Northern Rock Change of Mortgage Names

angeljay

Hi,

I currently have a mortgage with northern rock, 35 years. 5.99% fixed rate ends on 1st May. I currently pay interest only.

The mortgage is in mine and my ex partners name. He moved out in October 2007 and I have been paying the mortgage solely myself. Some months I have had to sell belongs on ebay etc to get by but I have never missed a payment of my mortgage.

Now the ex partner wants removing from the loan and the house deeds, I have been instructed by a solicitor i need to get a remortgage in my name then they can remove his name from the deeds.

I have spoken to a mortgage advisor who said due to the very low LTV I will not get a good interest rate and more then likely it will be more then what I am paying now.

She has said that I should stick with NR and ask them to just put my name on the mortgage, my plan would then be to change to there SVR go onto repayment and hopefully lower the amount owed.

However how do NR decide on if the loan can be put into my name? WOuld it be advisable for me to include a letter with the forms explaining that I have paid the mortgage solely since october 2007? What proof would they need?

Any advice please?

feisty1

Quote: However how do NR decide on if the loan can be put into my name

They calcuate affordabiity based on income & outgoings

Quote explaining that I have paid the mortgage solely since october 2007?
wont make any difference

Quote any advice please?
suggest you give them a call

angeljay

feisty1 wrote: »

Quote: However how do NR decide on if the loan can be put into my name

They calcuate affordabiity based on income & outgoings

Quote explaining that I have paid the mortgage solely since october 2007?
wont make any difference

Quote any advice please?
suggest you give them a call

SO basically because I don't earn enough etc my only other option is to sell. Northern Rock will do nothing and wont allow it ?

feisty1

But...........I don't know how much you earn? You haven't said what yr mortgage is, the value of yr house etc, these are all factors which NR have to consider before saying yes or no.......

angeljay

feisty1 wrote: »

But...........I don't know how much you earn? You haven't said what yr mortgage is, the value of yr house etc, these are all factors which NR have to consider before saying yes or no.......

Sorry I believe the house is valued at around 105K and my mortgage is 97.5K at the moment.

I earn around 18.5 K per year.

feisty1

u r going to struggle, could a member of yr family go on the mortgage with u?

angeljay

I could ask my brother or maybe my stepdad, but I don't think I want to go down that avenue. Could cause more problems then is worth!

feisty1

it may be a option, also u can have agreements drawn up with solicitors to protect both parties......

silvercar

Your ex can make all sorts of demands, if it can't be done it can't be done.

As feisty says, you can draw something up whereby the ex relinquishes claims on the house. It maybe your ex may have to be satisfied with that for the moment.

angeljay

I have been speaking to a friend who is looking for somewhere to live, they are interested in lodging at my house.

I have asked northern rock if they would send me a form to remove my ex's name. They will take into consideration that I have been paying since October 2007 but how do I say I have extar income from a lodger? What information will they ask for?

silvercar

Don't think lodgers income is considered - as its not guaranteed income.