remortgage with ex named on mortgage

saralou666

]hi guys i was wondering if anyone could help me please.....if i wanted to remortgage the house i live in with my new partner and my ex husbands name in on the deeds and mortgage...do i have to tell him what i want to do? Many thanks in advance

kingstreet

Yes. You will need his agreement to the transfer of equity to remove him from the ownership and also from the mortgage.

saralou666

i know i need his permission to remove his name from the property but do i need to tell him if i remortgage?

missile

Your existing mortgage provider will need his signature to discharge the loan. I doubt any provider will approve a mortgage, without a signature from the ex-husband who is named on title deeds.

saralou666

ok ty guys....advice is appreciated

davidmcn

missile wrote: »

Your existing mortgage provider will need his signature to discharge the loan. I doubt any provider will approve a mortgage, without a signature from the ex-husband who is named on title deeds.

No need I can think of for the existing mortgage provider to have signatures from any of the borrowers in order to discharge the loan. As for the new lender, they only come in once the title has been transferred at completion - they don't need signatures from previous owners.

But in practice, the ex will be told as part of the legal process that the existing mortgage is being redeemed and his liability discharged.

kingstreet

If you apply to a new lender for a new mortgage, his approval will only be needed for the legal aspects of the transfer of equity and for nothing to do with the current or new mortgage.

Trying_to_be_good

I'm not sure the OP is asking about a transfer of equity and therefore discharging the liability of the ex - I think she's wanting to keep the ex on the new mortgage. So she'll definitely need the ex's signature if she's keeping him in the deal.

AnotherJoe

saralou666 wrote: »

i know i need his permission to remove his name from the property but do i need to tell him if i remortgage?

Of course you do !!! Not just tell him, get his agreement and he'll have to pass affordability along with you, which is awkward if he doesn't live with you and/or doesn't wish to partake. Imagine if the position was reversed and you found out in a few years time your ex had exposed you to another hundred thousand in loan on top of the existing mortgage without your say so ?

You need to create a clean financial split otherwise there's a big mess coming.
What happens if in ten years time your ex decides he would quite like his half out of the gain in value of your house right then and here's the court order forcing a sale?

Or you and current partner split up and he's been helping paying the mortgage and now there's a three way tussle over who gets what (meaning the lawyers get it all)

Get this sorted right now, get his name off it all, buy out his portion, whatever.

kingstreet

Sorry, I didn't envisage a scenario where the ex would be remaining on mortgage/ownership.

OP - what exactly are you trying to achieve here?