Taking an ex of a mortgage

TAH_2

Hi there, my friend wants to take his ex of their mortgage, they have both agreed the financial side of things between themselves and we're all set to go ahead so he called his lender (Abbey).

They told him this would not be a problem and that he could still keep the same mortage product and same rate but he would need to reapply for the mortgage....to make sure he can afford it I guess, this is all fine but because the Abbey have decreased their LTV they now want a 16k+ deposit from him in order to have her name taken off!! He doesnt have a spare16k lying around. Can the Abbey do this? And what are his options now?

They have previously tried selling the property but havent had any offers in a year. The idea was he'd take it on so they could cut all ties and get on with their lives. Many thanks

beecher

If they haven't had an offer in a year, then it is priced too highly. Maybe best bet is to price it competitively.

feisty1

TAH wrote: »

Can the Abbey do this?
Of course they can, after all it is their money which secured this house.

And what are his options now?
Is it possible to add a family member to the mortgage?