taking over Mortgage - advice Please

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butterfly12

Guest
Hello everyone, i am new here so please bear with me.

I am separarting from my spouse and i plan on asking the bank can i take over the mortgage. Now the thing is I work part time and I wont be able to pay the monthly charge. So would the bank extend the mortgage so I could pay less each month? I have no other loans. Have any of you been in this situation? I know I have to speak to the bank but I just want an idea of what to expect. Thanks for reading.
 
Unfortunately it is quite difficult to do this, you are basically wanting to take out a new mortgage and you will need to meet the banks lending criteria on income at the moment. On a part time income this is unlikely especially as the bank will not even base the decision on the actual payments versus income but on stress tested payments to allow for what would happen if interest rates increased. Extending the term may help but is there much scope there to extend it? If your spouse has an income then the bank are very unlikely to remove his name from the mortgage. Sorry to be so negative but unfortunately there are lots of people in the same boat these days.
 
Hi thanks very much for your reply. I have made an appointment to speak to the bank, there would probably be around 10yrs scope to extend the mortgage - would this help? My spouse is setting up their own business so they are in a worse position than I am. I will keep you all posted of what the bank says (fingers crossed). Again appreciate your reply
 
Ten years is a good bit of leeway anyway. It will all boil down to your income and outgoings, if you qualify then the fact that your spouse's income is not established might make it easier to get the bank to remove them however I have come across very few cases where it worked out but best of luck with it anyway.
 
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