Transfer of equity

clearfeet

Hello  
i will try to keep this as brief as possible. I have an old subprime interest only mortgage with my ex, loan outstanding is £91,500 and the property is worth around £80k. 

My ex is a liability financially and his association to me is bringing down my credit rating and makes me feel unsafe in general. I live in the property and pay the mortgage, it is with mortgage express. 

I plan to apply for a transfer of equity but due to covid they are not taking any appointments for this at present and can’t discuss it with me. 

I wonder if anyone has any experience of doing a transfer of equity to remove one person from the mortgage and if there were difficulties due to negative equity. 

Thanks for your help 

Thrugelmir

There is no equity. Currently the lender has two sureties for the debt, reducing to one  The further challenge you face is that Mortgage Express no longer write new business. 
Longer term what is your plan once the the mortgage term ends and the debt needs to be repaid? 

clearfeet

Thank you for replying! 

I have spoken to mortgage express who say that the negative equity doesn’t prevent me from applying but yes it is my worry that it would be a negative factor in the application. They also discussed possibly extending the term and thus allowing me to change to a repayment mortgage at a manageable monthly payment. I am 32, my credit rating is excellent and I earn 40k per annum. I have some credit card debt but all on 0%. 

Although mortgage express don’t lend anymore they do offer transfer of equity.