Taking ex off the mortgage

bengal128

Hi I am wanting to take my ex off the mortgage, we split over 3 years ago and I don't ant to sell property just yet. I have paid for it all since we split. I know you can get a guarantor to sort this out, but do they have to working. My dad is a possibility, he is retired and owns his own house outright and has a pension coming in. Can it only be if you are working that you can be a guarantor? Many thanks

kingstreet

A guarantor would need to be in a position to pay the full monthly mortgage amount for the full mortgage term.

In most cases, this rules out the retired on both income and age grounds.

To complete a transfer of equity, you will need to be able to demonstrate affordability for the mortgage in your sole name using the lender's usual affordability calculator.

Having someone of working age and with an income replace your partner in the mortgage and ownership may be your best option, if a sole transfer isn't possible.