Can someone offer some advise please?
Friends of mine have split up and they have house together valued at £125000. She wants to walk away if he gives her £25000. (They owe £80000 on house)
He has no savings and to make matters worse has been self employed only since April. He had an excellent work record previously working for the same Company for years as a Plumber before it closed.
He now does Agency work and has been working for the same Company for months with loads of work. (Is this still classed as Self employed in the same way as if you were going out and getting your own jobs?)
Anyway, he spoke to their mortgage lender on the phone about the possibility of taking over the mortgage for £105000 (so he could pay her off) and they wouldn't hear of it without accounts for 2 years.
How would this work if he were to go to another bank and try and get a mortgage for the said amount, as he already is the mortgage holder?
Would it be a case of him buying the house from "himself and wife" as if it had been on the market?
Friends of mine have split up and they have house together valued at £125000. She wants to walk away if he gives her £25000. (They owe £80000 on house)
He has no savings and to make matters worse has been self employed only since April. He had an excellent work record previously working for the same Company for years as a Plumber before it closed.
He now does Agency work and has been working for the same Company for months with loads of work. (Is this still classed as Self employed in the same way as if you were going out and getting your own jobs?)
Anyway, he spoke to their mortgage lender on the phone about the possibility of taking over the mortgage for £105000 (so he could pay her off) and they wouldn't hear of it without accounts for 2 years.
How would this work if he were to go to another bank and try and get a mortgage for the said amount, as he already is the mortgage holder?
Would it be a case of him buying the house from "himself and wife" as if it had been on the market?