Will mortgage lenders let me go it alone?

ArcticGiraffe

Hello,

I want to buy my ex-girlfriend out of her half of the mortgage and attempt to take on the whole mortgage debt myself. My question is, will the lenders give me a mortgage in the current climate?

The details:

House currently worth 172k (very recent evaluation)
Out standing debt on house: 150k
Current salary 35k
I have another 8k in savings that I was hoping to hold back for emergencies.
I have no other debts or unpaid credit cards - never defaulted on payments.

koexelek

A fair chance on those income multiples.

Rates will be rubbish though, due to the high loan to value.

Have you spoken to the current lender about them just removing her ?
That would probably be your best option.

ArcticGiraffe

I've already called their customer support line once and I was told that changing the number of people would effectively be re-mortgaging and incur the penalty for changing the fixed rate contract early - but I only have a couple of months to wait for the current fixed rate term to finish, so will want to do it then.

koexelek

ArcticGiraffe wrote: »

I've already called their customer support line once and I was told that changing the number of people would effectively be re-mortgaging and incur the penalty for changing the fixed rate contract early - but I only have a couple of months to wait for the current fixed rate term to finish, so will want to do it then.

That's outrageous. What a rip off :rolleyes:

Just as well you only have a couple of months to run

bdl1brick

Might be worth trying writing to them rather than phoning saying about spliting with girlfriend and relationship is strained, causing you stress blah, blah. Also that you are paying mortgage on your own and wish to take sole responsibilty for it and enclose payslip to prove income etc. If they agree get your solicitor to do a transfer of equity.

Tammer

Hi,

Can I ask how you are going to buy your girlfriend out of her half of the mortgage?

The reason I ask is you say the house is worth £172k and the mortgage is £150k - I think that buying her out would mean you take on all £150k in your own name and pay her £11k for her half of the equity in the house.

Is that what you did?

ArcticGiraffe

It has not yet come to pass, but yes - this is what I now plan to do. I have about 20k in my savings in total. I will use 11k to buy her out and may well need to put the rest into reducing the 150k at the time I remortgage in a couple of months. Though I'd like to keep a little back if I can for the unexpected.

Tammer

Yeah, bummer isn't it?

I had to do something similar although I had a lot more equity so had to hand over a lot more.