Can I buy another property whilst tied into a joint mortgage?

Posted on 17 February 2008

I have an existing joint mortgage with my wife, however she pays the mortgage each month. We have separated and I am looking to buy another property. Will I be able to get another mortgage even though I am still named on the existing mortgage? Thanks. 

Hi Andrew,

You can get another mortgage, however, you are both 'jointly and severally liable' when named on a mortgage, so it's most likely that your affordability will be taken up by that first one mortgage.  Lenders can't really allow you to have more than 4.5x your income as total residential mortgage exposure.

However, if your wife is paying it on her own, and can show that using bank statements, she might have an argument for taking the mortgage alone, and thus buying the property from you and allowing you to move on.

Category: Separation or Divorce

 

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