Removing Ex from Mortgage and Deeds

angeljay

I split up with my ex partner on the 9th October last year, we decided to keep the house in both names and the deeds as well but he would move out and I would be responsible for all bills.

In the meantime, I have had to reduce the mortgage to interest only and extend it to a 35 year mortgage to help lower the payments.

This was due to work lowering my hours, so I needed to tighten my belt.

My ex has said he never wants anything to do with the house, nor does he want money out of it so I do not have to worry about that.

However I now would like to take him off the mortgage and deeds because he is causing issues with me saying he wants to get rid of this under his name.

Is it possible to take him off the mortgage and the deeds? How do i do this and would it cost a lot ?

The fixed rate runs out May next year if that helps.

Thanks for advice

Noz

angeljay wrote: »

I split up with my ex partner on the 9th October last year, we decided to keep the house in both names and the deeds as well but he would move out and I would be responsible for all bills.

In the meantime, I have had to reduce the mortgage to interest only and extend it to a 35 year mortgage to help lower the payments.

This was due to work lowering my hours, so I needed to tighten my belt.

My ex has said he never wants anything to do with the house, nor does he want money out of it so I do not have to worry about that.

However I now would like to take him off the mortgage and deeds because he is causing issues with me saying he wants to get rid of this under his name.

Is it possible to take him off the mortgage and the deeds? How do i do this and would it cost a lot ?

The fixed rate runs out May next year if that helps.

Thanks for advice

You would have to apply to your lender to in order for the mortgage to be placed in your name only. You will be assessed on your own right in accordance with the lender's affordability criteria - costs differ from lender to lender, best to ring them up and ask.

angeljay

Noz wrote: »

You would have to apply to your lender to in order for the mortgage to be placed in your name only. You will be assessed on your own right in accordance with the lender's affordability criteria - costs differ from lender to lender, best to ring them up and ask.

Yes I was told this last year, I believe they said it would be £75.00 but I was advised by a accountant friend that the mortgage company would not allow this as I do not meet the salary needed so not to bother. Would this not have changed now I have solely been paying the mortgage for the past 12 months ?

What about the deeds is this a solicitor job?

Thanks.

Noz

angeljay wrote: »

Yes I was told this last year, I believe they said it would be £75.00 but I was advised by a accountant friend that the mortgage company would not allow this as I do not meet the salary needed so not to bother. Would this not have changed now I have solely been paying the mortgage for the past 12 months ?

What about the deeds is this a solicitor job?

Thanks.

It really comes down to how your own lender determine's the criteria. Some it will be looked on positively, other's it simply won't matter as it was a joint mortgage - hard to tell. As you've hinted at, this is a request to your lender which they can simply refuse or agreed to.

The amendment of the deeds would indeed be a solicitor job and this would obviously incur extra cost.

greenface

when the fixed rate runs out and she is looking for a new lender or a different fixed rate wounldnt the op need to declare the fact that there is just one lower(reduced also) wage coming in. Or didnt you have to do that when op moved to interest only and 35 year term ??

help please to fill in these answers

Noz

I would say angeljay, to post some detail of your lender, income, outstanding balance and credit commitment and one of the mortgage advisor maybe about to give you an indication if such a transfer would be possible.

angeljay

greenface wrote: »

when the fixed rate runs out and she is looking for a new lender or a different fixed rate wounldnt the op need to declare the fact that there is just one lower(reduced also) wage coming in. Or didnt you have to do that when op moved to interest only and 35 year term ??

help please to fill in these answers

When i changed the mortgage to interest only the ex signed the relevant forms he just lives in a different address.

When the fixed rate runs out my intention was to try remortgage hoping that my good payment record would put it in my favour. But now the ex is being funny I would like to alter it now.

i_like_shoes

Angeljay........

I was in the same situation a couple of years ago. As long as your finances are in order then it won't be a problem.
Let one of the financial advisor's help you out. I used one i know personally and it worked a treat :-)

angeljay

Noz wrote: »

I would say angeljay, to post some detail of your lender, income, outstanding balance and credit commitment and one of the mortgage advisor maybe about to give you an indication if such a transfer would be possible.

Mortgage is with Northern Rock :S

Outstanding 98K or just over

Income 18500K

Credit Cards 3k

I don't have a mortgage advisor was just asking a friend a year or so ago.

Thanks,

Noz

Sorry angeljay - I expressed myself poorly, I meant that one of the mortgage advisors on this board maybe able to give an indication here.

sammyjammy

I don't think you have a hope, you would be looking at well over 5 times your income and in the current circumstances I don't think you'll get the ok to go ahead, could you get a second job just while the application is going through? I think that your lender might look to the payment of an early repayment charge on the current mortgage if you actioned it before May as they would class it as a new mortgage.