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Some mortgage advice

  • sadkipper
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21 Aug 12 #350992 by sadkipper
Topic started by sadkipper
Hi

Hope someone can help/advise me.

My husband recently told me he was leaving me and has now moved out. It was a complete shock and came out of the blue so the last 8 weeks have been pretty awful.

The only area where he is being at all reasonable is with the house. We have been married 14 years and have a mortgage of around 95k. We have an offset mortgage with First Direct at an incredibly low rate.

The house is worth approx 300k maybe a bit more. He has asked me for £50k after taking into account the equity I put in (£40k) and the fact that his pension is worth a lot more than mine.

The question I have is does anyone know what the likely hood of First Direct allowing me to keep the same mortgage is? I could then give him the £50k from the current mortgage and as long as I keep the same interest rate I would have a chance of paying it off before I retire. I am almost 52 and earn around £65k so I should be eligible for a mortgage of around £150k (I hope). If i have to remortgage then I lose the great rate and life looks a bit grimmer. I appreciate I earn a good salary but I am worried about my age plus I am disabled with the chances that I won''t be able to work as long as I may need to.

If this could work then we may be able to do this without spending money on legal fees etc but I really need to get him off the mortgage - I don''t completely trust him!

So main question - are First Direct likely to be happy to take his name off the mortgage if my income is deemed sufficient to pay it?

Thanks for reading, know its a bit incoherent but my brain is completely messed up!!

  • cookie2
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22 Aug 12 #351080 by cookie2
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That is a question you would have to ask First Direct. But I wouldn''t hold my breath. Something as major as taking a name off a mortgage is usually treated like a new application so you would probably get the rates that new applicants get.

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