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Answered on 17 February 2016 by Nick Morrey
I am now divorced and have a child with my ex wife. She now lives in the old marital home of which we have a mortgage on in joint names. I now live with my new partner and we want to buy together. Can I still do that if I have a joint mortgage with my ex wife?
Subject to you meeting a lenders overall affordability calculation, there shouldn't be anything stopping you getting a joint mortgage with your new partner, the main question is how much they'll allow you to borrow.
Lenders will look at things like how much maintenance you are paying, and also the amount of the mortgage you have on the ex-marital home. Some lenders will subtract this from the total amount they would look to lend you, while some others will treat the monthly mortgage payment as a commitment, annualise it and deduct it from your salary.
This type of enquiry is always a tricky one, and being able to maximise your borrowing, and getting the right deal is imperative. As John Charcol is an independent, whole of market broker, we don't just deal with the major well known lenders, we also have very strong relationships with those lenders who manually underwrite cases, which means that they can judge each one on its individual merits.
If you'd like to find out more about what you may be able to do, then please submit an enquiry and we'll arrange a convenient time for you to speak to one of our consultants.
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.