Changing names on mortgage

tew_piero

Hello,

I have looked on the threads but can't find this.

My girlfriend bought a house with her ex a few years ago and now down to the fact that we are together and he has a new partner, I want to take the mortgage off him and put my name on it.
How difficult is this and will this be a remortgage. I ask this as I earn more than he does and I want to get a little extra to consolidate a few things. Is this possible?

penguine

I want to take the mortgage off him and put my name on it.

You will need to speak to the mortgage company and to a solicitor as this will be a transfer of equity from your girlfriend's ex to you and therefore you and she will be buying his share. The amount of equity in the property (if any) will be an important factor.

I want to get a little extra to consolidate a few things.

Does this mean you're looking to borrow against the value of the property in order to pay off debts? In the current economic climate, this isn't a very good idea and may not even be possible.

tew_piero

I think the house is valued less that what they owe now!!!

And yes, I was planning on borrowing on the house to clear some debts. Can this be done?

Robert_Sterling_3

No chance in my opinion.