Posted on 31 March 2011 by David Mitchell
My and my ex split 4 years ago. We have a joint mortgage together and she lives in the property. As I moved out I sought legal advice and my solicitor stated I did not have to make mortgage payments as I do not live there. I have advised my ex partner that I am happy for her to take my name off the joint mortgage and she can have the house without paying me any equity, etc. Unfortunately she cannot afford to take on the house as a sole mortgage, therefore I am still on the mortgage but want to look at getting my own property. I do not want to go through courts if i can help it as we have 2 children together who live with her so do not want to put pressure on them. Is there any way of me getting a reduced second mortgage for myself or other alternative routes I can take.
You will need to declare your existing mortgage to any new lender and they will take it into account when calculating how much you can afford to borrow. They will do this by either adding the combined debts together or by taking your existing mortgage payments as a monthly commitment. Either way it is going to result in a reduced amount for your new mortgage.
It may be possible to get a slightly higher mortgage by agreeing to take in a lodger. There are a few lenders who will allow you to take in 1 or 2 and will use the income derived to boost your earned income.
I believe you would benefit from speaking to one of our independent mortgage advisers. Please call on 0344 346 3672 and tell the consultant the date and title of your question. They will be able to look at your situation and advise you accordingly.
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.