Transferring a Mortgage into my name after a break-up...

chrishay

Hi guys,

Doesn't seem like 5 minutes ago I was on here asking for mortgage advice!

Anyway, after 7 years together, we bought our first place. And a year on and myself and my partner have unfortunately decided to call it a day.

Now, after some thought i've decided i'd like to try to keep the house on as I don't think i'd get back on the housing ladder anytime soon, and especially not the type of house we bought.

We've ended on good terms so there's no bitterness or penny grabbing going on.

My basic thoughts were:-
GF and I saved solid for a year for 12k deposit, our mortgage currently stands at 109k, can I simply ask the mortgage lender to + 6k onto the mortgage, I pay my GF 6k and i'll be left with a 115k mortage to take on?

Any advice would be appreciated.

Thanks,
Chris

Annisele

It depends on your income, and the equity in your house.

You and your girlfriend can't just agree between you that one of you should be released from your obligations to your lender - the lender has to agree to that. I see from one of your other posts that your salary 18 months ago was £25k - unless that's changed, you might have difficulty getting the lender to release your girlfriend.

If you don't have enough equity in the property, then the lender won't let you add £6k to the mortgage regardless of your income.

I think the best thing to do would be to approach your lender and see what it says.

chrishay

Thanks for the info, yeah my income is still roughly 25k + overtime my GF has unfortunately been out of work (due to a serious Op and her place of working closing down) for 6 of the 11 months but we've coped OK moneywise.

I think as you mention our best bet is to approach lender.

Equity-wise, I think we should be ok.. we got the house for a snip at the time and there has been 1 or 2 houses in the street sold for 140-150k.

Appreciate advice.

beecher2

Doesn't your ex want her half of the existing equity too?

chrishay

No, i mean we bought the house as a home not to make money so she's quite happy to get back what she put in originally.