sanityclaus
Registered User
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- 2
I'm wondering if anyone has been down the road I'm planning.
Am separated - spouse in family home - me in rented accommodation. Both want to sell family home & buy 2 smaller homes with the proceeds. Not looking for new mortgage, just keep the one we have & instead of one big house as security there will be 2 smaller ones. Security value would be the same. Bank not playing ball. Insist that 2 new mortgages be taken out for new houses & clear present mortgage from sale proceeds.
Problem is that will not qualify for mortgage anymore, due to changes in finances.
Cannot meet full mortgage for several years but if the monthly rent being paid by me was given to bank then full repayment possible. Cannot get bank to see it this way. They would not be any more exposed than they are now & we could get on with our independent lives.
I would welcome feedback from anyone who has succeeded with this type of arrangement or on how I can push the bank to agree.
Am separated - spouse in family home - me in rented accommodation. Both want to sell family home & buy 2 smaller homes with the proceeds. Not looking for new mortgage, just keep the one we have & instead of one big house as security there will be 2 smaller ones. Security value would be the same. Bank not playing ball. Insist that 2 new mortgages be taken out for new houses & clear present mortgage from sale proceeds.
Problem is that will not qualify for mortgage anymore, due to changes in finances.
Cannot meet full mortgage for several years but if the monthly rent being paid by me was given to bank then full repayment possible. Cannot get bank to see it this way. They would not be any more exposed than they are now & we could get on with our independent lives.
I would welcome feedback from anyone who has succeeded with this type of arrangement or on how I can push the bank to agree.