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  • FIRST POST
    • Anon2017
    • By Anon2017 14th Sep 17, 11:04 AM
    • 37Posts
    • 3Thanks
    Anon2017
    Switching joint mortgage to single name
    • #1
    • 14th Sep 17, 11:04 AM
    Switching joint mortgage to single name 14th Sep 17 at 11:04 AM
    I've separated from partner and we have a joint mortgage. I'm still living in the property and paying the mortgage and all bills myself. He wants his name removed (understandably).
    However, I understand I would technically be making a new mortgage application on my own and its highly unlikely my income would be anywhere near enough to get this size of mortgage.
    I assume the fact I can clearly make the payments will not be taken into account?
    I just wondered if I had any options at all? Would they consider a guarantor?
    I may just have to sell the property but would prefer to keep it on if I can. There is no equity in it so my ex is happy just to sign it over.
    I did call my bank but I have to make an appointment so thought I might seek advice on here first as I suspect I'm wasting my time....
Page 1
    • kingstreet
    • By kingstreet 14th Sep 17, 11:08 AM
    • 32,271 Posts
    • 17,300 Thanks
    kingstreet
    • #2
    • 14th Sep 17, 11:08 AM
    • #2
    • 14th Sep 17, 11:08 AM
    Your remortgage options are non-existent, so you seem to be reliant on what your current lender is prepared to offer.

    You will need to speak to them.
    I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.
    • Anon2017
    • By Anon2017 14th Sep 17, 11:11 AM
    • 37 Posts
    • 3 Thanks
    Anon2017
    • #3
    • 14th Sep 17, 11:11 AM
    • #3
    • 14th Sep 17, 11:11 AM
    To add, I'm currently in a fixed 2 year term with another year to go.......
    • Iulia
    • By Iulia 14th Sep 17, 11:24 AM
    • 13 Posts
    • 2 Thanks
    Iulia
    • #4
    • 14th Sep 17, 11:24 AM
    • #4
    • 14th Sep 17, 11:24 AM
    Can your ex at least wait for one year so that you don't have to pay exit penalties?
    • Anon2017
    • By Anon2017 14th Sep 17, 11:32 AM
    • 37 Posts
    • 3 Thanks
    Anon2017
    • #5
    • 14th Sep 17, 11:32 AM
    • #5
    • 14th Sep 17, 11:32 AM
    I had actually assumed I wouldn't incur exit penalties by removing his name. I may be wrong on that...... The bank told me it would cost £295 to transfer the mortgage to my name so assumed that was it.

    If I would incur the penalties he will have to wait!
    • Iulia
    • By Iulia 14th Sep 17, 9:44 PM
    • 13 Posts
    • 2 Thanks
    Iulia
    • #6
    • 14th Sep 17, 9:44 PM
    • #6
    • 14th Sep 17, 9:44 PM
    I had actually assumed I wouldn't incur exit penalties by removing his name. I may be wrong on that...... The bank told me it would cost £295 to transfer the mortgage to my name so assumed that was it.

    If I would incur the penalties he will have to wait!
    Originally posted by Anon2017
    For the transfer of equity you won't be liable for ERC. But, on top of that £295 you will need to pay the solicitor fees and I believe some land registry-related fees, forgot what they were called.

    It appears though that you might not be able to do a transfer of equity to remove his name. So if you need to sell the property before your fixed rate ends, then you're liable for ERC.
    • Lysimache
    • By Lysimache 7th Oct 17, 8:26 PM
    • 66 Posts
    • 32 Thanks
    Lysimache
    • #7
    • 7th Oct 17, 8:26 PM
    • #7
    • 7th Oct 17, 8:26 PM
    If you have to take out a new mortgage in your own name, you may have to pay stamp duty on the new mortgage as the transfer of equity may count towards that. (I think.)
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