I have been seperated from my wife for some time now, although we have stayed in the same property, which we own as joint tennants, and still share the mortgage payments.

I have decided to move out this year and make a new start. I have agreed to her staying in the property for up to 2 years to allow my son to settle into secondary school. At the end of these 2 years, she will either buy me out, or the house will be sold and the equity split.

The house is worth approx £400K, with an outstanding mortgage of approx £80K. We have agreed that she will take on all of the mortgage, and we will change the house into tennants in common, with a 60/40 split in her favour. to reflect the added mortgage burden.

Questions: Can she retain our current mortgage deal and simply remove me from it, or will she need to remortgage (we have a 10 year fixed deal, and she could be liable for large early payment penalties)? Secondly, will this allow me to apply for a mortgage in my own single name, without reference to my existing property, or will I still be liable to my existing property, should she be unable to maintain payments on it?