Taking over a Mortgage

SenoraGina

Can anybody help??
My daughter was buying her house with her Fiance.They have been together for 5 years.He has now decided,2 months before the wedding,that he no longer wants a relationship with my daughter.She is on a good wage and can afford the mortgage on her own.The bank will only lend the normal 4 and a half times your pay.That leaves her a shortfall of about £18,000.00.They have never missed any payments on their mortgage.So if she was to take her ex-fiance's name off the mortgage,can the bank take the house from her even though she is still making the full payments?Is there any other way around this?Would really appreciate any help on this matter?From a very worried mom!!!!

hethmar

Does the fiance want any money in lieu of his share of the house?

Cannon_Fodder

She cannot take his name off the mortgage.

The Lender has to agree to take his name off the mortgage. If they do not, he stays on it, whether there/paying or not.

Jointly not missing any payments, does not guarantee that she will not miss any payments singly, I'm afraid.

As long as payments continue to be met, they cannot take the house.

Your daughter should speak to her solicitor to consider the options for protecting her stake in the equity of the property, from the date she starts paying the whole mortgage on her own - a document can be drawn up in which he agrees to forgoe any future equity in return for not paying the mortgage, or similar.

Maybe ex-couples are in limbo, especially where negative equity has left them unable to re-mortgage to single basis, so she's not alone.

SenoraGina

hethmar wrote: »

Does the fiance want any money in lieu of his share of the house?

Yes he does want his share.She has some savings,and we can lend her some.
Thanx.

VIGILANT22

Please note what Cannon Fodder stated..

Quote:She cannot take his name off the mortgage.

It is for the lender to decide if she can pay bank the money they have advanced her to purchase the house...it is their money, their decision.