Coming off a Joint Mortgage

ollieg613

Hi everyone,

Just after some advice really, I am currently trying to come off of a Joint mortgage.

My situation is; Me and my ex parter have split and she has been living in the house we have a mortgage on for the past year, i am now wanting to come off the mortgage due to it holding me back from starting my own life and getting onto the property ladder myself.

 The problem being her income alone wouldn't pass a affordability check to stay on the mortgage solely even though since the day the mortgage went ahead, she has been paying this fine and managing well on her own. 

After speaking to my lenders, they have said to start the process in general the applicant who is staying on the mortgage must apply to be on the mortgage solely, then once all the relevant affordability checks go ahead the other party then gets removed from the mortgage. Sounds fairly straightforward, but in my case where my ex partner will not pass the affordability checks she will not apply to start with making everything come to a halt at step 1. 

Any advice is welcome, just a bit stuck and inexperienced on what to do?

Many thanks

sammyjammy

Sounds like its time to reassess the options and sell up.  If she can't pass affordability checks its pretty much your only option unless she has someone that can take out the mortgage with her.

DE_612183

If she can't pass the affordability checks, then she probably can't afford to stay - unless you are subsidising her income ( which I guess she could declare ).

Newbie_John

I think this is tricky, simplest way to check mortgage affordability is to multiply your monthly salary by 5.
£200k mortgage = min. £40k salary.
£200k mortgage on 30 years with 5% interest is "only" £1074, and £40k salary without student loans is £2600, so plenty of room to afford it.

But rules are rules, and as other suggested - the only option is to swap you with someone else - parent, sibling.. 
Or improve affordability - payrise or reduce the mortgage needed by doing overpayment. 

secla

As said you dont really come off the mortgage, She has to apply for a mortgage and buy it on her own.
The ideal situation is sell up and she buys something that she can meet affordability for but if shes not agreeable that that the legal process can be expensive

silvercar

How far away from meeting the affordability criteria is she?  If she is near then maybe you (or she) could push some savings towards the mortgage in order to reduce the amount loaned?

at the end of the day, you would be reducing your liability and so there is a benefit to you being able to do this, which may cost you money to achieve it.

[Deleted User]

@ollieg613 what progress are you making ?