thirdparty
Registered User
- Messages
- 6
Anything is possible. but generally lenders tend to be very slow in agreeing to what you propose. As things stand both parties are liable on the loan and you are probably aware that Jim may have a legal right to 50% of any equity. Divorce agreement should clarify what leagal rights he has.
Even if this is resolved the relevant Bank will have to agree to grant a new loan to Jim's ex in her sole name to refinance the existing loan. I have come across some situations where a compromise on the Int rate has been agreed. I.e. Tracker rate retained but at an increased margin. This can be negotiated with the Bank. They will not be a party to any side agreement re leaving the house to children. This will be outside any remortgage issues on the property. Priority at this time is Jim's willingness to co-operate with any agreement and Mrs Jim's ability to repay any restructured mortgage on her own!
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