Breaking up and remortgaging in December

welshguy_456

Hi all, after 9 years together and 2 years engaged my fianc! has dropped a bomb that she doesn't feel the same and wants to break up. To cut a long story short we are on a 2 year fix that is due to end on December 31st and the plan is for me to take on the remortgage on myself.

If this happens will I need to remove her from the mortgage at all seeing as I'll be applying in my sole name? This is all of course if I get the remortgage on my own in the first place

Thanks

Thrugelmir

If you are unable to remortgage the property into your sole name. Then your ex will want the property sold. Remaining on the mortgage resolves nothing and merely creates complexity in the future.

welshguy_456

If I couldn't remortgage it on my own and we came to an agreement to remortgage it together, would it be possible to remove her after a while and carry on the repayments myself?

The background is a lot of my wage is comission based which I know they won't look at as guaranteed income, but I can afford the payments on my own without her it's just the sticking point of remortgaging the amount we need to borrow

I have a basic wage of 25k plus comission and we will owe 102k in December

Thanks

Thrugelmir

Won't your ex want her share of the equity in the property.

welshguy_456

I originally paid the deposit on the house and we had an agreement (through solicitors) that if anything ever happened I.e a break up, that any sale of the house the original deposit comes to me first then any equity after this would be split 50/50 but I doubt there would be anything left after this.

kingstreet

welshguy_456 wrote: »

Hi all, after 9 years together and 2 years engaged my fianc! has dropped a bomb that she doesn't feel the same and wants to break up. To cut a long story short we are on a 2 year fix that is due to end on December 31st and the plan is for me to take on the remortgage on myself.

If this happens will I need to remove her from the mortgage at all seeing as I'll be applying in my sole name? This is all of course if I get the remortgage on my own in the first place

You will need to apply for a sole mortgage and evidence affordability to the existing or new lender's satisfaction. Key your figures into lender online calculators, or have a broker do it for you if you're not sure what to enter.

If you can afford it, a new sole mortgage will be offered and the solicitor you employ will conduct a transfer of equity to remove your former partner from the property ownership.

On completion, the property and mortgage will be in your sole name.