Taking over partner's mortgage

antrobus

CLAPTON wrote: »

why don't you just pay something towards the mortgage?
why the need to remortgage at all?

That was my first reaction as well.

Of course I can understand why the OP might want to 'get something for their money' as in 'if I'm paying part of the mortgage I should own part of the house', and their partner would very likely be quite happy with that. But I would have thought there would be ways of doing that, that didn't involve faffing about with remortgages.

kingstreet

To be fair to the OP, I'm the only one who mentioned a remortgage and that was only in an attempt to indicate a modicum of choice existed in how to deal with the OP's issue. Since that post we've pretty much concentrated on the idea of a transfer of equity with the existing lender.

theloir

Hi,

This would be the easy option, however, this mortgage was hers and her ex-husband's. As part of the divorce settlement she was given the deeds to the house but her ex had to stay on as a guarantor until such a time she could afford to pay for the mortgage. As her income is low she pays interest-only but the Halifax want to stop that as of June next year, however, they've already told her that she doesn't earn enough to pay the mortgage off as a resettlement payment.

Could I just replace her ex as a guarantor then?

Thanks

kingstreet

theloir wrote: »

Hi,

This would be the easy option, however, this mortgage was hers and her ex-husband's. As part of the divorce settlement she was given the deeds to the house but her ex had to stay on as a guarantor until such a time she could afford to pay for the mortgage. As her income is low she pays interest-only but the Halifax want to stop that as of June next year, however, they've already told her that she doesn't earn enough to pay the mortgage off as a resettlement payment.

Could I just replace her ex as a guarantor then?

Thanks

It's upto you both if you want to release him from his responsibility. You might want to discuss the feasibility with the lender first to see if it's possible as we discussed earlier.