Transfer of mortgage

Hi all,

Myself and my spouse bought the 2 bed apartment in Nov 2006 for 264k with a 92% mortgage. Last August we remortgaged in order to pay off all our previous personal and car loans; so we took 239k for property over 30 years and 31k top up loan over 5 years.


Our circumstances have unfortunately changed and we are going to separate.

She wants to keep the apartment and I agreed not to ask for any money back since we have a child together; so she does not have to do any buy-out or anything like that. I also agreed to pay 31k over 5 years and we agreed to transfer the ownerwhip and a mortgage loan into her sole name. She makes just over 40 k per year. I presume we have to check this with the bank; has anyone a similar experience?


Things are amicable between us and we can easily discuss these issues. Any thoughts?


Regards

You will need to check with the bank to see if they will allow your wife to take on the mortgage by herself.

Not wanting to bring a downer, but if her salary is 40k, the mortgage is almost 6 times her salary so the banks may be reluctant to transfer that level of debt to her alone..

Talk to your bank - they'll be able to answer your questions best.