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    • crabbycrabcrab
    • By crabbycrabcrab 11th Oct 16, 8:46 AM
    • 100Posts
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    crabbycrabcrab
    Partner and I are breaking up
    • #1
    • 11th Oct 16, 8:46 AM
    Partner and I are breaking up 11th Oct 16 at 8:46 AM
    Hopefully this is the right section.

    Basically we are on a 2 year fixed which started this Feb after our last 2 years fixed rate with Accord Mortgages, we just switched products. Me and my girlfriend of 7 and a half years are breaking up, she is moving to Australia . It's on good terms (for now) and wondering what my options are?

    I want to keep the house and can afford it at the moment. Is it easy/expensive to take her off the mortgage. Do I have to remortgage?

    Ideally I keep the mortgage where it is at and I give her her half via bank transfer and pay her the rest throughout the year. We have agreed to put it in writing. This works out better for me.

    Any help or guidance would be very much appreciated. Panicking here as I don't want to end up renting. I have no close family to stay with either.

    If you need anymore details let me know. Thank you!
Page 1
    • muhandis
    • By muhandis 11th Oct 16, 9:16 AM
    • 231 Posts
    • 86 Thanks
    muhandis
    • #2
    • 11th Oct 16, 9:16 AM
    • #2
    • 11th Oct 16, 9:16 AM
    Did you two fund the deposit 50-50, own the house 50-50 and make mortgage payments until now 50-50?
    • crabbycrabcrab
    • By crabbycrabcrab 11th Oct 16, 9:31 AM
    • 100 Posts
    • 474 Thanks
    crabbycrabcrab
    • #3
    • 11th Oct 16, 9:31 AM
    • #3
    • 11th Oct 16, 9:31 AM
    Works out I put 14% more in, but she is going to leave the furniture and what not, so we are just going to do it 50/50 to make it easier to work out.
    • ACG
    • By ACG 11th Oct 16, 9:36 AM
    • 13,499 Posts
    • 6,648 Thanks
    ACG
    • #4
    • 11th Oct 16, 9:36 AM
    • #4
    • 11th Oct 16, 9:36 AM
    You would need to do a transfer of equity - for this you would have to speak to accord. They would assess the application based on you alone.

    If your income is enough, I see no reason why they would not do it (it may be worth checking on their affordability calculator). You also need to work out how much you will be paying the ex, Accord will likely take that in to account for affordability purposes which may hunder your application.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
    • crabbycrabcrab
    • By crabbycrabcrab 11th Oct 16, 9:38 AM
    • 100 Posts
    • 474 Thanks
    crabbycrabcrab
    • #5
    • 11th Oct 16, 9:38 AM
    • #5
    • 11th Oct 16, 9:38 AM
    You would need to do a transfer of equity - for this you would have to speak to accord. They would assess the application based on you alone.

    If your income is enough, I see no reason why they would not do it (it may be worth checking on their affordability calculator). You also need to work out how much you will be paying the ex, Accord will likely take that in to account for affordability purposes which may hunder your application.
    Originally posted by ACG
    Thank you

    Do you know if this process is normally free? Also if I take her of the mortgage do I automatically own the whole house? No other things I need to do?
    • Thrugelmir
    • By Thrugelmir 11th Oct 16, 9:57 AM
    • 51,295 Posts
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    Thrugelmir
    • #6
    • 11th Oct 16, 9:57 AM
    • #6
    • 11th Oct 16, 9:57 AM
    No the process won't be free. There are legal costs involved.

    While you consider the mortgage affordable. Lenders use a different set of criteria. Suggest you try the Accord online mortgage calculator. As it will provide a far better indicator than gut instinct.
    “A man is rich who lives upon what he has. A man is poor who lives upon what is coming. A prudent man lives within his income, and saves against ‘a rainy day’.”
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