Posted on 18 February 2013 by Ronnie
Hi I have a mortgage solely in my name, and no longer live in this property My ex wife lives in the property and would like to take over the mortgage from me and have my name removed from the deeds. Is this possible?
What you are looking to do is fairly straight forward, whereby, your ex-wife would actually buy the property from you for a 'concessional purchase price', which is to say that the price she would pay you is the amount of the mortgage balance, rather than the full market value. The one thing that you didn’t mention is whether you are happy gifting her any equity that there is in the property?
Subject to your ex-wife meeting their standard criteria there are a number of lenders in the market who are more than happy to lend on this type of transaction.
If you'd like to know more, then please let me know and I'll arrange a convenient time for one of our consultants to speak to you.
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