We have a £50k mortgage on a property valued at £300k. When we separate I would like to take the mortgage over against a new property to avoid an early redemption fee. I have asked my lender if this is acceptable and they have agreed that it can be done but would be subject to my ex's agreement which would need to be confirmed through a solicitor. I've read that when a property has been sold the mortgage is redeemed and the net asset is then split (in our case 60/40). This calculation would give me less towards a new property and I would have to pay the redemption fee. Can anyone tell me why it works out differently? Could it just come down to what we agree if I take the mortgage on and my ex is discharged of the mortgage debt as an individual and we then split the remaining equity after moving costs are deducted.? Sorry hope this makes sense! Any help gratefully received.
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Divorce/separation
Can I take over the mortgage without it affecting my share of the equity?
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Pippinlongsocks · 08/02/2013 10:46
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