We had done mortgages for Craig 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 Emma had now separated. Craig wanted to transfer the house in Hull into his sole name. They had agreed to split the equity in their home between them 50:50.
The idea then was for Craig to arrange a remortgage to buy out Emma. Pay off the current mortgage and raise a small additional amount to pay off a credit card debt.
Craig is an HGV driver, and he was concerned about whether he would get a mortgage in Hull 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 Craig called, he was actually between jobs, but he offered a new role with one of the companies he had worked for in the past.
I explained to Craig 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 remove someone from the deeds, this is called a transfer of equity, and there is more legal work to be done.
Luckily, in this case, the split was reasonably amicable. The house got transferred into Craig’s name, and Emma received her share of the equity. Which she went on to put down as a deposit on an onward purchase
Suppose you can relate to this scenario and need some specialist mortgage advice in Hull. Get in touch, and we will see how a Mortgage Advisor in Hull may help.