Joint Mortgage

pink_pirlie

I have recently split with my boyfriend. We have a mortgage together from July 2007 and I am looking to take him off the mortgage as I would like to stay in the house for the foreseeable future. Given the low interest rate at the moment it would cost me more to sell up and rent a place than paying the full mortgage on my own.

When we bought the house I put down a 10% deposit (£12,300) and since then we've split payments 70% (me), 30% (him). This was set out in a legal document when we bought the house (not sure what its official name is).

According to the bank the house is worth about the same as the remaining mortgage so in theory there is 0 equity in the property

Can I just ask the bank to take his name off the mortgage, or would they require me to apply for a new mortgage?

We are getting on at the moment and he is happy to hand the house over to me, but I am worried that if I wait to be able to build up a deposit to remortgage then others may have swayed him into changing his mind.

Cannon_Fodder

You would need to be able to qualify for the mortgage on your single income.

So it will depend on your salary vs mortgage amount. Under 4x, could be doable. Ask your Lender.

pink_pirlie

Thank you for your quick reply Cannon Fodder.

Would it matter if I didn't have any deposit, even if I could afford the payments at 4* my salary? And is it likely they would let me stay on the existing 2.5% standard mortgage I'm on at the moment?

There is around £106,000 outstanding and I earn £28,000 a year. I'm also going to rent out the 2nd bedroom which would bring in an additional income.

Cannon_Fodder

It should be ok without the deposit. Its not really a full remortgage, but more of an affordability test to maintain the current deal and convert it to 1 name.

redpete

pink_pirlie wrote: »

...I'm also going to rent out the 2nd bedroom which would bring in an additional income.

It's worth advising your lender that you plan to do this to make sure there's nothing to prevent it in the Ts&Cs. You don't want to surprise them when you're asking them for anything.