Taking ex off the mortgage

Posted on 4 February 2009

i have a joint morgage with someone, they left the property in sep 2008 and i have paid the morgage since, the morgage company wont let me have the morgage in my name only because on paper i dont earn enough even though i have managed for the last 5 months, my ex wants to come off the morgage too but i cant sell as i have my mum and elderly nan living with me, how likely is it that the morgage company will just transfer the morgage over to me without going through the application process and what is my ex entilted to if this goes on for years with him not paying towards the morgage, would he still be able to claim half the house and or equity, please please help x

 

Lenders will normally only release a joint borrower from a mortgage if the remaining borrower can meet their current lending criteria, specifically in respect of their income and any monthly financial commitments. As you can’t meet this requirement, and assuming you don’t expect to in the near future, I can suggest a couple of possible ways forward.

Would your mum be willing and able to act as a guarantor?

1. Ask the lender whether if you pay the mortgage on your own, preferably by direct debit, for, say, a year they will accept you can afford it even though you don’t meet their criteria. You need to ask this in writing and get the reply in writing.

If you manage to get the lender to agree to allow your ex to come off the mortgage the property will have to be transferred into your sole name. This will involve some legal and other costs, including possibly a stamp duty liability. Before taking any action you should get legal advice on both this and the question of what your ex may be entitled to.

Categories: Separation or Divorce, Special circumstances

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