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Category: Property Law
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Mortgage advice - I am 45 years old, salary of £31250. My

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Mortgage advice - I am 45 years old, salary of £31250. My house is valued at £370000, £175000 left to pay, so £195000 equity. Monthly payments of £950, fixed till October 2024. Exit fee 3%. Payments are due to end 2038. I am getting divorced and would like to see if I could reduce my monthly payments. Can I extend the mortgage term and reduce that way?
Good afternoon thank you for contacting Just Answer my name is***** am a solicitor and I will be assisting you today. Were both names on the mortgage?
Customer: replied 9 days ago.
both, with a 50-50 split
Customer: replied 9 days ago.
But he is going to transfer his equity to me as a settlement
It is likely that during the transfer of equity you will need to carry out re-mortgage at the same time. During the re-mortgage process you can explore lengthening the mortgage term. It is not uncommon for mortgage terms to be offered over 35 years in the current market.
Customer: replied 9 days ago.
Can my child maintenance payments count when applying for a mortgage?
Different lenders will have different requirements when considering what amounts to income, however a lot of lenders will take this into consideration.

Hopefully I have answered your question but if anything remains unclear please do not hesitate to contact me further.

Customer: replied 8 days ago.
Thanks, ***** ***** helpful. Just one more quick question - is it possible to extend the mortgage term without having to remortgage to avoid paying the 3% exit fee?
This would be unlikely however you could discuss this with the lender to see if there is another way to avoid the early redemption charge.
Customer: replied 8 days ago.
Ok. Thank you for your help
Glad to be off assistance, if you require any further assistance please do not hesitate to contact me further.
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