In a pickle 18 November 2010 at 3:17PM in Mortgage-free wannabe 3 replies 612 views

kiwi23

Hi all,

Looking for some advice.

Basically I have a fixed rate mortgage with HBOS for around 93,000. It's a 90% mortgage that I've had for a year.

I bought the house with my now ex-fiance. Although on good terms, he understandably wants off the mortgage deeds. He hasn't ever made a mortgage payment as I have shouldered the entire sum willingly.

I went to the bank to sort this out and see what the deal was with putting the mortgage into my name alone. I was told this would involve me reapplying for a new mortgage. The bank rejected my application (although the advisor couldn't explain why, especially since I've been paying his share of the mortgage as well as my own, quite happily for over a year. I also don't have any bad credit or other debts.) Anyway, the advisor's advice was to 'go elsewhere'. nice.

I'm not really satisfied with this response and was wondering if anyone had been in any similar situations involving someone trying to get off the mortgage deeds.

Any advice is appreciated.

Cheers!

TonyMMM

It is probably as simple as your income alone isn't enough to get the mortgage.

Your income ?
Realistic House value ?
Mortgage outstanding ?

ItMightBeUsefulOneDay

kiwi23 wrote: »

Anyway, the advisor's advice was to 'go elsewhere'.

Because your LTV was very high (90%) and is now probably worse they are seeking to reduce their exposure to what they perceive as a high risk loan. The banks are very, very risk adverse at the moment and will want to cherry pick only the very best risks to take on. This means 25% deposit minimum.

Are you both on the deeds of the house?

kiwi23

Thanks for your replies folks. I suspected it was to do with my personal earnings not being enough to move the entire borrowing into my name alone.

Both our names are on the deeds of the house. I've spoken to a lawyer and it's possible to get an agreement - although not bulletproof- writen up that puts the house into my name alone.