Transferring my mortgage to my ex

Craig660

Good Morning,

I have a mortgage with my ex girlfriend.

We bought the place 10/11 years ago, after a year of ownership I verbally gave her the place, and have had nothing to do with it since.

So now I want to get my name of the mortgage and put it solely into her name, as I want to buy a property with my new GF.

The mortgage is with halifax and it is not fixed at the moment.

Can someone give me a brief explanation of the process, any helpful information, any tips and associated costs with doing this.

I would like a clear picture before I start the process.

Any help would be greatly appreciated.

David_White

The key thing will be whether on paper Halifax believe your ex can afford the mortgage on her own.

AnotherJoe

Start with the ex. Does she want to do this? If not, you have a problem.
Next, Halifax. They may not allow it, it depends upon your ex's earnings, the size of the mortgage etc.
If not, see if another lender will do it.
After that, if its marginal on ex's salary, since I think you'll be caught out by the new stamp duty rules buying your new house, if a few extra £k to reduce her mortgage makes the diff to her between affordibility or not, it might be worth 'bribing' the ex, if money to her is less than SD.

betmunch

Your ex needs to approach Halifax, or another lender, and have you taken off the mortgage or remortgage to another lender.


She will need to be accepted for the new mortgage on her own merits and you will need to do a transfer of equity, which is handled by a solicitor.


Its a fairly straightforward process, first get her to see if Halifax will allow you to leave the mortgage, if not then see which lenders she could get a new mortgage with.

Craig660

AnotherJoe wrote: »

Start with the ex. Does she want to do this? If not, you have a problem.
Next, Halifax. They may not allow it, it depends upon your ex's earnings, the size of the mortgage etc.
If not, see if another lender will do it.
After that, if its marginal on ex's salary, since I think you'll be caught out by the new stamp duty rules buying your new house, if a few extra £k to reduce her mortgage makes the diff to her between affordibility or not, it might be worth 'bribing' the ex, if money to her is less than SD.

Thanks for the post.

yes she does want to do this and has agreed to it. The thing that now makes me weary is her earning, which are around 35k.

My current GF wants to buy a house asap and this now puts me is a very awkward position.

The mortgage has been interest only since we bought it and is in the region of 165k.

Craig660

betmunch wrote: »

Your ex needs to approach Halifax, or another lender, and have you taken off the mortgage or remortgage to another lender.


She will need to be accepted for the new mortgage on her own merits and you will need to do a transfer of equity, which is handled by a solicitor.


Its a fairly straightforward process, first get her to see if Halifax will allow you to leave the mortgage, if not then see which lenders she could get a new mortgage with.

I am going to call halifax today, hopefully I can get the ball, rolling and then get her content when they need it.

I need to add to the above post that she has only been in her new job for a couple of months. I am assuming this will also be an issue?

David_White

In principle Halifax shouldn't have an issue with her new job.

silvercar

So she wants to take on 4.5 times her salary as a loan level.

Does she have a new BF that would want to come on the mortgage with her? May be worth finding out what the max salary multiple Halifax will allow.

Failing that find out if there is another lender that will be more generous.

Craig660

silvercar wrote: »

So she wants to take on 4.5 times her salary as a loan level.

Does she have a new BF that would want to come on the mortgage with her? May be worth finding out what the max salary multiple Halifax will allow.

Failing that find out if there is another lender that will be more generous.

Unfortunately she doesn't have a BF that can help her out.

Is 4.5 x the lending amount not realistic?

Thanks

getmore4less

They may also insist on repayment. Then term may need changing.

Craig660

betmunch wrote: »

Your ex needs to approach Halifax, or another lender, and have you taken off the mortgage or remortgage to another lender.


She will need to be accepted for the new mortgage on her own merits and you will need to do a transfer of equity, which is handled by a solicitor.


Its a fairly straightforward process, first get her to see if Halifax will allow you to leave the mortgage, if not then see which lenders she could get a new mortgage with.

So I have now spoken with Halifax and the mortgage is 164k.

They have put a request in and will contact me in 48 hours.

Would I be able to leave the mortgage and her carry it on, or will there have to be a new mortgage?

Any ideas on the fee involved with this.

Thanks