It may well be that there are options open to you. Firstly there’s a difference in the way that some lenders calculate borrowing when an applicant is to remain on a marital home. Some lenders calculate the total borrowing you can get on your incomes and then subtract the amount of the other mortgage, and the remainder is what they will lend you. Other lenders will take the marital mortgage payment as just a monthly committment, which may give a better result for you. There are also those lenders who manually underwrite their mortgages, and can therefore judge each application on its individual merits.
Also your partner could agree to come off the mortgage now, but retain an interest in the property, which wouldn’t have to be paid until his daughter turns 18. This is something that could be set up by the solicitors as part of the ‘Transfer of Equity’ process to remove him from the deeds and mortgage. This would free him of the commitment now, and protect his share of the equity in the property by deferring it, which would hopefully overcome the impasse.
Without knowing the exact figures involved it’s difficult to be more specfic, and I would therefore suggest it’s worth talking in more detail. If you’d like to do so, then please call us on 023 8235 2300.
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