Removing My Wife!!!!!!

SJMBWOODS

Hi All,

I was just wondering if it is possible to take sole responsibility for our mortgage?
We are happily married (probably as we have only been married for a year!) but my wife has a poor credit rating whereas mine is quite good. I would like to take full responsibility for our remaining mortgage and wondered if it was possible to remove her name from the loan?
Thanks in advance.

bigisi

SJMBWOODS wrote: »

Hi All,

I was just wondering if it is possible to take sole responsibility for our mortgage?
We are happily married (probably as we have only been married for a year!) but my wife has a poor credit rating whereas mine is quite good. I would like to take full responsibility for our remaining mortgage and wondered if it was possible to remove her name from the loan?
Thanks in advance.

What's the point. If you pay it on time every time this will help improve her credit rating. Unless you're looking to take out new credit in the near future her rating is irrelevant anyway.

What do you hope to achieve?

foxy-stoat

Her credit rating is not seen by the lender - so this shouldn't be a reason to try and remove her.

Is her credit history affecting the interest rate on the current mortgage?

Very difficult to remove her while you are still married and her still living in the property, perhaps she should take some legal advice first.

SJMBWOODS

We have had to take out a poor deal on our first mortgage due to her credit history and our fixed deal will be up in a year. We were hoping to get a better rate once this one ends?

Caz3121

answer is still the same as in January
https://forums.moneysavingexpert.com/discussion/5951897

foxy-stoat

Try a broker nearer the time, you may find that you can secure a better rate next year.

Squint

It should be possible, but you are likely to need to apply for a new mortgage and arrange for the property to be put into your sole name, so best time to do this would be next time you remortgage.

Just watch out for stamp duty if you have a very high mortgage as you will be seen to buy her share as you are taking on her share of the debt.

To the extent that she is giving any equity to you that gift is vulnerable to creditors should she become bankrupt.

Until her debts are cleared and you are confident you are on the same page spending wise, keep all your accounts separate.

ACG

If she has had no bad credit in the 2 years you will have had the mortgage, there is a possibility of normal rates doing it jointly.

You can remove your wife when remortgaging but:
1) You would need to pay for a Transfer of equity (maybe £300).
2) If your wife still has bad debts and you think this is a way to prevent debt collectors or one of the companies securing their debt against the property down the line - it probably wont.
3) You should check if there are any stamp duty implications.
4) If the mortgage is solely in your name and you die. She then needs to try and get a mortgage in her name solely and on her income solely all at the same time as grieving. Although life insurance could be a way to overcome that (bar the grieving obvs... but having £100k hit the bank account will probably help :-P).

DCFC79

Why ask the same question months later OP ?

aardvaak

SJMBWOODS wrote: »

Hi All,

I was just wondering if it is possible to take sole responsibility for our mortgage?
We are happily married (probably as we have only been married for a year!) but my wife has a poor credit rating whereas mine is quite good. I would like to take full responsibility for our remaining mortgage and wondered if it was possible to remove her name from the loan?
Thanks in advance.

Lenders do not like to not have spouse on the mortgage this is because years ago at a repossession the spouse says they did not know about the loan