joint to sole mortgage, is this classed as a re-mortgage?

AbbieCadabra

stupid question time!

couple have split up, he wants to keep the house & she's happy to 'sign it over'. is it simply a case of admin or will this be classed as a re-mortgage?

without even looking at his affordability, if the deal they're on at the moment has an early redemption fee, this will come into effect wont it? it won't just be a case of her name being removed as the circumstances have completely changed??

thanks for any replies

AbbieCadabra

i have a partial answer on this now, the bank want more info on his affordability before they'll say whether he can take over the mortgage or not. the circumstances aren't great tho' - it's a new build less than a year old & it was a 100% mortgage. he has now got a lodger so a little extra income there, but if it's based on his salary multiples (he'd need just under 4X his salary to equal the original mortgage value), it's going to be a close thing...fingers crossed!