Ex partner wants name off joint mortgage, can I continue with it?

KMB5

I have a joint mortgage on a flat bought in 2007 which I have been paying on my own since my partner and I split in 2008. My ex is now wanting his name off the mortgage and am wondering if anyone can advise me if it is likely that the lender will be happy for this to occur?

Originally, I was employed when the mortgage was taken out but I have been running my own business since March 2008, take a small wage and pay myself dividends. I have never defaulted on a payment but am concerned that what I earn will not be enough for the lender.

Any advice greatly appreciated.

Cannon_Fodder

Depends how much you borrowed and how small small is...

As you rightly surmise, the Lender needs to be happy your income is sufficient. Will probably need 3 years books for self-employed.

Only way to know for sure is to ask the Lender.

KMB5

Thanks for your reply.

Do monthly dividends not count as a form of income to them then?

And, even though the repayments can be seen as coming from my bank account and have done for over a year, and that my name is on the original agreement, the lender would still treat me as a "new" risk?

beecher2

Don't know if this reply to another thread helps

https://forums.moneysavingexpert.com/discussion/comment/33237091#Comment_33237091

There is nothing wrong with be self employed.

If a sole trader most will look at Net profit.

If a director of a limited company most will look at salary plus Dividends plus retained profits.

If she has two years accounts, then you will have a few doors open to you.

If she has only one set of accounts, then it will be more tricky.

The fact you've been paying the mortgage won't be taken into consideration - they'll treat it as a new application, and the LTV will have to be ok too.

KMB5

Thank you so much.