Joint mortgage issue...help!!!

daveykb

Hello everyone,

Really hope some one can give me an answer to the problem I find myself in. I would be extremely grateful.

6 months ago I split-up from my girlfriend of 8 years. We lived together (joint mortgage) and when we broke-up we took a 6 month payment holiday. I moved back home with my parents while my ex-partner stayed in our home until it sold. However, the house is still on the market not suprisingly with the current financial and housing markets. The mortgage payments are due to start again and I will be required to pay almost £500 towards my share of the mortgage/bills etc.

My question is.....is it possible for my name to be taken off the mortgage? I begrudge paying £500 a month for a house I dont live-in or have the use of. I am desperate to buy my own place as me and my ex-partner have both moved on, but I cannot until either my house is sold or I can be taken-off the mortgage. My ex-partner would not be able to manage all the bills on her wage alone, so I understand the mortgage lender (Halifax) would not put the mortgage solely in her name. This is not advice from a bank, just from a friend. Is this correct? Would they do it though if say her father went guarantor to guarantee that the mortgage would be paid without fail?

Or if any experts here can suggest another alternative that would be wonderful.

Whoever reads this and if anybody responds I would like to say thank you. It is greatly appreciated and I am extremely grateful.

Thank you very much.

David

Optimisticpair

I can't help tbh but someone who knows better should be along shortly.

The thing that sticks out is that if your ex cannot afford the mortgage and bills and you don't pay your share of the mortgage the house will get reposessed then it might sell at a very low price, much lower than if you reduced it to the bone in price to sell.

daveykb

Thank you very much for your reply. I appreciate it.

I will continue to pay my share of the mortgage if there was no other soloution, I wouldn't let the house be reposessed. Me and my ex left on great terms so I wouldn't just drop her in it like that. Its just I havent lived there for 6 months now and I could be putting my money into a new home for myself instead of a home I have no use of. It can be frustrating!!

I have just heard about "transfer of equity" as a possible option which sounds promising...I hope!!!

Thanks again for getting in touch. Much appreciated!

BYALPHAINDIA

Hi, I don't think your lender will remove you from the mortgage.

It is a kind of 'cemented' contract when you sign for your mortgage loan.

Fair enough you are free to live apart, But you are both accountable for the monthly repayments.

Maybe if the house did sell, Then you will be free of it for good.

Best Of Luck.

BYALPHAINDIA

No I wouldn't go down the road of letting it get repo'd, If that happened you would never be able to get a mortgage again.

Transfer Of Equity is a small option, But is time consuming.

Best Of Luck.