Transfer of Title help

rachel702

Hi,

My husband and I have been separated for a year now. We have mortgage together and he has been paying it himself for the past year.

I do not want to be on the mortgage. We have been advised by Natwest he will have to re-apply in his sole name. In the event that the bank decide he cannot afford it on his own (despite him paying it for the last 12 months!) How easy would be be to replace my name with another person?

Would they have to re-apply for the mortgage, or would it be a case of they assess the other person's income etc and if satisfied they can remove my name and add theirs in?

Thank you in advance for your help.

kingstreet

When considering a transfer of equity to remove a party, the party to remain can;-

- approach the existing lender to have the leaving perty removed
- consider remortgaging solely to a new lender
- consider another party to replace the leaver
- consider a guarantor.

There will be caveats and restrictions on these options, such as credit history, income, age, term etc.