Mortgage crisis

Gilbor

Hi everybody.

I've just broken up with my girlfriend. We have a mortgage together.

I want to know how I go about tranferring the mortgage solely into her name. Can anyone help, pls?

The other factor is that it is a shared ownership place (the housing association owns 50% of the flat). Does this make things more complicated?

Thank you.

lisyloo

I want to know how I go about tranferring the mortgage solely into her name.

Does she have a big enough income to take the mortgage in her name?
As a rough rule of thumb then the mortgage can be maximum of 3 times income.

e.g. if she earns £20K then the max mortgage would be £60K.

If she doesn't earn enough then you simply cannot do it.

andrewmp

lisyloo wrote: »

Does she have a big enough income to take the mortgage in her name?
As a rough rule of thumb then the mortgage can be maximum of 3 times income.

e.g. if she earns £20K then the max mortgage would be £60K.

If she doesn't earn enough then you simply cannot do it.

I think you'll find it's higher than 3 times. More like 4 or 4.25 times.

Are you in negative equity? If so, you are just as responsible for that as your ex, you can't just transfer the loss into her name.