Removing ex-partners name from mortgage

tlc678910

If your mortgage is similar or cheaper than renting and you have no other pressing need to move then why not stay put? It sounds like you would be unlikely to be able to buy again at the moment and the same for your wife at the moment. So why not stay put in your own home thinking of the mortgage almost as a rent payment.

If the house price recovers or at some point has equity then that is a bonus.

Even if you did have to split any equity that developed with your ex one day as long as this was your best housing option then you are still onto a winner.

As for the advice from Rafty2015 why sell and then have to pay rent somewhere else as well as debt repayments for the negative equity if you can just stay in your home?

If finances are tight can you rent out a room in your house? This can be tax free under the rent a room scheme.

Good luck

rafty2015

Pixie5740 - not at all just looking to help

Interest only if effectively renting! but your still liable for the shortfall. plus if the house ever did make any money..the ex partner would be allowed 50% of it

sjhopewell

IN REPLY TO POST 6

It was included in her bankruptcy. Because of my credit position following the divorce, I wasn't in a position (and still aren't) to try and get a sole mortgage.

sjhopewell

IN REPLY TO POST 7

The house was included in the bankruptcy, and after 12 months because it was in negative equity and they therefore had no financial interest in the property, it was effectively 'given back'. From what I am aware, she is not liable any more, as the mortgage was included within the bankruptcy. Since the divorce, she has had nothing to do with the house, she has effectively just left it to me, and I have paid the bills. However, her name does still remain on the mortagage and deeds.

Pixie5740

Then you'll just need to carry on as you are then. Your lender won't let you remover her name from the deeds if you cannot get a mortgage in your name only.

sjhopewell

IN REPLY TO POST 12

Thank you for your reply. The current interest only mortgage payment is cheaper than renting, which is why I have continued to stay there. There are 2 problems though, (i) my new partner doesn't like the fact that she has is living in my old marital home, and wants us eventually to get our 'own' place somewhere, but to do this, I need the housing market to recover so I can at least break even, and (ii) if I eventually do have to bite the bullet and go bankrupt to remove any liabailities I have and effectively start again, I would prefer to do it now and start my 6 years window of "bankruptcy" rather than delaying it for 2 years.

In hindsight, i wish I would have gone bankrupt 5 years ago, but am now trying to make the best of the bad situation I find myself in (which I fully appreciate isn't as bad as it could be)