Removing ex partner from mortgage without going through a new mortgage application?

dharflett

Hello,

Please bear with me as I'm new to this so not sure if I'm writing this in the correct place!?

Anyway, I could really do with some help / advice from anyone with knowledge or previous experience of the situation I am in.....

8 years ago me and my then partner bought a house.... I'd had a house previously on my own and sold it to put the deposit down on the house I currently live in.
After about a year the relationship broke down and so I've been paying the mortgage on my own ever since.....5 year fixed rate ended and I've been paying the normal rate ever since.
I've tried speaking to the mortgage company about letting me have the mortgage on my own but they won't let me because a) I don't earn enough money, and b) It's too much risk for them just lending to one person...... Even though I've never missed a single payment, either with my mortgage or credit cards they still won't budge and always reel off this 'Computer says no' quote.
Now I am with someone knew and have a family and am getting married I really want to get my ex off the mortgage and my future wife on - A simple swap you'd think? No. Not according to the mortgage company. They're saying I have to go through an entire brand new mortgage application and pay £180.00 for a documentation fee to get the names swapped!?
The problem I have is that I am on less money now than when we first got the mortgage.....
Is there any way around this where I can just carry on paying what I'm paying now and get the names swapped over?

If anyone can help in any way, shape or form that would be brilliant!

Thanks in advance!

ACG

You will need to go through a new application, there is no way around that.
You can try other lenders as what they lend may differ.
You would also need your ex to sign the paperwork to take her name off the property.

getmore4less

There is only one way I know of getting someone off the mortage without going through hoops.

As much as many failed relationships may jest about this option, it is not recommended.

dharflett

Thank you for your reply.
It seems so unfair that I can't just swap the names over on the paperwork and just carry on paying the mortgage as I have been for the past 7 years?
Is there really no other way around it?

ACG

They only have your word for that.
They could ask for bank statements but there is nothing to say that the other person has not been putting money into your account or subsidising your living arrangements etc.

You also need the other party to be in agreement otherwise at the first sign or a relationship breakdown one person could take the other off out of spite or greed.

There is no way around it, you need to evidence (to the lenders satisfaction) you and your new partner can afford it.

How much is the mortgage?
How much is yours and your current partners income?
Do you have any debts/loans/credit cards/HP etc?
Do you have any kids or maintenance payments?
How old are you both?

We can give you an idea whether you have a chance with other lenders or not. Or alternatively you could speak to a broker and discuss your situation in detail.

Thrugelmir

dharflett wrote: »

It seems so unfair that I can't just swap the names over on the paperwork and just carry on paying the mortgage as I have been for the past 7 years?

If that were allowable it be so easy to make fraudulent mortgage applications. With one of the original applicants simply disappearing.

dharflett

I bank with the same company that I have the mortgage with (Santander) so they can see that the money has always come from my own account since me and my ex split up - Originally it came from a joint account so I can prove to them that I've not missed a single payment as well as not being subsidised by anyone.
Also, I have a 'Declaration of Trust in place that me and my ex have both signed saying that she can make no claim on the house should I sell it.
She is keen to get her name removed from the mortgage so would happily sign any documents to speed up the process.
The mortgage is £196,000 and the house is worth £278,000.
Me and my fiance have a combined income of £39,000 and I have about £12,000 debt on credit cards.
We have a 2 year old daughter and are both 32 years old.

I really appreciate your help by the way!

dharflett

Thanks for your reply.

My ex will happily sign any documents to get herself off the mortgage.

I was hoping that if she, me and my fiance all sign the same document that would be enough?

Grenage

It's down to the mortgage company; when I was getting divorced, they were happy for us to perform a transfer of equity and put the mortgage/deeds in my name. Online solicitor, minimal fees, very easy.

If your mortgage company demands a new application and you can't afford the new property, you (realistically) have a few options:

Find work that pays enough to meet the requirements (easier said than done).
Sell the property and move somewhere you can afford (according to the lender).
Continue as is, and hope that it doesn't cause big problems at a time not of your choosing.

Those would be in my order of preference. Your ex may decide that she wants to buy a house, needs her name off the mortgage, and force you to sell... and that could occur at any time.

In your position, I would probably haul !!! saving money. Clear your debts, then try to save the difference between what you have and what you need to meet the lending criteria.

roje

dharflett wrote: »

I bank with the same company that I have the mortgage with (Santander) so they can see that the money has always come from my own account since me and my ex split up - Originally it came from a joint account so I can prove to them that I've not missed a single payment as well as not being subsidised by anyone.

Just wanted to offer my experience. My mortgage was with Santander. When my ex husband left, he agreed to sign over the house and mortgage to me as I had custody of the children and had always paid the mortgage (he is self employed and had not brought in any regular income). I called Santander who agreed they could help but said they would have to do a new application. Bear in mind that I only had £28k left on my mortgage anyway. The application was refused at underwriting stage.

Fast forward 6 months...I decided to sell the house to cut ties with my ex and had assumed I would need to rent. My friend urged me to try her mortgage broker. I now have a mortgage agreed with Natwest for 4x the amount Santander refused to lend me! My ex had to sign a form at the solicitors office to relinquish his right to any equity. If you're remaining in the property, your ex can sign over the house via a solicitor (you will have to pay for this obviously, it can run in to the hundreds). There are some lenders you may obtain a new mortgage with, so go to a good broker.

ACG

I think the figures are probably not quite there.
I would try and get those credit cards down and then see where you are. I do not think you are a million miles away from being able to do it though.