One person taking on entire mortgage in divorce?

pensiondivorce

My parents have a mortgage on their £140,000 house, the mortgage has £75,000 remaining. They are getting divorced, my father wants to take ownership of the house and my mother is happy for that to happen. He takes full ownership and full liability for the mortgage, she would no longer have any standing in either.

Would my fathers income (£1500 per month after tax) make this impossible or difficult? He can afford the repayments (around £450 per month) which have another 15 years to run (which will take him to his earliest retirement age) but I'm not sure if that matters?

Could they just say to the lender, "we want to remove {wife} from the mortgage and put it in just my name" and that's that or would he have to do some sort of re-mortgaging in just his name (which his salary being considered?).

Thanks

kingstreet

He needs to ask the lender for a transfer of equity. He'll be vetted for affordability. If the lender agrees, the matter is then passed to a solicitor for the legal work to transfer the property into his sole name.

Alternatively, he could remortgage to a new lender in his sole name, with the same legal work required after the mortgage is agreed.

Your mother will need to sign the transfers in either case.

Typical cost for a TofEis £400 - £600.