Mortgage

[Zincaband]

I posted a question a while ago but I didn't really explain myself too well. I don't want to be with my husband anymore. I have found a new partner. I love my house and would dearly love to stay in it with my new partner and my 2 teenage children. However, my husband and I had to get a mortgage on a special deal as we both have bad credit history (which we have both taken great strides to repair), and there is a ridiculously huge early redemption fee. Unfortunately, I cannot simply take on the mortgage myself as the monthly payment is more than I earn in a month (I work part-time). So, would it be possible for my husband and me to sell the house, and my new partner and me to buy it, hopefully being able to get a better deal on a mortgage?

That all makes sense to me but if it's not clear to you let me know and I'll try to explain further.

[loonytunes]

Yes. Take you r enquiry to your lender or another one. It won't be the first time they have heard it.

[NORMANTHEDOG]

the only problem you will face again is your bad credit rating,and that might make it harder for you and your new partner to find a better deal,there are mortgage companies out there for people with bad credit history,just try and find the best one for you.

[gina32]

you dont need to sell the house, have your husband taken off the mortgage and as long as your new partner is working and can afford the repayments put his name on instead, speak to whoever you got your mortgage from or go and enquire somewhere else.

[gina32]

sorry i meant to add, as long as your (ex) husband is agreeable to is, although you may need to take legal advice if he decides he wants some of the equity.

[browneyedgir]

Memory is a bit hazy as was a few years ago I worked in conveyencing but:-

Not sure how you stand with regards to getting a better deal on a new mortgage but you can do a Transfer of Equity as long as you have the permission from your lender. Your new partner will have to be accepted by them and presumably will have to go through credit checks etc just like you did when you got your mortgage. If your lender doesn't do legal work in house you will need to instruct a solicitor to transfer the property from you and your husband to you and new partner. All of this is on the basis that you are not paying your hudband any consideration for his share of the property.

[Zincaband]

Many thanks for all your helpful comments. I am certainly more encouraged. Thank you again.

[themas]

You might have a problem with Stamp Duty Land Tax on the transfer of ownership. The rules are complex & your solicitor will have to advise you whether it will be payable &, if so, on what price.