Removing an ex from a mortgage

pheobe1986

ive recently split from my boyfriend we bought our first home in july 2006 and we have a fixed rate mortgage till july 2008, what steps do i need to do to remove him from the mortgage?

Please someone help

Dan_Collins_2

Well its simple. You need to apply to your lender for a transfer of owner ship. Depending on the equity and mortgage size you may be liable for some stamp duty but I would seek legal advice on that one.

He will have to sign over the property and mortgage to you. Your income needs to be able to cover the loan for the lender to agree and you will have to pay for some legal work.

If you need to buy him out your lender will offer a further advance subject to income and this may be at a different rate and product than your main advance.

First port of call is your lender. Good luck.

pheobe1986

What if my income doesnt cover the loan, would they still allow it if i had a lodger or would i need some one to jointly own my home i.e. a relative?