Transferring my mortgage to my ex

getmore4less

If the interest was zero 164k over 10y is £1367pm

Extending to 25-30 years might get it affordable.

What was the plan to pay this mortgage off other than sell up in 10y?

Craig660

getmore4less wrote: »

If the interest was zero 164k over 10y is £1367pm

Extending to 25-30 years might get it affordable.

What was the plan to pay this mortgage off other than sell up in 10y?

Sorry, the length of mortgage must be wrong.

I will double check tomorrow and get back to you, as it maybe 15 or 25, not 10.

It was initially an investment, I was pretty young when I got it so wasn't very clued up.

The 25-30 years new mortgage sounds promising, that the only glimmer of hope I have had all day.

betmunch

Craig660 wrote: »

Thanks for the advice.

Any ideas how much a broker would charge for this service ?

Entirely dependent on the broker.

They only thing I can say is they must tell you their charging structure at the beginning of the first meeting so you can decide if you want to pay before you are commited

silvercar

Assuming she is decades from retirement, extending the term seems one answer. If Halifax won't allow that, then she will need to look around for a different lender.

Your problem is what happens if she can't get a mortgage anywhere else and doesn't want to sell up? Staying on interest only and continuing in the property may suit her. At least until a point in time when she has a new partner that could help buy you out.

You, on the other hand, are more desperate to get off the mortgage. You could end up paying heavily to be rid of this burden.

fieldend

Hi. I removed my ex from the mortgage several years ago, with his consent, he also did not have any claim in the property as he didn't contribute at all.

I think you're better of going to Halifax first, and only if that doesn't work, then go to a broker to try and move the mortgage elsewhere. You don't need a broker to go to Halifax.

The process with Halifax was very simple - we met with an advisor, he explained what documents I needed, then a couple of weeks later my ex signed all the paperwork. We also needed solicitors.

Your ex will need to pay a 'transfer of ownership fee' (£160 to Halifax) and she will also need a solicitor (it was £550 plus some other smaller fees like land registry, disbursements etc, a total of £750. She might be able to get cheaper?). You will probably need to use a solicitor as well, just to be on the safe side, not sure how much they would charge you.

My salary was at a similar level at your ex's, but I have one dependent child (had childcare costs but also received child maintenance on top of salary). My mortgage was higher your ex's (in fact it was higher than £200K, so 5x my income), but this was prior to 2014 when mortgage rules have changed.

Good luck.

Craig660

fieldend wrote: »

Hi. I removed my ex from the mortgage several years ago, with his consent, he also did not have any claim in the property as he didn't contribute at all.

I think you're better of going to Halifax first, and only if that doesn't work, then go to a broker to try and move the mortgage elsewhere. You don't need a broker to go to Halifax.

The process with Halifax was very simple - we met with an advisor, he explained what documents I needed, then a couple of weeks later my ex signed all the paperwork. We also needed solicitors.

Your ex will need to pay a 'transfer of ownership fee' (£160 to Halifax) and she will also need a solicitor (it was £550 plus some other smaller fees like land registry, disbursements etc, a total of £750. She might be able to get cheaper?). You will probably need to use a solicitor as well, just to be on the safe side, not sure how much they would charge you.

My salary was at a similar level at your ex's, but I have one dependent child (had childcare costs but also received child maintenance on top of salary). My mortgage was higher your ex's (in fact it was higher than £200K, so 5x my income), but this was prior to 2014 when mortgage rules have changed.

Good luck.

Thank you very much for your post, it has given me some hope and also a good idea at the costs involved

I am praying I can sort this out somehow.

Craig660

silvercar wrote: »

Assuming she is decades from retirement, extending the term seems one answer. If Halifax won't allow that, then she will need to look around for a different lender.

Your problem is what happens if she can't get a mortgage anywhere else and doesn't want to sell up? Staying on interest only and continuing in the property may suit her. At least until a point in time when she has a new partner that could help buy you out.

You, on the other hand, are more desperate to get off the mortgage. You could end up paying heavily to be rid of this burden.

She is 30 years old, so has a good few years of work left in her hopefully.

If thats happens I really dread to think.

I could sleep last night because of this so god knows what it would be like going forward.

Do you have any other suggestions that could help at all ?

Craig660

betmunch wrote: »

Entirely dependent on the broker.

They only thing I can say is they must tell you their charging structure at the beginning of the first meeting so you can decide if you want to pay before you are commited

Can you tell me the exact figures I would need to find out for this? Thank you

betmunch

The exact figures someone would charge?

Just ask them. How much, and when's it payable.

mrginge

Craig660 wrote: »

Do you have any other suggestions that could help at all ?

Put the ball in her court. Tell her that you will be looking to force a sale and reclaim your costs if she doesn't look to resolve things herself.