Removing my wifes name from the mortgage

Dowsett

Hi all,

Few questions about this process.

I have a meeting on friday with my mortgage lender about removing my wife from the mortgage.

Ive had a quick read of some stuff an waited to find out if anyone can shed abit more light on the situation.

I solely pay the mortgage and bills on the house every month. my wife had agreed verbally that she will sign any documents etc to sign over the house.

i tried this around 2 years ago and they told me i couldnt afford it. surely if they can see i am still paying the mortgage out of my own person current account every month they cannot say this?

I have read that the process to do is is to take out another mortgage (on my own) and pay off the old one (joint names)

Can anyone offer any insight to this process?

Thanks

kingstreet

You do not need to take out a new mortgage.

The transfer of equity process includes you being vetted for affordability by the current lender. If they decide you meet their criteria, you will be permitted to take over the current mortgage and your former partner removed.

Once that is agreed, the issue will be passed to a solicitor for the TofE to be completed with her formal removal from the mortgage and title deeds.

The typical cost of a transfer of equity is between £400 and £600. It requires the written approval of both parties and the party leaving will be advised to seek independent legal advice.

You can of course remortgage to another lender in your sole name. This would replace the early part of the process mentioned above. The transfer of equity would still conclude the matter with the solicitor also repaying the existing joint mortgage.

Leon_W

Unforunately, just because you have been paying the mortgage and bills alone does not make it affordable.

It has to meet the lenders criteria which allows headroom for rate increases etc. It is quite common that I get clients who have been renting for years at a considerably higher monthly payment than an equivilent mortgage would cost declined because the lender deems it "unaffordable".

Best of luck though.

Dowsett

Thanks to you both for your views/input/advice.

Maybe selling it would be a easier/more cost effective option.

Can either of you comment on how long this process takes. i can imagine it varys abit depending on solicitors / lenders etc

kingstreet

I warn my clients to expect a turnaround time of 6 - 8 weeks for a transfer of equity. There's no exact timescale. It'll take as long as it takes, TBH.

Lynn_797

Hi

Wonder if anyone could help. My partner and his ex have a house which isn't too far from proceedings beginning for reposession. What might be the chances/procedure of me attempting to buy into the mortgage so we can both live there. It would work out cheaper than the rental I pay and the mortgage and secured loan he is having to pay. She is currently getting a free ride as paying no bills at all which is why she is showing interest in the house maybe selling although they have had to drop it but if it went for the current price they may make a few thousand each as here is a little equity in it at the mo.

Thanks

kingstreet

All you can do is ask the lender if they will add you and take her off.

Will she sign the transfer documentation? If not, there's not a lot you can do without some heavy legal costs to get a court order to sell.

CLAPTON

Lynn_797 wrote: »

Hi

Wonder if anyone could help. My partner and his ex have a house which isn't too far from proceedings beginning for reposession. What might be the chances/procedure of me attempting to buy into the mortgage so we can both live there. It would work out cheaper than the rental I pay and the mortgage and secured loan he is having to pay. She is currently getting a free ride as paying no bills at all which is why she is showing interest in the house maybe selling although they have had to drop it but if it went for the current price they may make a few thousand each as here is a little equity in it at the mo.

Thanks

best to start your own thread

has the mortgage been defaulted on or are there late or missing payments?

if so your OH may have a trashed credit rating with would cause major problems (and probably trash your credit rating if you go a joint mortgage)