MOVING MORTGAGE AFTER DIVORCE

[Threecrookedhearts]

Hi, probably didn't word my title correctly. The issue is I'm divorcing my runaway husband and although I desperately want to stay in the FH. Unfortunately whilst I can probably just afford the mortgage on my own (and could get it transferred to my name only) I can't offer anything at this stage to buy out stbx. I have to look at least the option of moving and as I took out a fixed rate last December for 5 years (he ran off with OW a month later!) we're on a great fixed rate. Would I be able to take this rate with me (assuming he'd agree which he would) to a new property. The mortgage is actually in 4 parts as bits and bobs added to mortgage over the years and I'd only wish to take 2 of the mortgages with me and would pay redemption fee on the other 2. Hope that makes sense. I think in theory I should be able to do this but as mortgage currently in both names and I wish to take it on by myself I just wondered if anyone else had done this and knew if it was straightforward?

I don’t understand the “in theory you should be able to do this” part.
You can’t just “transfer” a mortgage to your name. You have to be approved for the mortgage and if you say you can “just” pay it, is that realistic to expect it to be approved?

My XH re-mortgaged when I left the FMH and certainly kept the same mortgage and rate. It had nothing to do with whether I “allowed” it - it’s entirely to do with the bank. I had to sign to come off the mortgage, but not bank was going to ask my permission on him keeping the rate! You can also often keep a rate when porting it to a new purchase - but you need to talk to your lender, nobody can tell you for your circumstances.

So are you proposing that you buy somewhere cheaper with a mortgage, and he gets his share of the equity on sale? Has that share been agreed between you? Have you fully decided on Consent Order - including pensions? It sounds like not.

Are you planning to redeem 2 mortgages from the equity in the house on sale?

It doesn’t sound simple I’m afraid, and it sounds like you’re jumping the gun on the Consent Order decisions?

Speak to a mortgage broker for advice on what’s realistic. Good luck!