removing my name from mortgage

racheljones144

I will try and keep this short and to the point.
I got divorced about 2 years ago. Just before we seperated (3 years ago) we re-mortgaged the house and took out a fixed rate mortgage for 5 years.
I left the marital home 3 years ago and since then my ex husband has happily paid the mortgage (he still lives in the house) on his own with no defaults.
Recently, we have enquired about removing my name from the mortgage. The bank said "no"

They say that he can't afford it - Although, as I said, he's been paying it for 3 years. Can they do this?

Their reason: We are still locked in because of the interest rate. It will cost over £5k to buy out of that mortgage, then my ex will STILL not be able to afford the mortgage on his own!
HELP!

CAB are telling me one thing, the bank another and online legal advice different again. What are our rights?

mjm3346

They do not have to remove you, they can come after you for any losses so why would they want to give up the chance to do so?

beecher2

You have no 'right' to have your name taken off the mortgage, and if your ex doesn't fit in with present day lending criteria, he won't be allowed to take on the mortgage. It is up to them to decide if he can afford it or not. I'm surprised that anyone has advised you otherwise - surely CAB didn't tell you that the bank would automatically take your name off, or imply you had any 'rights' when it comes to deciding on lending criteria?!

cabbage

Paying the mortgage and being able to afford it are two different things.

At the moment, the building society can come after you both if there is a default. If they remove you, then they can only chase your ex.

Your ex has to be earning enough to take on the mortgage in his own name. He could get together with a family member or shop around for another deal although by the sounds of it there are penalties if he does before the end of the fixed rate deal.

racheljones144

It's not upto the bank, it's actually upto the FSA. Banks have to adhere to "responsable lending criteria"
We are in a no win situation. I was just looking for friendly advise from people who have been in this situation in regards to the high fees etc

beecher2

racheljones144 wrote: »

It's not upto the bank, it's actually upto the FSA. Banks have to adhere to "responsable lending criteria"
We are in a no win situation. I was just looking for friendly advise from people who have been in this situation in regards to the high fees etc

It would be irresponsible for a bank to allow your ex to take on the mortgage if his salary doesn't support it. It is indeed up to the bank who they lend to - no-one can force them to lend to someone, especially if they can't afford it.

I am unclear as to what your query is, as from the last post it now seems to be about the ERC? You have no chance of getting out of paying it, as it was in the orginal 5 year contract.