Getting a partner off the mortgage

costingbunny_2

My partner has left me and I want to continue the mortgage on my own. I was going to ring the mortgage company to ask about it but am still in a bad way following the split and want to get my head straight first so looking for some advice here first.
Bought the house in joint names (tenants in common) in 2005 for £190,000 with a mortgage of £127,500. We currently owe around £108,000 (I have overpaid following interest rates dropping) and I have always the mortgage and he paid bills. I can afford the mortgage on my own and the bills.
If I need to get him off the mortgage will I need to re-mortgage as I am currently on a really good deal with ING Direct - I pay 0.9% above base rates. Also, what fees may be incurred?
Any help gratefully received.

Thrugelmir

Your partner will presumably want their share of the equity?

Yes, you will need to remortgage. In the process losing your current mortgage deal.

beecher2

You'll need to remortgage for nearer to £150,000 depending on valuation in order to pay your ex his share of the equity. Is your salary high enough for this, ie over around £44,000? Might not be as straightforward as you hope.

costingbunny_2

meant to say, I can pay my partner his equity from my own savings so I do not need additional money on the mortgage - will i still need to remortgage just to take his name off it?

Thrugelmir

costingbunny wrote: »

meant to say, I can pay my partner his equity from my own savings so I do not need additional money on the mortgage - will i still need to remortgage just to take his name off it?

Ring your current lender and discuss the situation.

costingbunny_2

sorry to have bothered anyone. as i posted initially, I do not feel up to talking to someone on the phone about the formalities, I just wanted a bit of helpful advice.

Thrugelmir

costingbunny wrote: »

sorry to have bothered anyone. as i posted initially, I do not feel up to talking to someone on the phone about the formalities, I just wanted a bit of helpful advice.

Transferring the property into your name only is not an issue.

Whether you meet your lenders lending criteria and retain your existing mortgage product is something you have to ask.

Although you may not feel like it. You should resolve this matter as soon as possible. So that you can move on with your life.

SandC

Unfortunately, costingbunny, it won't be as straightforward as just taking his name off, whatever private financial arrangements you have. Lenders all have a procedure to follow and you can only know the process by ringing up and explaining the situation. Basically as far as I'm aware most lenders will insist on doing a remortgage as it reflects a major change in the loan they are making.

Right now you may be better off sitting tight for a while so you can get your head together. In that time, work out whether 3x your salary is enough to cover the mortgage as it now stands. From the lender's point of view their concern is that you fit their criteria for lending. So if you are on £36k or above then it is likely to be quite straightforward.

paddedjohn

Pay him out of your savings, transfer the property into your name only and just leave the mortgage as it is for now. As long as the deeds are in your name and you keep records that prove he isn't contributing to the mortgage then there shouldnt be any problems for you

WhiteHorse

The mortgage company will have a charge on the property, so you'll need to talk to them. The most likely scenario is a remortgage, pay him off out of your savings and take him off the deeds.

AJK_3

ING Direct will allow you to remove your partner from the mortgage if you pass the affordability checks and as long as you still meet their lending criteria etc and your partner signs a form confirming he is happy to come of the mortgage. You'll be able keep your existing product for the current loan amount, any additional borrowing you do will need to be on a product from the current range and you may have to pay a product fee for the new product depending on which one you choose. There will be no admin fees to pay to ING Direct but you will need to instruct a solicitor to do the legal work for the transfer of equity and they will charge you for this.