We had done mortgages for Jack a few times in the past for him and his wife. So it was sad to receive a call to say he and his wife Chloe had now separated. Jack wanted to transfer the house in Bristol into his sole name. They had agreed to split the equity in their home between them 50:50.
The idea then was for Jack to arrange a remortgage in Bristol to buy out Chloe. Pay off the current mortgage and also raise a small additional amount to pay off a credit card debt.
Jack is an HGV driver, and he was concerned about whether he would get a mortgage in Bristol or not. His credit history was excellent. However, he had changed employers a few times during the past 18 months, including a period of self-employment.
Back when Jack called, he was actually between jobs, but he had an offer of a new role with one of the companies he had worked for in the past.
I explained to Jack that while some Lenders need you to have been in your current job a certain length of time or require you to prove you have had 12 months’ continuous employment.
In any case, others can accept a job offer letter, coupled with a contract of employment signed by both employer and the new employee.
When you are removing someone from the deeds, this is called a transfer of equity, and there is more legal work to be done that if it were simple like for like remortgage.
Luckily, in this case, the split was reasonably amicable. The house got transferred into Jack’s name, and Chloe received her share of the equity. Which she went on to put down as a deposit on an onward purchase
If you can relate to this scenario and need some specialist mortgage advice in Bristol. Get in touch and we will see how a Mortgage Advisor in Bristol may be able to help.