Mortgage transfer

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  • #56046 Report

    Meatball
    Participant

    Quick question; assuming my soon  to be ex agrees,  could our mortgage be transferred into my name so I complete the term. I can’t afford to buy him out now and I can’t afford a new mortgage. Would we have to agree on a trigger point for sale and then he takes his percentage?

    #56086 Report

    JoW25
    Participant

    Yes, doing this myself now. Your lender will need to check you can afford it on your own and then you’ll both need a solicitor to complete the “transfer of equity”. There’ll be a further step to agree how much his share should be on sale. I’d recommend getting your house valued now so you know what numbers you are working with.

    #56106 Report

    Meatball
    Participant

    Thanks for the response.  Our children are young, 4 and 7. Did you have to agree on a trigger point for sale, such as your youngest turning 18? That’s a long way off for us so not sure he will agree to that. Our mortgage also only has 11 years remaining,  not sure what happens in that circumstance?

Viewing 3 posts - 1 through 3 (of 3 total)

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