address if I wanted to get a mortgage as I have one at this address?
This question confuses me. A mortgage is a loan against a property that you are buying where the lender holds a charge over that property. If you wish to get an additional mortgage on the property you are still living in with your ex then she will have to be a party to that mortgage. If the property is in joint names, then you cannot borrow against it in your sole name.[/QUOTE]
