motgage hell please help

pickledbob

how do i transfer a mortgage from my and my wifes name, to just her, or my name.
i know we can easily transfer equity but the mortgage is a totally other thing, please any help would be appreciated

Gorgeous_George

Decide who will take the mortgage and then make sure the loan amount is affordable. If it is, speak to your lender who will decide if they are prepared to loan the money to a single applicant. Your lender may want the LTV to meet current requirements.

If it isn't, you could try different lenders. However, new lenders will want to make sure the LTV is acceptable.

Then it's just a case of applying, paying the fees and hoping it goes through. You'll need a solicitor for the transfer.

GG

pickledbob

cheers gg, see i dont think they would just let her have the mortgage as she is on a low income the mortgage is only 60k but still too much

koexelek

pickledbob wrote: »

cheers gg, see i dont think they would just let her have the mortgage as she is on a low income the mortgage is only 60k but still too much

you are correct in thinking the lender won't let you come off the deeds if they don't think she has the income to take it on

dimbo61

Dont mean to pry but why transfer into just your wifes name ?
Would she qualify for ant benefits which could be taken into account WTC,CTC, maintence, CSA ,CB etc

Gorgeous_George

How much is the house worth?

You should be looking to take half of the equity with you. So, if it's worth £100K, you should be looking for £20K AND your name off the mortgage.

GG

Robert_Sterling_3

At present you are probably "jointly and severaly" resposible for the debt. They might like to keep it that way.

barnaby-bear

pickledbob wrote: »

how do i transfer a mortgage from my and my wifes name, to just her, or my name.
i know we can easily transfer equity but the mortgage is a totally other thing, please any help would be appreciated

If you do this and one of you goes bankrupt the house will still be up for grabs as recent deliberate attempt to hide asset. It's fraud and one creditors are very wise to.

pickledbob

well we have split up, the motgage is worth 60K the house was valued as 70k 2 year ago we have had the mortgage for 2 year and bought it off the council, i earn 1200+ per month and she gets just as much if not more with all her benefits.