Taking My Name off a Mortgage

colinairey

Hi.

Can anyone tell me the procedure for taking my name off a joint mortgage with my x wife?

I have recently been able to pay off all my depts including a loan that was secured on the house in just my name.

I have no outstanding depts in my name attached to that house so i now want my name taken off the mortgage.

My x wife still has a loan secured on the house but that is in her name.

She has for the last 6 years paid the mortgage by herself from her own bank account with no help from me but i am concerned that because on paper she would not be eligible for a mortgage because of a low wage, that they will not allow my name to be taken off.

Can anyone please advise on what actually happens in this circumstance?

Thanks

dimbo61

Have you got kids?
Was this not sorted and agreed when you got divorced ?
If she is on a low income and has a large mortgage still outstanding she cannot remove you name from the mortgage.
At this moment in time SHE is losing out as well!!!!
She is paying the mortgage and other housing costs ( You pay nothing?) and yet if the property goes up in value you still get your share! ONE DAY?

colinairey

I have 2 Children age 19 and 16 who both still live there. I left the house 6 years ago and left her with the house and the divorce was amicable. Ive only been able to rent since i left but i have now re married and want to buy a new house using the Help To Buy scheme that the government are offering. Im not eligible for this if i have my name on another mortgage hence why I'm desperate for my name to come off. If she has been paying the mortgage from her bank account for the last 6 years and I don't have any loans in my name secured to it, then surly it should be simple enough ?

Thrugelmir

What did you agree with your ex in the financial consent order when you divorced?

Is the 16 years old still in full time education?

colinairey

I can't remember what was written down in the financial consent order? I was basically leaving her everything. I didn't ask for anything. I didn't want anything out of the house because the kids where still going to be living there. I don't want anything out of the house in the future either, i just want my name off it.
Both of my kids are in full time education.

Thrugelmir

Understand your comments. However will put these aside as they are of no relevance.

The court acts as guardian for the welfare of the children when couples divorce. So it's normal practice for both parties to remain on the mortgage until such time as the children have left full time education and are then deemed to be financially independent.

At the current time you have no grounds to force your ex to remortgage into their sole name. Find your financial consent order. As it should provide your answer. You will have agreed to something.

Brock_and_Roll

The best advice was given by TBagpuss the first time you posted this question:

https://forums.moneysavingexpert.com/discussion/4807633=

At the end of the day there is no way any bank is going to release a party from a joint mortgage if the house is in negative equity and the remaining borrower does not meet the lending criteria. Put yourself in the bank's position - they would have to be crazy to voluntarily make their security position worse.

Again as previously advised, the best bet is persuade and or ultimately force your ex-wife to sell up. If things are amicable and the kids are flying the nest anyway it might be possible to go down this route.

colinairey

I watched a thing on Mortgages not so long ago and Martin Lewis was taking about the best way to keep your credit score good and up to date before getting a mortgage and one of the things he said was if you still have your name on a mortgage with an x partner then you should look into getting your name De-Linked. He made it sound as if it was easy to do. ?

colinairey

Brock_and_Roll wrote: »

The best advice was given by TBagpuss the first time you posted this question:

https://forums.moneysavingexpert.com/discussion/4807633=



Again as previously advised, the best bet is persuade and or ultimately force your ex-wife to sell up. If things are amicable and the kids are flying the nest anyway it might be possible to go down this route.

Thanks. The only reason I've asked for this advice again was because of what Martin Lewis said about De-Linking your name from the property.

Goldiegirl

I'm not sure what this 'de-linking' is, but it's the second time I've seen this phrase used in the last week or so in connection with being removed from a mortgage.

The process is not known as de-linking. It's called a transfer of equity.

A lender will only agree to a transfer of equity if the person left on the mortgage can afford the mortgage by themselves.

The lender won't just transfer someone off the mortgage willy-nilly, even if Martin Lewis implies it's easy!

colinairey

I spoke to the lender this evening and they said that my x wife needs to give them a call to go over income and expenditure with them. If they find she doesn't earn enough to cover the mortgage (which on paper will look like she doesn't) then they will not allow my name to be removed. Whats worrying tho, is that they have said that because I'm no longer living there and not contributing to the mortgage, she will need to change the monthly payments from Interest only to a Repayment making her monthly payments a lot more than what she is paying now which she will not be able to do.
Im struggling to work out how this is going to work? The house is worth around £130000 and that is what we owe so there isn't any money in it. She also has a secure loan in her name of £100000 attached to the house which if I'm right in thinking brings the value down to £120000. She is currently paying £501 a month and has never missed a payment. What benefit will the lender have insisting she changes to a repayment mortgage of which she will not be able to pay. Surly the lender should be happy they are getting the interest paid every month in the knowledge that at the end of the term they will still own the house anyway.? Im confused