getting ex boyfriend off mortgage

cazular

Hi there

I know this is a probably a silly question and I should just ring my building society but I wanted to try to find out if I am going to have problems getting my ex boyfriend off my mortgage. I own a leasehold flat with him and I am going to buy him out with a cash settlement, Im not sure how I could remove him from the mortgage, I feel like I want him to sign an agreement or something. Has anyone got any experience of this, any advice would be greatfully received !

Thanks

Caroline

Gorgeous_George

You need to confirm that you can secure the mortgage on your own. Speak to your building society. It may be a good time to make sure you have the best deal available to you so if you are not tied to current lenders, shop around.

You also need a solicitor/conveyancer to transfer the deeds to your name.



GG

homer_j_3

You need to do a transfer of equity so yes you need to contact your lender and ask what their process is. Normally they will charge an admin fee to review your case and should they be satisfied that you can afford the mortgage on your own then agree to this.

You will need to involve a solicitor as they will have to remove your boyfriend from the title deeds and this will be an additional cost to which you have to cover out of your own pockets in addition to the lenders fees.

In some scenarios it is sometimes easier to remortgage and capital raise in to your sole name than go through a transfer as detailed above but this is something I would suggest you talk to a professional about.

HTH

cazular

Hi

Thanks, when you mean a professional do you mean a solicitor or a mortgage advisor? I have a two year fixed mortgage with Abbey which expires in November and I think that there may be heavy penalties to get out of it. I guess i just need to speak to Abbey first !

thanks for your help !

Gorgeous_George

Probably better to stay with them at least until any penalties are removed. Are you prepared for a couple of percent increase from November?



GG

MortgageMamma

Hi Caz

If you need to buy the boyfriend out first of all get a bit of legal advice and let a solicitor handle it. It shoudl cost between £170 upwards - shop around for a good price but sometimes its better to use the conveyancer within your matrimonal solicitors office. If you cant get out of the Abbey deal you could always ask them for something called a further advance - this is another loan secured on your property seperately from the mortgage.

I would recommend you take advice froma professional mortgage broker, as you need to know what you can and cannot realisitically do within your means before you make the ex an offer

Good luck and I hope things get better for you soon