Mortgage / Transfer of equity help

SandC

NR are obviously not prepared to lend more than 3x joint salaries (so in your case £99k). It doesn't matter that the mortgage is currently being paid and has been paid based on lower salaries than that when it was taken out - the criteria has now changed. It sounds like your partner and her ex were given a 100% mortgage at at least 4x joint salaries as was fairly common at the time.

The only thing to do is ride it out as you have been doing but if the ex insists on taking him off the mortgage then you will have no alternative but to sell up and they will jointly owe NR the difference.

Drunkenbum1981

we have contested it in writing, but i dont feel it will make any difference,
the only concerns we have at present are that if we keep the mortgage as it currently is, her ex still has a financial intrest in the house and i dont.. even though i will be paying toward it.

also even if we got something in writing from him to say he has no intrest, it may cause a problem for him when he is looking for a new property if he still has this mortgage in his name..

unfortunate situation i know... thanks Recession

scared999

Hiya
Im in the same boat as you and your partner. Im leaving it as it for the moment with my ex on the mortgage until things improve. he is going to rent for a while. He has signed a letter drawn up between us that he cant/wont claim against the house, he knows the debt still falls to him too, but we trust each other not to screw one another up. My new partner is ok with this for the time being. The letter we did although isnt legal in a court of law would stand in a civil dispute.. not that we would need it.... On the bright side, if you cant get a mortgage between the 2 of you, he probably cant either unless he finds someone on mega bucks.... Is there something "formal" you can arrange between the 3 of you?
Good luck

saintknoxmissus

I'm in exactly the same situation, luckily the ex and i are still on really good terms but i do feel awful that he can't be taken off the mortgage as it will stop him being able to go for a mortgage himself, but there is nothing i can do, at the end of Oct my fixed rate finishes so i'm hoping to utilise Nationwides low svr to make some overpayments while the rates are low then take it from there. Horrid situation to be in for everyone involved but really is no choice, good luck with things

Mrs_Bumble

It might be worth giving this helpline a ring http://www.communitylegaladvice.org.uk/
see if there is any sort of legal document that you can get signed that helps with future equity in the property? I don't know, just a thought?

Drunkenbum1981

Just a quick update on this, NR called us to say the only reason they couldn't change this over is because i was still showing on my previous mortgage through the land registry. We sent all the land regisrty forms over to them and they have now called us today to say they can transfer the mortgage over but will cost us £42.5kas they refuse to offer a 35 year mortgage anymore and want the new terms to be on 25 years. The girl on the phone even admitted herself it is madness and she can see we are more than capable of paying for this mortgage. NR are a bit of a joke outfit really aren't they!

chemgirl1

Is it possible to add a guarantor to make up the difference in salary? :rolleyes: Also, did you have to wait a long time for the change of parties form to be processed?

Thrugelmir

Drunkenbum1981 wrote: »

Just a quick update on this, NR called us to say the only reason they couldn't change this over is because i was still showing on my previous mortgage through the land registry. We sent all the land regisrty forms over to them and they have now called us today to say they can transfer the mortgage over but will cost us £42.5kas they refuse to offer a 35 year mortgage anymore and want the new terms to be on 25 years. The girl on the phone even admitted herself it is madness and she can see we are more than capable of paying for this mortgage. NR are a bit of a joke outfit really aren't they!

Whats wrong with a 25 year mortgage? Perfectly sensible request.

Drunkenbum1981

chemgirl1 wrote: »

Is it possible to add a guarantor to make up the difference in salary? :rolleyes: Also, did you have to wait a long time for the change of parties form to be processed?

it may be something we will have to look into, a work colleague is going through exactly the same thing but their mortgage is through Alliance and Leicester, there is a £2k difference between the figures me and my partner have to what theirs is.

They called A&L who said it wasn't a problem and sent the forms out.. No Fee and it was all agreed there and then!

the form took about a week before they initially responded.

Drunkenbum1981

Thrugelmir wrote: »

Whats wrong with a 25 year mortgage? Perfectly sensible request.

the mortgage is currently on a 35 year term, all we are looking to do is change the CURRENT mortgage to show my name instead of her ex partners. we dont want to change anything else at all.

they are saying we can afford it on the 35 year term, but want to change the mortgage term to 25 years.