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Need Advice - Transfering Mortgage Into My Sole Name.
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dwy1981
Posts: 7 Forumite
Hi,
Need some advice......
Currently my ex-partner is still attached to my mortgage. There were some problems a few years ago in removing her from the mortgage due to a loan being secured against my home in both our names. She has not been living at my address in the last 4 years or so.
The loan is now set to be completed next month. And I am looking to proceed in removing her name from the mortgage. I have been told that I will have to get permission from the Bank in order to do this. Permission was given before, and a minute of agreement was drawn up and signed, however, the funds that the bank made available to me to pay off the loan and pay the solicitors was withdrawn as I missed a payment on my monthly repayment. Therefore I have had to wait 3yrs plus until this loan was completed. This time round I am not looking for extra funds, only looking to finally get the mortgage transferred into my own name. There is no objection from my ex-partner.
The problem is, I believe that I would be required to get another credit check to make sure that I can pay the mortgage myself. I am not too hopeful of passing this. If that was the case I would be required to appeal the credit check (and ultimately the bank makes the decision). I have not missed a payment on my mortgage for years and my salary easily covers the monthly repayments. My ex-partner has not contributed in years. I am worried if I fail the credit check, lose the appeal, I may be forced to sell my house.
Does anyone know the criteria required when it goes to appeal? My ex has been pretty understanding up to now, however if I cannot get this transfered, I fear I may be forced to sell.
Look forward to your advice.
David.
Need some advice......
Currently my ex-partner is still attached to my mortgage. There were some problems a few years ago in removing her from the mortgage due to a loan being secured against my home in both our names. She has not been living at my address in the last 4 years or so.
The loan is now set to be completed next month. And I am looking to proceed in removing her name from the mortgage. I have been told that I will have to get permission from the Bank in order to do this. Permission was given before, and a minute of agreement was drawn up and signed, however, the funds that the bank made available to me to pay off the loan and pay the solicitors was withdrawn as I missed a payment on my monthly repayment. Therefore I have had to wait 3yrs plus until this loan was completed. This time round I am not looking for extra funds, only looking to finally get the mortgage transferred into my own name. There is no objection from my ex-partner.
The problem is, I believe that I would be required to get another credit check to make sure that I can pay the mortgage myself. I am not too hopeful of passing this. If that was the case I would be required to appeal the credit check (and ultimately the bank makes the decision). I have not missed a payment on my mortgage for years and my salary easily covers the monthly repayments. My ex-partner has not contributed in years. I am worried if I fail the credit check, lose the appeal, I may be forced to sell my house.
Does anyone know the criteria required when it goes to appeal? My ex has been pretty understanding up to now, however if I cannot get this transfered, I fear I may be forced to sell.
Look forward to your advice.
David.
0
Comments
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The lender will assess your creditworthiness using its own scoring system. There's no appeal system. You either meet a lenders criteria or not for the mortgage you are applying for.
Make a back up plan in case.0 -
Hi there,
If you want to provide a bit more information, we may be able to give a better steer.
Which bank is it currently with, how much, what value is the property and what is your income should do.
Also, is it only one bad missed payment you are talking about credit score wise or provide some details.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it.This signature is here as I follow MSE's Mortgage Adviser code of conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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