Title Split Mortgage Implications

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My wife and I are looking at the implications of a title split on a property we own.

We have obtained the necessary permissions and nearly completed the work to separate an extended 5 bed house that we jointly own into two separate dwellings (houses not flats). We wish to mortgage these separately and we are in contact with our regular advisor and a recommended solicitor.

We have been advised that when split at Land Registry the two new titles cannot be under the same joint ownership as the existing title and it has been suggested that we put one property in each of my wife and I’s names. That’s fine but it has a couple of implications for our circumstances which are that I have a btl mortgage qualifying income from a pension but my wife has no regular sufficient income. This means that:-

1. I can get a good mortgage deal on my property but my wife cannot on hers.
2. If we were to try and change the split of income from the properties we probably can’t give my wife income from my property as form 17 guidance talks about income from property that is jointly owned.
3. Is there an alternative to putting the properties into our two individual names? Or another way to maximise the mortgage potential of the pair of properties?

Any helpful feedback would be gratefully appreciated!

Geoff

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