removing my ex partner from my mortgage

ShaunPaul79

hi all.

im in a situation, i have covered all costs for the last 4 years and my ex has requested i remove her name from our joint mortgage so she can move on and have a home/mortgage of her own, she put this in writing to the bank, i called them up, passed the affordability screening by the call center and they sent me the relevant application forms, yet the underwriters rejected my application stating my credit file did not match there criteria at this time, i had a bad patch when we first split and got into a little debt etc my mortgage payments are up to date and i am in a repayment agreement with a number of creditors but all under control and manageable these details where also covered when passing the affordability screening.

is there anything i can do to help this, the house is in negative equity so selling would not remove her liability towards appox 15-20k if we made a quick no hasal sale for 80-85k just to get rid of the property.

any advice would be much appreciated.

thanks

Thrugelmir

ShaunPaul79 wrote: »

i am in a repayment agreement with a number of creditors

is there anything i can do to help this, the house is in negative equity so selling would not remove her liability towards appox 15-20k if we made a quick no hasal sale for 80-85k just to get rid of the property.

The repayment plan is the reason for the decline.

The lender would prefer that both names remain on the mortgage to guarantee the shortfall.

Is your mortgage repayment or interest only?

CLAPTON

with several defaults and a property in negative equity, there is little prospect of the lender agreeing to remove of your ex from the mortgage

the only realistic path is to sell and to accept the lose.

ShaunPaul79

hi, thanks for the replies, its a repayment mortgage, Clapton i am also under the same thinking was hoping there is something else i could try first, as even selling and cutting my loses will not remove the liability for 50% of the remaining balance from my ex, if the property sells for approx 85k there will still be a balance of the mortgage approx 13k. i assume this would turn into a standard repayment loan.

kingstreet

You won't be able to sell the property for less than the outstanding mortgage without the lender's permission.

That permission will involve how it expects you to deal with any shortfall.

I would not make any assumptions about this.