Removal from Mortgage

martindi

Hi all,

First post I hope anyone can help on here with advice.

I am divorced from my ex wife a few years ago and I have been trying to remove myself from the joint mortgage from Santander Bank the mortgage lender.

I have been removed legally by solicitor from the title deeds of the property and my name is not on the property against the land registry and I do not contribute to the mortgage I don't even bank or have never banked with them.

In speaking to the Santander they tell me ex wife has to approach the bank to remove me from the property which she has no intention of doing because it is not in her best interest due to affordability against £190,000.

I cannot move on with my life because I have my name in principle only on that mortgage and also I will be liable for any default.

How is this LEGAL ??? And as the lender surely they would need to request a review of the situation and not ask me to request her to go into the bank.

I don't bank with them and I am not a customer.

I have registered a complaint with the bank.

So I need some advice on how I can remove myself from something I stand no financial gain from and also that I am liable too event though I don't live in the property and neither do I contribute too it is the most bizarre situation I find myself in and need help.

Regards

Thrugelmir

Do you have children?

hercyboy1

Yes I do which i pay maintenance for

kingstreet

The lender has two borrowers in the frame for its payments.

By removing you and leaving behind a single borrower who on the face of it can't afford it, would increase the risk to the lender.

How you have ended up party to the mortgage and with no interest in the property is an interesting question. What exactly was the financial settlement you reached?

silvercar

Did the financial agreement commit her to remove you from the mortgage? Did it specify what would happen if she couldn't eg sell the property when your youngest finishes education?

There may be lenders who will accept maintenance as income, enabling her to get a mortgage on her own.

Thrugelmir

martindi wrote: »

I have registered a complaint with the bank.

So I need some advice on how I can remove myself from something I stand no financial gain from and also that I am liable too event though I don't live in the property and neither do I contribute too it is the most bizarre situation I find myself in and need help.

A complaint will get you nowhere.

The situation is far from bizarre. More common than you may appreciate. When couples divorce. By default the Court will act as legal guardians of the children. Putting their interests first before those of the (often warring) parties. By you underwriting the mortgage it provides the children with a stable home and minimal disruption. During a period of their lives when there's enough turmoil. When you children have left full time education then your ex will need to take action to remove you from the mortgage.

Worth reading your financial consent order that was drafted when you divorced. Your solicitor should have explained your obligations at the time.

martindi

So by the fact that I don't contribute to the property I am still liable month in month out and the property has equity which a lot more than the original purchase price.

I have gone through my solicitors letters and two years ago my ex went to the lender and it is confirmed the bank confirmed the mortgage could not become a sole mortgage.

So do you think I can only remove myself until the the children complete full time education.

silvercar

So do you think I can only remove myself until the the children complete full time education.

You need to check your financial agreement on divorce. It may say that she needs to try and take on the mortgage or it may say she has to. Or it may say nothing about this.

If you can't force the issue, you can still get a mortgage on another property, but you will be limited by this commitment in how much you can borrow.

Thrugelmir

martindi wrote: »

So by the fact that I don't contribute to the property I am still liable month in month out and the property has equity which a lot more than the original purchase price.

I have gone through my solicitors letters and two years ago my ex went to the lender and it is confirmed the bank confirmed the mortgage could not become a sole mortgage.

So do you think I can only remove myself until the the children complete full time education.

What did your financial consent order say. This in effect the legal agreement between you when you divoreced.