Edenbridge14
Registered User
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- 19
Hi folks
I was looking for some advice on Family Home etc
Basically 4 bed house is worth 500,000. Current tracker mortgage remaining is 75,000 with BOI the repayments are 700 a month and approx 7 years left.
There is a self contained granny flat on side of house which we converted ourselves about 12 years ago - it generates income of 800 a month and comfortably covers mortgage and insurances etc.
Its a HAP tenant and all above board with tax, BER and all documented.
Now the husband is retired, aged 67 and his occupational and state pensions collectively generate an income of 500 a week - 2000 a month - 24,000 a year
The wife is in employment earning 45,000 in public sector but looking to invest in another property for her pension etc as she is only in work force last 5 years
In order to 'free up' her affordability, they couple are looking at transferring the mortgage to husbands name solely but keeping both names on the deeds as its the family home. 'Kids' are 20 & 17.
Ideally the wife can get a mortgage in her own name for 3.5 times her salary once she applies in her own name
She has deposit of 50,000 so looking to purchase a house in region of 200k ironically with a garage on side and complete similar upgrade on house to family home - a granny flat to bring in extra income etc
Any advice on removing wifes name from joint mortgage with BOI - is it a simple step as not transferring ownership of property.
Many thanks
I was looking for some advice on Family Home etc
Basically 4 bed house is worth 500,000. Current tracker mortgage remaining is 75,000 with BOI the repayments are 700 a month and approx 7 years left.
There is a self contained granny flat on side of house which we converted ourselves about 12 years ago - it generates income of 800 a month and comfortably covers mortgage and insurances etc.
Its a HAP tenant and all above board with tax, BER and all documented.
Now the husband is retired, aged 67 and his occupational and state pensions collectively generate an income of 500 a week - 2000 a month - 24,000 a year
The wife is in employment earning 45,000 in public sector but looking to invest in another property for her pension etc as she is only in work force last 5 years
In order to 'free up' her affordability, they couple are looking at transferring the mortgage to husbands name solely but keeping both names on the deeds as its the family home. 'Kids' are 20 & 17.
Ideally the wife can get a mortgage in her own name for 3.5 times her salary once she applies in her own name
She has deposit of 50,000 so looking to purchase a house in region of 200k ironically with a garage on side and complete similar upgrade on house to family home - a granny flat to bring in extra income etc
Any advice on removing wifes name from joint mortgage with BOI - is it a simple step as not transferring ownership of property.
Many thanks