Mortgage / Transfer of equity help

chemgirl1

I wasn't sure if credit ratings also come into this when a change of parties is filled out. I have also never heard of an agreement that is legally binding (where all claim to the house is given up).

Have you spoken to Northern Rock about guarantors? I'm not even sure it is possible.

Thrugelmir

Drunkenbum1981 wrote: »

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.

They wouldn't view it as a name change only.

By reducing the term they are looking to reduce their risk exposure.

Remember NR is owned by the UK taxpayer now so the way they do business has changed as well.

higgi11

hi mr lewis

i need your help...

here is my problem...

i have a house and the mortgage is in both mine and my exs name, we split up about 7 mths ago, she moved out and i stayed there, i have since been payiny it on my own, i am finding it really hard....

she has not paid anything and is willing to take her name off the mortgage for nothing, but i had it valued and its only worth about 150k and we have a mortgage for 169k...

i told her i dont want it any more and we should rent it out, but she wants to hand the keys back to northern rock, i dont want to do this as i feel we can rent for 700 and make up the rest between us, she wont do this though

do you think i should take it on in my name and risk the debt, will it rise again or am i gonna get shafted to pay her half aswell...iu have found some one that may go on the mortgage with me as northern rock said i cant pay it on my own, even though i have been for 7 months.

its getting harder and harder to pay each month, i am already consolidating my previous debt with a company called chase saunders, i am worried about going under...please help

Drunkenbum1981

Thrugelmir wrote: »

They wouldn't view it as a name change only.

By reducing the term they are looking to reduce their risk exposure.

Remember NR is owned by the UK taxpayer now so the way they do business has changed as well.

dont i know!.
anyway, looks like we are going to remortgage and do all the changes with Natwest. Went to see them yesterday afternoon and they have explained everything in laymans terms (because i am clueless when it comes to these things)

thanks for all your help everyone