Posted on 16 May 2012 by Ruth
My husband and I are separating. We have a number of buy to let properties. The family home is worth approx 500,000 with an interest only mortgage of 320,000 with about 15 years left until it needs to be settled. I would like to move into one of our buy to let properties and so would need to redeem the buy-to-let mortgage that's raised on it, and raise an interest only or repayment mortgage on it instead. This property is worth approximately 180,000 and the mortgage is 130,000. I am currently employed, is it possible to have a second 'residential' mortgage? It would be in my name only, the mortgage on the family home is in my husband's name. Thank you.
If the mortgage on your current home is in your husband's name only then there is no reason why you should not be considered for a mortgage in your name only.
Lenders will need to be convinced that you are separating and not simply trying to get a cheaper mortgage on a property that will remain let out. How you achieve this will ultimately be up to the Bank/Building Society you apply to, but I expect a Solicitor's letter should suffice.
I believe we can help you and that you would benefit from speaking to one of our independent mortgage advisers. Please call 0344 346 3672 and tell the consultant the date and title of your question, they will then be able to help you find the right mortgage for your situation.
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