Yet another split..... my options?

Su3anne

Have a feeling this may be a bit of a legal battle but hey ho I'll ask anyway.....

Split up with my boyfriend over 3 years ago, he moved out and has had nothing to do with the house ever since. He's agreed the house can be transferred into my sole name along with the debts and all the legal documents have been drawn up.

My problem is HSBC have advised me that I need to apply for a mortgage in my sole name to remove his, they will only lend me £68000 to cover a mortgage of £79000 and I was just wondering what my best options were? My parents have said they would apply for a mortgage with me (they are mortgage free) or would it be best for them to borrow the additional £11000 needed and I pay back the loan?

Gutted as my current rate is 1.5% and they best I can seem to find is around 3.89% plus fees etc.

My ex is in no way pushing me to re-mortgage as he has no intention to buy at the moment although I do wish to get this sorted before I come to sell and find he has disappeared off the face of the earth!!! Is there any way you can remove someone from the deeds but not the mortgage to enable you to sell without a signature (I can always hope!)

Any advice would be great thanks! :mad:

silvercar

You can get your boyfriend to sign a legal agreement that the equity in the home is yours. I don't see why you can't get an agreement that you can act for him in all matters connected with the sale.

angeljay

silvercar wrote: »

You can get your boyfriend to sign a legal agreement that the equity in the home is yours. I don't see why you can't get an agreement that you can act for him in all matters connected with the sale.

Sorry to butt in on your thread, is this called a "Deed of Trust" as I am looking at this option as well.

trinab75

Hi sorry no advice, but every sympathy as I am in a very similar situation.

I feel livid at having paid the mortgage on my own, my lender will not let me have the existing mortgage in my sole name through a transfer of equity as I do not meet their affordability criteria, which is ridiculous as I have been offered mortgages for much higher amounts elsewhere.

But I too have a great mortgage at the moment and the other mortgages I have been offered do not come close.

Gorgeous_George

The higher rates offered by other lenders are to accommodate the risk of the higher multiple.

The OP should speak to her lender and ask what options there are with her parents offering to take the ex-bf's place.

GG

Su3anne

Thanks for the replies!

I've spoken to my parents and they are happy to act as guarantors (pls excuse my spelling!) so now I just need to find a lender that accepts this.... my understanding is they are now few and far between?

It's tempting to stay with my current lender as my ex doesn't seem to be concerned about being on the mortgage tho the problem will arise if I come to sell and can't find him (my solicitor has been chasing him from address to address for years).

Best thing is to cut all ties asap so onto mortgage seraching I go.....

Anyone know of any lenders who accept guarantors?

trinab75

Hi Suzanne,

My current lenders advised me that they would consider my transfer of equity request if I was to make a joint application, could you not apply for a transfer of equity to have the mortgage transferred into yours/your parents names?

This way you could keep the existing mortgage.

I would love to have this option but I don't have anyone to fall back on, so it will have to be a brand new mortgage and higher monthly payments for me.