Buying husband out - does it have to be same bank mortgage going forward?

[Talith]

Stupid question probably. Bank we are with seems a bit meh about lending me the amount I'd need to buy husband out. Looking on line and based on my income and the amount I need it seems a lot more likely I could get the new mortgage for the remaining balance on the existing, plus pay out to X, plus 10k for improvements, from a different provider and actually at a better rate.

But how does that work with giving the amount to him for his share of equity and getting my wedge for improvements? Presumably providers give on the basis you're spending it on bricks and mortar not that part of it is a cheque to give to an X. Or, as long as the original mortgage is paid off anyway, and you're meeting the payments on the balance, that money just becomes an available credit to be used for whatever.

Halp! Confused! It's been so long since I got a mortgage I can't remember how it all works.

I remortgaged last year to buy out my ex - kept with same bank but needn't have done, just that it was a good deal. There was no issue with me borrowing the money to help pay the ex. I used a conveyancing solicitor as you would do if you were moving house - on 'completion' date they organised the funds transfer to pay my ex using the mortgage money and some extra money from my savings - the deeds for the house were then transferred into my name. Hope that helps.

I remortgaged to buy out ExH. Original mortgage was with Halifax and I am now with Nat West. I had to pay a hefty early redemption fee but other than that there was no hassle changing banks.

When I split with my ex, I had to take on a new mortgage, the lender we had was insisting on his name staying on the deeds, that way if I defaulted, they would still have him to go after for payment.......that was not on!

I went to the Yorkshire building society and they were amazing, I had a 'fresh start' mortgage. I took out extra for the legal stuff and to have a bit of long outstanding work done. And had interest free for 6 months! I don't know if they still have this particular product still available, but might be worth asking. They helped me through all the stages at a very difficult time, the manager made the whole process very easy for me.