Help please. How do I take my ex partner's name off the mortgage?

goolip

He wants to come off the joint mortgage we have so he and his new fiancee can buy a house. I havent a clue how to do this, presumably any costs involved he would have to pay?

bryanb

First thing you will need is permission from your lender.

beecher2

Your lender will have to agree to you taking on the mortgage, subject to current lending criteria. It is up to them, rather than your ex and depends on the LTV, and salary multiples. Contact them first.

goolip

Thanks for your speedy responses.

Chances are then that I will have to sell up. Do lenders still allow Guarantors for mortgages? Im nearly £20k short to keep the house but doubt very much I could afford loads of fees etc to move myself and our son.

Im feeling really worried about all of this now.

alona1

First thing, ring and speak to your mortgage company. You can probably put someone else on the mortgage with you. There'll be solicitor fee's involved, etc.

Secondly, speak to a solicitor to ask their advice, I'm not sure how it would work with a child being involved, etc. You'll need to take all your figures, etc.

zzzLazyDaisy

OP

Were you married to your son's father? (in which case you are in a stronger position, but even if you weren't, do speak to a solicitor as you may be able to stay in the house until your son leaves full time education)

Does your son's father pay maintenance? Do you get tax credits? Child benefit? Some lenders will include some/all of these sums in your calculation of income (ie not just what shows on your P60)

If you are on income support and have an interest only mortgage which is covered by IS, your lender may accept this, but of course you do have to consider how you will pay off the capital owed at the end of the mortgage term.

Please speak to a solicitor, and to your lender, before you start to worry.

Also, depending on their joint incomes, having his name on your mortgage is not an absolute bar to him having a mortgage with his fiance. They would have to have sufficient income to show they can service both mortgages, and he would have to elect to have the house he buys with his fiance as his primary residence, which means he would pay CGT on his share of the proceeds when your house is eventually sold.

Finally, if your house is still in joint names, and you stay there, you should consider having the deeds amended to show that you hold the house as 'tenants in common' with you having 99% share, and him having a 1% share (which will require his consent, but otherwise he will be entitled to half the proceeds when you do eventually sell). You need to see a solicitor about that too.

goolip

No, we are not married. However I put down all of the deposit for the house from the proceeds of the sale of my previous property. I have a signed declaration of trust. I will make an appointment to see the building society. My parents are willing to step in to help out, they are both over 70 though, would they be allowed to be guarantors I wonder?