Joint mortgage problem- relationship breakdown

riding_high

Hi, not sure if this would be the same for you but when my partner and I took out our mortgage I asked if I would be able to come off the mortgage if we were to split up. They said there would be an admin charge (think it was about £250 but that was over 6 six years ago) to remove my name. However, at the time when we took out our mortgage only my partners earnings were taken into account so that might make a difference.
Might be worth checking out.

VIGILANT22

riding_high wrote: »

Hi, not sure if this would be the same for you but when my partner and I took out our mortgage I asked if I would be able to come off the mortgage if we were to split up. They said there would be an admin charge (think it was about £250 but that was over 6 six years ago) to remove my name. However, at the time when we took out our mortgage only my partners earnings were taken into account so that might make a difference.
Might be worth checking out.

If you read the posts you will see this is not currently an option

JA1000

VIGILANT22 wrote: »

The mortgage means you are both jointly responsible...unless the lender relieves you fom this

Does anyone know of this being done recently without a remortgage, so a change of status?

Just to clarify

You are happy for him to take the mortgage on and the house, he is also happy to do this.

You would then stop your contribution but you want a legal document to state he is fully responsible to pay.

This is fine and will work between you as long as he pays it. You would still be liable for half the mortgage 'in the banks eyes' as your name is still on it until he does remortgage.

This will work, if you can trust him to pay it, ask as part of the agreement for proof of payments every month. All literature, statements must be passed on to you for info, put a financial penalty in for him for not doing this.

You do not need to borrow to buy a house in the meantime as you are unlikely to get a 'second' mortgage.

MrsManda

You both should speak to the mortgage lender and ask if you can be taken off the mortgage. There may be an admin fee and i presume the lender will check your ex's credit background to ensure he's able to pay. But providing the bank is happy your ex is going to be able to pay the mortgage and you're happy not to have any financial connection, either now or in future when hypothetically house prices rocket and he sells it for a million pounds then I don't see why there'd be a problem.
I know people who've done the same thing

Gorgeous_George

I'd sell and take the hit now.

Even if you end up owing £10K each, a couple of years and you should be able to pay a £10K personal loan off. An agreement can be made where you forego and potential profit but you could still be liable for any loss. I wouldn't sign such an agreement unless I fully understood the implications (the 'what-ifs').

GG

Emsabobs

First of all, thanks fir the advice from everyone......

Just to answer a few points -

I can't get a loan for that much as I already have one
He can't remortgage as he would need a 100% mortgage and apart from there not being any, it's in neg equity so would need a chunk paying off
I do trust him to make the payments and we still have a joint account so I can see the mortgage payment going out each month even now and won't need a mortgage of my own in the foreseeable future
with regards to still being liable for the loss in a few years, I just see that it's better to be liable for the loss in say 3 years having paid nothing, than to be liable in 3 years for the same amount but paying him half every month??

I am going to speak to the lender, but in the meantime has anyone heard of a document stating I have no interest in profit? Rang a solicitor today and they said they can't do one??

JA1000

There is an agreement which has been mentioned on here somewhere but I can't remember it sorry.