Broken up, transfer of parties

urbexcentric

Hi all, Im in a bit of a dilemma. 
My ex has walked out and wants to leave our joint mortgage. We are only 18 months into our 5 year mortgage with Virgin Money and Im worried that they will decline my application to transfer parties

We owe around 110k left and im currently on 22k per year. I will be getting a pay rise to 26k in February and have 15k+ savings available for this to make it work.

Do you think its even worth me applying to take her off the mortgage? Im aware my salary does not meet the minimum to give me a 110k mortgage.

Would the lender give me a simple yes or no answer or would they allow an adjustment from 25 to 30 years and allow me to pay a large deposit?

My credit score is 999 and I have barely any credit agreements outstanding. Im pretty sure my good credit history was the reason we got the mortgage as hers is really bad (and she is not a british citizen). Im not sure if to just put the application in now to try to remove her as quick as possible or hold out until I get a payrise. I suppose they will want to see 4 consecutive months after that pay rise too?

Any advice is welcome. Selling the home is the absolute last resort so I want to try anyway possible to keep it in my name. 

urbexcentric

Id also like to add the mortgage is 520 per month. With total bills it comes to around 800. Im coming home with around 1450 per month currently. 

Carl2510

I would suggest you get on an affordability calculator and see what’s available to you. I don’t think they will take your future pay into consideration so if possible try stay in the home until your payrise comes in.

fewcloudy

The ex can't just 'leave' a joint mortgage. She is jointly liable for the debt and will be until you are in a position to get a sole mortgage, which you are unable to do at the present time.... Also if you took out a 5 year fixed rate mortgage with Virgin then there may be a large ERC waiting if you try to end that particular mortgage early by selling the place (your last resort).

urbexcentric

Thanks guys.
Using Virgins calculator I can get 100k currently, which would leave 10k to pay upfront. I hope they will consider this in my change of parties application!

urbexcentric

Right guys, my brother has said he would agree to be added to the mortgage, replacing the ex. He's earning upwards of 40k per annum, is this worth doing? I just don't see anyway of me being accepted alone on my current salary of 22k, even with a large lump of savings.
My lender - Virgin say a parent can be added to a mortgage account, Im hoping this is the same for a brother?

dimbo61

Did you ex pay towards the deposit ?
How much is she asking for ?
Has the property gone up or down in value in the past 18 months.
If you can borrow £100,000 and owe £110,000 you could overpay the current mortgage by £10,000 but don't do this till you know what your EX wants.
You need to speak to Virgin about your options

Thrugelmir

Does your brother already have a mortgage and other committments? 

Do you need to buy your ex partner out? 

CSL0183

urbexcentric said:

Right guys, my brother has said he would agree to be added to the mortgage, replacing the ex. He's earning upwards of 40k per annum, is this worth doing? I just don't see anyway of me being accepted alone on my current salary of 22k, even with a large lump of savings.
My lender - Virgin say a parent can be added to a mortgage account, Im hoping this is the same for a brother?

Not as easy as it sounds as if he has another property or is planning to purchase one then there may be 2nd home tax to pay. In addition, lending criteria is stricter if he has another mortgage in place with regards to LTV levels. The best bet would be to look at a joint borrower sole proprietor mortgage. Your lender may or may not allow this, I know HSBC do but not sure on what others.

In addition, to remove your ex from the deeds, what is she wanting? Has she requested you buy her out or is it clean break and she walks away with nothing? 

urbexcentric

Ok so my brother does already have a mortgage, however his total income is way above what his monthly outgoings are including his mortgage.
The ex is willing to receive her part of the deposit back which I have covered. Does the underwriter need to know about this?

The issue with Virgin is there is the only discussions to be had are over the phone and their staff are not very helpful and seem to be relying on the answer of "put the application in and see what the underwriter says". They also don't offer mortgage advice in their stores. I was hoping they would be able to offer me a formal discussion over the phone and tell me what my best plan of attack was.

My brother previously had the same issue but he literally went into Nationwide and they said put X amount down and we'll give you the mortgage. I cant get Virgin to give me this kind of advice...