Removing a name on Mortgage????

Little_RAY

I have been separated from my husband for a year and a half now and we have a house together which is mortgaged. We have been unable to sell it and so are renting it out. The mortgage company has given us permission to do this for a year stating that we must reapply at the end of the year...

However, my husband has now started a new relationship and is living with his new girlfriend, meaning he is in a far better financial situation than I am at present. The fact that I have my name on a mortgage causes me so many problems when applying for financial help. My husband has always paid it anyway because he has always earned about three times more than me. Ideally I would like to remove my name from the mortgage so that it is just in his name - gives him more freedom too. He is perfectly happy to do this in theory, BUT...

I have no idea how the mortgage company would react to this request to remove me from the mortgage. I would really like some advice about how I should approach this before I speak with the mortgage company. It seems like it could stir up a whole lot of trouble if I am not careful. I suspect that they will not allow the change... if anyone can offer any advice, I'd appreciate it.

Thank you in anticipation of your help.

kingstreet

They will vet him like a new applicant to determine if he can afford the mortgage alone. Only then will you be allowed to leave the mortgage and the deeds.

If there's enough equity and he wants to carry on renting it out, I'd remortgage it onto a formal BTL deal and remove you during the transfer process.

Little_RAY

Thank you Kingstreet...

...so I am safe to contact the Mortgage provider and query starting this process off?

I'm wondering if he might be better to see if he can mortgage the house with a different provider and just not include me on the new agreement. The original mortgage is with Northern Rock (yes, I know) and so they are now very careful about any changes to the mortgage agreement - they wouldn't let my husband have a buy-to-let mortgage with them, and so I doubt if another provider would.

Anyway, thanks. This gives me something to go on and investigate.

Thrugelmir

Little_RAY wrote: »

I have no idea how the mortgage company would react to this request to remove me from the mortgage. I would really like some advice about how I should approach this before I speak with the mortgage company.

As it will be your ex applying for the mortgage in his sole name , the ball is firmly in his court.