Nationwide - Transfer of Equity how long does it take

fedup1982

Hi,

I feel like this has been going on for ages now. I currently have a joint mortgage but am going through the process to make it a sole mortgage and to remove my ex off of the mortgage. Im getting fed up as i currently have no permenent residence as i can't live with my ex and he wont go until his name is off the mortage and the process is taking ages.

I have reduced the mortgage to the amount nationwide will lend me on my own. But i have been told by nationwide that interest is added onto the balance everyday. My application can't be processed yet because i have had to write a letter to ask for the over payment facility to be removed from my mortgage account this will take a few days to be actioned. In the meantime i'm very conncerned that the balance is going to go over the amount i can borrow because of interest being added every day (i didn't know anything about this until after i had made the payment).

Does anyone know much about this process? How long does everything take? My ex wont move out till his name is off the mortgage how long after my application is agreed will this happen? im sick of waiting and not having a place of my own.

Let_Us_See

Firstly, a couple of queries. If you are waiting for the mortgage to be transferred into your name only, then the current joint mortgage is still in place and you (both) should me making the monthly mortgage payment? Consequently, there should be no build up on interest until the existing joint mortgage is fully redeemed and the new scheme starts in your name only.

After agreement by the lender to release your ex from current mortgage responsibility, and the issue of an offer of mortgage in your name only, it is your solicitor who will redeem current mortgage and make the relevant changes to title. Despite how you may feel this is an everyday occurrence and usually takes 3 - 4 weeks post mortgage offer.