How to get name removed from a mortgage

carlym81uk

Hi all

Unfortunately 7 months after buying our first house together, my boyfriend and i are splitting up. What i want to know is how easy it is to remove my name from the mortgage? He earns more than me and could probably afford the place on his own.

I'd rather leave sooner than later., but i know i couldn't get another place just now as i'd still be responsible for paying my share of the morgage.

Does anyone know how long it takes and if it is relitavely easy to do ?

Hellish situation to be in quite frankly and the whole prospect of this scares me
Thanks for any help

lee111s

You need to speak to the mortgage lender as he'll have to apply for the mortgage in his own name and be approved before you can be removed from the mortgage.

jackieblack

If your ex-boyfriend wishes to take over the property solely, in his own name, he can apply to the lender. They will decide if they are willing to allow this and will need your agreement.
They may say no if he doesn't fulfil lending criteria on his own, in which case you may need to sell the property and repay the mortgage in order to be released from your obligation.
There will be an admin fee, this varies from lender to lender. How long it takes? Varies depending on complexity of your case and the efficiency of the lender.

somethingcorporate

Just FYI, you do not have a "share" of a mortgage - you are both responsible for 100% of the mortgage so if he stops paying you will be liable to pay the lot. This is known as "joint and several" - google it for more info but I would expect it to be spelled out in your mortgage agreement.

carlym81uk

Thanks everyone for the replies. x

Amanda18_2

Hi

Any advice right now would be very much appreciated. I moved into my partners property just before Christmas. His mortgage is in both his and his ex partners name, she left him 4 years ago and has never paid anything towards the house. 3 weeks after moving in, we received a letter from her making demands about wanting her name off the mortgage or her taking the house over, or ultimately forcing us to sell. My partner has struggled and fought to keep the house for the last 4 years and has spent every spare penny making improvements.

Neither are on a high enough wage to take on the mortgage individually so we applied for a transfer of equity into my name. It was refused based on 1 missed payment last summer that was agreed in advance and has now been cleared. I'm on a good salary with an excellent credit rating, yet his ex is in an IVA for all her debt.

We sent a desperate begging letter of appeal asking them to reconsider the decision and on this occasion to overlook the missed payment, as it was the only time in 4 years he ever missed and guaranteeing that now with a joint income of almost 50k there would never be any future payments missed. Having not yet received a response to the letter, i called Alliance and Leicester this morning and was told it has still been declined. I asked if there was anyone higher we could appeal to but was informed that this appeal had been refused by the 'Underwriters' and thats as high as it gets.

In addition to all this, the ex has refused to allow my partner overnight stays with his 7year old son, (pending the outcome of the house) who for the last year he has had 50% care of. We are in the process of making an application to court but he is worried he'll lose his son if he loses his home.

I'm at my wits end and my partner is on the verge of a breakdown.

Is there anything else we can do? Anyone else we can appeal to? I just don't know which direction to go from here.

Thanks in advance for any response, even if its negative.

kingstreet

Was this a missed payment, or a late payment? Is the account showing 11111 on his credit file, or 0000010000?

How much equity is there?

What about a remortgage?

Amanda18_2

They refer to it as being in arrears and the account needs to be clear for 12 months before they will consider the transfer. It is clear and up to date now but we don't have 12 months.

There is very little equity because he bought the property while prices were high. About 10k i think, but then he and his ex also have joint debt of around 30k.

We sought advice from a Financial Advisor re possibilty of remortgaging but my partner is in a debt management plan and the advisor said he wouldn't be approved a mortgage with any other lender so unless the current lender agrees to a transfer of equity, the only options are to sell or let her have it but it means he'd still be named on the mortgage anyway.

The letter has just come through the door from Alliance & Leicester refusing the appeal, but they've changed the reason from 'account has been in arrears' to 'based on current income'. We sent proof of both our incomes with the initial application, and its clearly affordable for us.

The person i spoke to this morning said you can only appeal once and if its refused thats it, but surely if they've changed the reason for refusal, we should be able to appeal against that reason?

kingstreet

No idea. You're into internal lender stuff that most of the outside world known nothing about until it happens...

Presumably, the arrears issue remains, so even if you did appeal this new reason, the old one hasn't gone away.

With the arrears, DMP and lack of equity there appears to be no option but to wait until the current lender is prepared to accept the TofE. Until then, the -ex hasn't got much of an option, other than to seek an order of sale via a court. She has credit problems and income problems which prevent her getting a new mortgage, or a TofE, so there appears to be an impasse.

He needs legal advice on the custody/access issues, as there's nothing to be done on the housing matter, for now.

Thrugelmir

Amanda18 wrote: »

but my partner is in a debt management plan

This is the reason why your current lender will not consider a new mortgage application. Along with why you would struggle to remortgage elsewhere.

To be frank your options are very limited. So you need to have a long hard think about the way forward. At the moment you're very much between a rock and a hard place.

Amanda18_2

Yes, we do have a solicitor dealing with the custody side of things.

Thank you both for your feedback, i guess i already knew i was clutching at straws....