At a loss, what is next?

jujudrops

Hi, hoping someone can help.
I have split from my partner and he has agreed that I can take over the mortgage and have his name removed. He does not want any payment for equity.
He has stopped the mortgage payment and associated insurances which were paid from his bank account via direct debit.
I have spoken to B'ham Midshires and redirected the mortgage payment to be paid from my account but what do I do about the insurances and getting his name removed?
Many thanks for any guidance
Juju

Thrugelmir

You'll need to apply for a mortgage in your own name and arrange a transfer of equity.

jujudrops

Thrugelmir wrote: »

You'll need to apply for a mortgage in your own name and arrange a transfer of equity.

does this mean i need a mortgage broker and will they deal with both things?

Thrugelmir

Maybe worth approaching your existing lender first regarding a mortgage. Just to see how the land lies.

A solicitor will handle the TOE. This will cost several hundred pounds to effect.

Dave_Ham

Typically BM are a buy to let lender, although obviously they did offer bespoke residential products.

See what they can offer as suggested and then see what else may be out there for you to reduce costs a tad and ensure insurances etc. are in all your name.

A mortgage broker would be a good start...

jujudrops

thankyou so much, I am a bit overwhelmed by all this at the moment and trying to work my way through it logically. Why can things not be simple?
When I spoke to B'ham Midshires they said that they have no 'sales' staff to talk to me so a broker it is. I will get onto it in the morning.
Once again thanks for your help.

Dave_Ham

That was I thought, but was not sure so did not say.

Your broker should easily be able to assess your equity, income, credit file and potential mortgage options.

I hope they will talk you through your options and allow you to appreciate the details and potential solutions on offer.

By all means keep us updated and will help as and when...

All the best

erimus1

jujudrops wrote: »

Hi, hoping someone can help.
I have split from my partner and he has agreed that I can take over the mortgage and have his name removed. He does not want any payment for equity.
He has stopped the mortgage payment and associated insurances which were paid from his bank account via direct debit.
I have spoken to B'ham Midshires and redirected the mortgage payment to be paid from my account but what do I do about the insurances and getting his name removed?
Many thanks for any guidance
Juju

It's not as simple as just taking your ex partner's name off the mortgage as this effectively relinquishes their responsibility an therefore the lender's capacity to make a claim should the mortgage default. I have known for this to be refused by lenders. If you are of good standing and able afford th mortgage on your own they may remove his liability for a fee or they may require you to re-mortgage.

dimbo61

The mortgage is in joint names and he should continue to pay his Half of the mortgage and ensure that he continues to pay for the insurance until you have sorted the transfer
Good luck