Transfer mortgage to my name only

stevey77

Hi all,

Basically me and my partner have split and we have a joint mortgage. I want to transfer the mortgage to my name only. We have about 83k outstanding and we think the house is worth around 88k - 90k. She is willing to sign it over, but will understandably want paying off. We are with A&L so obviously i have to apply to them? How does it work ie. do they do an independent valuation etc etc.
And what about solicitors? Do we need one each or could just one handle the sign over if i'm successful?

I earn just under 20k a year so would there be any point applying or is it a waste of time?

simpywimpy

you need to find out a true valuation considering the current climate before you agree to any final settlement to your other half.

I think you will need to prove you can afford the mortgage on your own income and that there is enough equity in the property for the new deal.

stevey77

The house next door to us sold recently for about 85k i think. which could mean we're in negative equity, yes? will this make a difference on my application?

Caz3121

you are likely to be taking a new mortgage in your name only for the purchase and it will be dependant on the mortgage companies products

eg property valued at £90k, mortgage company offer 90% deals so max mortgage £81k, values £85k max mortgage £76.5k...if your ex is not expecting to be 'bought out' then you still need £83k which you are unlikely to be offered even at the higher valuation (also less and less are offering 90% so you may need more on top to put in)

stevey77

hi, i've been told by the bank(A&L) that i can stay on the same product. in my name only as long as its a successful application. I am currently on a base rate tracker of +0.99% above base rate, so currently paying 1.49% interest. will they base my application on this rate, or with a view that interest rates could go up in the future?

Caz3121

I guess a lot will depend on the valuation and the maximim LTV you will be really fortunate if they keep their word and let you remain on your current rate but would guess they would require the LTV to be a minimum of 90% (currently their best rates are for less that 70% LTV)
good luck