Getting my name off my mortgage

confused86

[FONT=&quot]I have a joint mortgage with my partner on the house we bought in July 2008. We have recently parted ways and I am quite happy for him to take on the full mortgage to keep the house. In saying this, I have spoken with my mortgage company in regards to getting my name removed and they say they are not willing to let anyone off the mortgage or someone on if either of us was to be replaced.

This was not the case when we signed on the doted line in 2008 and Abbey have confirmed that this is a recent change in the last month or so (which neither of us was informed about) and that there is nothing they can do as the house is in negative equity. I find it very hard to believe I have no option because surely it is irrelevant as long as they receive payments each month, which my partner is very capable of paying.

I need some advice in what my next step can be as I feel like I have hit a brick wall!! I have to pay for a second place for me to live and payments to my half of the mortgage are getting more and more difficulty each month. If I had to stop contributing my half, what would happen?[/FONT]

Captain_Chaos_2-2

Hey confused86

I need a little more info
how much is the house and by this I mean how much would someone have to give you to buy it , (somethings only worth what someone will pay for it) sorz if that sounds funny ?

also whats the outstanding mortgage and your ex'income.

cheers

confused86

Evening Captain Chaos,

We currently have £94,800 outstanding on the mortgage and independant evaluations came back at £85,000 and £90,000 but Abbeys generic estimate was £83,500

My ex earns roughly £18,000 but has a guarantor available to him if necessary

I forgot to mention above that Abbey did say a paymeny of £19,700 would remove me from the mortgage......this is not a option for me

Thankyou for your help

Captain_Chaos_2-2

Sounds like they are doing a complete new mortgage application.. not required

also sounds like you spoke to someone on the phone.

You need to see a mortgage advisor in the branch be sure they are able to give advice not non advised .

They should be able to arrange an internal remortgage transfer of equity removing you whilst keeping the original deal for him.

Very simple something I'v done countless times for customers.

Really does sound like you to spoek to a wrong one

lynnexxxo

Captain_Chaos wrote: »

Sounds like they are doing a complete new mortgage application.. not required

also sounds like you spoke to someone on the phone.

You need to see a mortgage advisor in the branch be sure they are able to give advice not non advised .

They should be able to arrange an internal remortgage transfer of equity removing you whilst keeping the original deal for him.

Very simple something I'v done countless times for customers.

Really does sound like you to spoek to a wrong one

Really?

I'm surprised that any bank would be willing to do this as the OPs ex would need 5X salary and have at least 10k negative equity .

Captain_Chaos_2-2

It is mentioned about a 3rd party willing to participate in with an extra income should be fine.

jill2002

They require you to reduce the balance to 95% of the property value before they will consider removing your name. Then, they will look at whether your ex partner has enough income to support the mortgage.

You see at the moment, if the mortgage isn't paid, they have two people to go after to get their money back - expecially as the property is in negative equity. So why would they put themselves more at risk by taking you off?

getmore4less

The way to deal with this if you can't come off the mortgage is as follows.

IF one of you moves out leaving the other with sole utility of the place

You take the market rent and your share of this is offset against your mortgage payment.

it is upto the other person if they reduce their nominal rent by taking in lodgers(if room).

We currently have £94,800 outstanding on the mortgage and independant evaluations came back at £85,000 and £90,000 but Abbeys generic estimate was £83,500

My ex earns roughly £18,000 but has a guarantor available to him if necessary

I forgot to mention above that Abbey did say a paymeny of £19,700 would remove me from the mortgage......this is not a option for me

So abbey will consider in a LTV of 90% I think that will be your only route out

Are you an period where the will be early repayment charges if you changed lender?

You should not be paying up beyond your share of the loss . If you came up with your share of the negative equity can the EX find the rest or borrow from the guarantor

confused86

I got all this information from calling Abbey up. I have tried to speak with someone in branch but they said they only deal with new applications and I would have to speak with someone over the phone ...again. Which department should I ask for because the person i origionally spoke with was not very helpful at all?

In regards to the suggestion of my ex renting my share off me. Would some sort of tenancy agreement need to be written up or some sort of paperwork put in place?

getmore4less

confused86 wrote: »

In regards to the suggestion of my ex renting my share off me. Would some sort of tenancy agreement need to be written up or some sort of paperwork put in place?

No it is just one fare way to decide who pays for what.

Captain_Chaos_2-2

The person at the branch did not want to help because they will not earn any commision from your case and its the same amount of work usually.

Just telephone banking and ask to be put through to the existing mortgage helpline.