removing my ex from our mortgage

Bobwilliams

I have recently parted with my girlfriend and she wants to come off of the mortgage. Can her name just be removed or will I have to remortgage. I would rather not remortgage unless I have to because it would seem that it's going to cost me quite a bit more to do so.

CLAPTON

you will need to seek the mortgage company's agreement; this may require a remortgage
ask them

Gary123456790

You will also need to be able to pass the affordability checks to support the mortgage on your income alone.

Note that "I have been paying it on my own for x months" isn't enough - you have to meet the current lending criteria.

If you search the forum, there are many others in the same situation.

Gary.

holly_hobby

In an nutshell ... what you want to do is a Transfer of Equity (TOE).

To agree the TOE - the lender will assess that your own income is sufficient to service the mge.

Once having done that, TOE will cost circa £400 & lenders admin fee, and there may be SDLT issues (if value of TOE exceeds nil rate band of 125k). The TOE fee is irrespective of if you stay with your current lender or remortgage to an alternative provider (as TOE does not come under the fee free remortgage packages currently being marketed by various lenders) .

Speaking of remortgage - if the current lender refuses your TOE application you may wish to see if an alternative lender will give a more generous income assessment, although there will now be full status underwriting, so any adverse you have will of course cause an issue.

If your current lender refuses and you are unable to remortgage - unfortuantely she can't be removed, and the only solution (if this isn't amicable or can be mediated ) is to sell the property to release her interests.

Hope this helps

Holly