How do I get from a joint mortgage to a single mortgage??

scot82

Hi,

I am in a joint mortgage with a partner at present (only 9 months into the mortgage) we are in the process of spliting up and I'm not too sure where I stand regards to taking over the mortgage in my own name or what my ex-partner is due (if anything) in money back?

Can anyone help or pass on any advice??

Many thanks

betmunch

First stop would be your mortgage company. You need to find out their take on things. It is quite posible they will not allow you to take over the mortgage.

If they wont let you then you will need to remortgage in your own name and have the solicitors remove her from the title deeds of the house (I'm assuming its a her, I've never agreed with calling boyfriend/girlfriend a partner!)

However, 9 months into the mortgage, it is likely there will be penalties to pay the mortgage company off so this might not be an acceptable outcome for you, in which case you will need to wait until any Early Repayment Charge expires.

As for money back, start with what she has put in for deposit deduct half the fees added to the mortgage if any, add half of the reduction in the mortgage balance, then deduct half of the lost value of the house (or add half the increase if its gone up). That should be a starting point anyway.

Good Luck

scot82

Thanks for your reply, she does not know either so I was a bit stuck. I'll contact the mortgage company tomorrow and see what they say.