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Buying out/giving property & mortgages

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ThisIsGoingWell
Posted by
Senior Member

09 Jan 25 #524857 by ThisIsGoingWell

Topic started by ThisIsGoingWell

My wife and I are now negotiating settlement of our assets (no court involvement) which involves our marital home and one additional property.
It's being proposed my wife would end up owning the 2nd property as part of the settlement and the marital home will be 'bought out' by myself.

Both properties have existing mortgages in both our names.

My question is, can an existing party on the mortgage be removed or would new mortgages have to be arranged to take effect as soon as the ownership changes? The whole thing sounds a bit fiddly so how does it typically work?

Thanks for any insight/advice.

WYSPECIAL
Moderator

10 Jan 25 #524862 by WYSPECIAL

Reply from WYSPECIAL

It depends on the lender, their lending criteria and the financial circumstances of the person wanting to take on the mortgage.
If the lender won’t agree to release one of the borrowers they either have to remain on the mortgage or it has to be repaid by borrowing elsewhere.

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