Removing name from a mortgage

Malster1

Hi guys,

New to the site so apologies if there is already a thread for this.

I want to remove my ex wife's name from the mortgage after our divorce. I can easily afford the repayments each month but am worried that when I inform them she no longer lives at the address, they will reassess my mortgage and (based on my salary) see that I wouldn't be able to afford the mortgage despite, as I say, being fine to pay the monthly payments. I am with Nationwide, so my question is, do they base their decision on salary and what you can afford as an individual or do they just check that you are able to make the monthly repayments? I have no intention of selling the house so wanted to know in advance before informing them she no longer lives there and want to remove her from the mortgage.

Thank you in advance

TrickyDicky101

To remove your ex NW would assess affordability on you individually. If you fail to meet their affordability criteria, then they will not permit your wife to be removed from the mortgage.

Malster1

Thank you for your reply.

If I did fail, would they reassess it anyway knowing she no longer lives there or just refuse to remove her from the mortgage?

glentoran99

whether she lives there or not isn't really relevant, She is jointly liable for the full amount of the mortgage, so if you don't pass the affordability checks they wont take her off

Malster1

Ok thank you for your help.

Thought they would seek to reassess my mortgage.

Thrugelmir

Your ex may well wish to be removed from the mortgage in any event. Has the property been dealt with as part of the financial consent order.

maninthestreet

So what is the outstanding mortgage amount and what is your annual income?

Malster1

In the divorce we put a clause in saying that she would not be entitled to anything more once I had paid her a lump sum and that her name was only on there for admin purposes. I earn £30k - outstanding mortgage is around £150,000

Floxxie

You need to ensure that she is removed from the legal title of the property. She will remain on the mortgage (still liable for any debt if you cannot afford to get a remortgage) but will not have any beneficial interest in the property. If she remains on the legal title, she is still a legal owner which is much more than administrative purposes!

I'm assuming you took legal advice on the CO?

And no the bank will not call in the mortgage when they find out she is not living there but you should have amended your house insurance etc to reflect this.

Thrugelmir

Malster1 wrote: »

In the divorce we put a clause in saying that she would not be entitled to anything more once I had paid her a lump sum and that her name was only on there for admin purposes. I earn £30k - outstanding mortgage is around £150,000

While that's your interpretation. If you don't remortgage. Your ex could force a sale of the property at your expense.

Can_you_help

I have a mortgage with my mother and sister with 8 years remaining . I have never paid into this mortgage - I added my name so they could get a bigger property some years ago . I now want to remove my name to get a house with my partner ? My sister can't get another mortgage as already has a second home and my mother is semi retired!! Any help greatly appreciated