Mortgage swap

hassled

is it possible to do some kind off name swap on a mortagage? My ex and I have a house together and I would like my new partner to take over my exs share. My ex is happy to do this as we have another house which he is having as part of the deal. can anyone tell me the best, cheapest, least hassle way to do this if it is possible?

lisyloo

Your mortgage company(s) will need to agree to the name changes and it will be subject to the new owners having the relevant income to support the relevant mortgages.

The you will need to get a solicitor to get the deeds changed.
It will cost a few hundred pounds probably.

This MAY be something you can do yourself but I wouldn't recommend it unless you have the ability to understand the implications.
For example do you understand the inheritance tax implications of being "tenants in common" or "joint tenants".
My advice is that if you don't have a full legal understanding of the various options then you should pay a solicitor.
Saving a few hundred quid to find a huge inheritance tax bill or the wrong person inherits is a very good example of a false economy.
I don't undertsnad all the implications fully myself, but I do know that they exist.

Conrad

The mortgage was priced for a given risk band. The new applicant must not represent a risk outside of the risk parameters of the mortgage. For example; If the mortgage was priced with a prime interest rate, you would not be able to add someone that is a sub prime risk.

hassled

I think that my ex is a high risk. New bloke definitely not as risky. Also ex was self cert, new bloke on good salary.

lisyloo

It may well be worth looking into re-mortgaging (if you have no penalties on the existing deal) as you might be able to get a better deal.

Whether you ex is going to able to get a mortgage agreed without you is a different matter.

hassled

other house paid for so he wont need a mortgage. thanks for the hope.