Removing a name from mortgage

Kernow80

Hello,
I just wondered if anyone has experienced trying to remove a name from a mortgage?
My husband and I seperated two years ago and we agreed that he would keep the house. He has been paying the mortage by himself with no issues in this time.
We're now going through the divorce process so I need to get myself removed from the mortgage. I'm concerned that they will make him re apply and in this current climate I dont think he could get a mortgage by himself even though he can make the monthly payments.
Any advice please?
Thanks

F_Bear

hi, i had a similar situation a few years ago. he needs to speak to the mortgage provider and theyll do a affordability calcualtion and let him know if theyd be willing to put the mortgage in soley his name.

despite the fact hes been paying it by putting the mortgage in just his name there doubling their risk, they can no longer come after u if the paymets arent met.

once they say yes, or no, you can use their solictor to get your name off the deeds. cost me about £400.

amnblog

Kernow80 wrote: »

Hello,
I just wondered if anyone has experienced trying to remove a name from a mortgage?
My husband and I seperated two years ago and we agreed that he would keep the house. He has been paying the mortage by himself with no issues in this time.
We're now going through the divorce process so I need to get myself removed from the mortgage. I'm concerned that they will make him re apply and in this current climate I dont think he could get a mortgage by himself even though he can make the monthly payments.
Any advice please?
Thanks

They won't let you go unless they are happy with who is left as the mortgagee.

If he can't be underwritten on his own you will have to sell and he will have to move.

Kernow80

Thank you for your responses. I'm feeling reluctant to call the mortgage company in case is raises alarm bells with them. If they say no to him being a single applicant then will they be funny with us for me living separately and not being his wife anymore or will they accept me staying on there until we can sort something else out?

I really don't want it to come to selling the house as I believe at this time it is in negative equity.

F_Bear

the mortgage company wont be bothered if your not living there, your still liable regardless where your living. all they care about is the bill been paid :-)

when i split from my partner, who was on the mortage with me, i was paying for everything and went into the mortgage company and asked if they could take her off.

they said i wasnt earning enough (despite getting the mortgage by myself on 5k less back in 2006). as i work in the civil service and was on a increment pay scale they said when i get my next one in 8 months come back and they take her off. which they did :-)

Cknocker

I'm in your husbands position, unfortunately with a NRAM mortgage. With NRAM it costs £200 every time you apply for a change of parties, so you need to be pretty sure of yourself before you apply. I( will be trying again later on this year - I'm well within the affordability criteria for all lenders taking on new mortgages - by in excess of £70,000.

NRAM aren't keen on taking anyone off the mortgage, as quite simply they are getting rid of a chance to recoup money, regardless of the personal circumstances - at present if I stop paying, they can go after my ex, once they change the parties they can't.

Annisele

Kernow80 wrote: »

If they say no to him being a single applicant then will they be funny with us for me living separately and not being his wife anymore or will they accept me staying on there until we can sort something else out?

I really don't want it to come to selling the house as I believe at this time it is in negative equity.

Your obligations to your mortgage lender - and the lender's obligations to you - have nothing to do with whether you and your husband are married.

The lender agreed to lend both of you money over a term of X years, and you both jointly agreed to pay it back. The lender can't just suddenly decide not to lend money to you anymore, anymore than you could just suddenly decide you weren't liable to repay.

If you're in negative equity your ex won't be able to remortgage elsewhere (unless he can come up with money from somewhere else to pay off part of the debt). Put the negative equity together with your concerns about the level of his income, and I think it's highly unlikely your current lender will release you from the mortgage.

If he can't remortgage in his own name, then either you sell or you continue with a joint obligation for the foreseeable future. Depending on the amount of the negative equity, you might be better off selling so you have a clean break.

antrobus

Kernow80 wrote: »

...We're now going through the divorce process so I need to get myself removed from the mortgage. ...

Your divorce process will involve a consent order setting out the agreement between the two of you regarding the division of your assets. The usual legal boilerplate will specify that he gets the house whilst he promises to use his "best endeavours" to get your name off the mortgage, and agrees to indemnify you against claim the lender makes against you.

There is no 'need' for you to get your name off the mortgage. As noted above, your obligations to the lender have nothing to do with whether or not you are married.

P.S. If you are thinking of selling the house, you need to make that decision before the consent order is agreed.

scmp

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