Mortgage after seperation

Posted on 6 September 2008

my wife has left the home she wants half of the value of it, there is 3years left on my morgage to pay £34489.52,.i also have an endownment policy which is due to to make up the shortfall in 3years time ,is there any penalties for this , i want to buy her share out, i would be grateful for any help thanks

Hi John

Thanks for your question.  First things first, will you pay penalties on your current mortgage?  Well this is fully dependent on your particular mortgage product.  To get a definite answer you will need to call your existing lender.  When you do this, have to hand your account number and full property details so that they can find your details easily.

Secondly, buying your wife’s share of the property.   This is a fairly easy remortgage process.  The amount you can borrow will depend fully on your income, credit commitments and your property value.  To work out a rough guide take the annual cost of your commitments away from your annual salary and multiply by 4 – please remember this is a rough guide only and will be subject to your property value and lender criteria. 

If you need further help please do give our brokers a call on 0845 4131053, they would be delighted to help you.

All the best

Category: Separation or Divorce

 

Answers provided in response to Ask Bea are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not neccessarily represent the views, positions, strategies or opinions of Charcol Limited. All comments are made in good faith, and neither Charcol Limited nor Bea will accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.

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