Removing ex partner from mortgage

Fizzypopturbo

Does any one know if it's possible to remove ex partner from a mortgage with no fee??
Have been split up for coming up to 3 years, but never really been in a financial position to do so, being on a low income. Have been paying mortgage on my own for coming up to 3 years (august) and ex has got back in touch to say wants to be removed and it's going to cost me £250.....!!!!!
Is this right or is there another route to take???

Caz3121

does your income support the mortgage alone? not the payments alone which you can obviously manage but if it was a new mortgage (which it will more or less be) what is the salary multiple and the LTV

yellow_dog

This can be complicated, on top of paying £250!. Your mortgage lender may need proof that you can afford the mortgage by yourself, even though you have been paying it.

MarsdenCuckoo

Could be wrong but sounds to me like your ex is wanting to raise some finance of his own and being party to your mortgage is causing him a problem. If that IS the case, tell him (if you're happy to that is) that he can be released - subject to your lender agreeing of course - if HE pays the release fee..... :T

Hope you realise what a favour you've been doing him re. his credit record by paying his share of his mortgage on time.....

Good luck.

Person_one

I agree with Marsden, if he's the one who wants the change he can pay the fee! Of course it will probably benefit you in the long run but no need to dwell on that right now.

You would have to apply for the mortgage on your own and the bank would run the same affordability tests as when you first took it out but just for you this time. If they aren't wiling to do this then there's nothing ex or you can do about it.

If there is equity in the property, would your ex want his share? How much have you each paid in and what kind of tenancy are you on? I don't suppose there was a deed of trust drawn up at the time of purchase?

If money is changing hands between the two of you (you buying him out or him paying you in return for being freed from obligation) then you will need a solicitor to manage the change of title deeds. If no money is involved then I believe you can fill out the land registry forms yourself, but you may want to double check this.

SmlSave

Are you both on the Title Deeds? If so I believe you'll need to do a Transfer of Equity. If you're staying in the house then you'll need to apply for a new mortgage.

Not sure where's he's getting £250 from?

Person_one

SmlSave wrote: »

Are you both on the Title Deeds? If so I believe you'll need to do a Transfer of Equity. If you're staying in the house then you'll need to apply for a new mortgage.

Not sure where's he's getting £250 from?

Our lender charges a £107 fee for a transfer of equity, then there's a few hundred quid of solicitor charges. To be honest, you're looking at a fair bit more than £250 to get it sorted.

Fizzypopturbo

Thanks for replies.
Firstly it's 'she' that wants off the mortgage....
No my income wouldn't support a new mortgage evan though i've paid it for all but 2 months of the term.
basically bought in aug 07 and have been paying it on my own since dec07.
Spoke to my lender, Northern Rock, who said it'd be £250 for solicitors fees etc, and then asked if they'd look at doing a new mortgage and was told they aren't taking on 'new' clients. And only option they gave me was to see out the rest of mortgage (2years).
Subsequently have spoken to a mortgage broker and was told i'd need a 10% deposit??? How is this considering i've already got a property???

Person_one

Fizzypopturbo wrote: »

Thanks for replies.
Firstly it's 'she' that wants off the mortgage....
No my income wouldn't support a new mortgage evan though i've paid it for all but 2 months of the term.
basically bought in aug 07 and have been paying it on my own since dec07.
Spoke to my lender, Northern Rock, who said it'd be £250 for solicitors fees etc, and then asked if they'd look at doing a new mortgage and was told they aren't taking on 'new' clients. And only option they gave me was to see out the rest of mortgage (2years).
Subsequently have spoken to a mortgage broker and was told i'd need a 10% deposit??? How is this considering i've already got a property???

You'd need to have at least 10% equity in the property.

Is your ex not willing to take on or share the costs of the transfer of equity?

Annisele

If your income won't support a new mortgage, then your ex can't be removed from the mortgage unless the house is sold and the full loan repaid.

When you bought the house, you and your ex made a joint promise to your lender that you'd pay the mortgage. You and your ex can't decide between yourselves that your ex should be released from her obligations to the lender - that's the lender's decision.

To move lender you would need at least 10% equity - but that's a moot point if your income alone won't support the mortgage (in the lender's eyes). Are you prepared to say what your income is, the outstanding balance, and the approximate value of the house?

needhelp22_2

Can anyone advise on unfair trust deeds? How likely are they to be ruled as null and void in court if grossly unfair to one party?