Splitting a joint mortgage

john76_2

I currently have a joint mortgage with my girlfriend. We have hit a rocky patch and I'm wondering what are the implications of taking the mortgage on myself. I can financially afford it (just) on one income but I'm confused about all the legal matters.

Can anyone give me any help/advice?

Many thanks

poppy10_2

You might feel able to afford it, but the bank would want to do their own affordability assessment - if you can't get a mortgage on your own you'd need to sell.

minimike2

You would need to apply for the mortgage in your sole name and undergo a transfer of equity. The mortgage lender will asses it as a new mortgage application. You need to speak to your current provider to see if they will allow you to continue with the product you currently have if you undertake the TOE too. They are your first port of call. If you cannot take the mortgage on yourself, or if they insist on you taking a new product and therefore having to pay early repayment charges, then a trip to a broker would be in order.