Mortgages exes and loans

[Deleted User]

Sorry I couldn't quite think of a title to describe my question!

Ex moved out last year back to his parents. I paid him off but whilst we are in a fixed term his name is still on the mortgage. Ideally he would like to come off and buy somewhere himself and I will apply for a single application August time.

His car is a death trap and has said he needs a loan for a new one, which he does and to be honest he drives our son about so i'd rather he did, he is asking if it will effect me when I apply for a mortgage, I said I didn't think so, as in effect by applying as a single applicant he will have no financial connections to me will he?

Thanks in advance.

ThePants999

Short answer is that you're right - being a sole applicant, only your own financial position will be relevant to the lender.

Don't forget, though, that ownership of the property matters too. The property will likely need to be in your sole name in order for you to get a sole mortgage on it.

[Deleted User]

Hi, does that mean something to do with the land registry part? Can the solicitors do this when they are appointed to sort out my mortgage?
Thanks.

Land_Registry

To get him off the mortgage the odds are you would need to transfer the ownership from your joint names to just you and remortgage

Your lender (current or a new one) will insist on your using a solicitor to do this

foxy-stoat

dalo wrote: »

Sorry I couldn't quite think of a title to describe my question!

Ex moved out last year back to his parents. I paid him off but whilst we are in a fixed term his name is still on the mortgage. Ideally he would like to come off and buy somewhere himself and I will apply for a single application August time.

His car is a death trap and has said he needs a loan for a new one, which he does and to be honest he drives our son about so i'd rather he did, he is asking if it will effect me when I apply for a mortgage, I said I didn't think so, as in effect by applying as a single applicant he will have no financial connections to me will he?

Thanks in advance.

You paid him off how exactly?

He will need to sign his equity over to you, you will need to pass the lender's affordability criteria for you to take out a mortgage in your sole name.