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To take my ex off the mortgage, do I have remortgage or is it simply a paper exercise?

Posted on 21 May 2013 by Susan


My ex is still on my mortgage and he hasn't paid any contributions towards it and has asked to have his name off of it. Do I have to re mortgage or is it simply a paper exercise?

Susan,

What you are looking to do is called a 'Transfer of Equity' and it depends on what needs doing. If you are just taking his name off the mortgage, and meet your current lenders criteria to take the loan on in your sole name, then yes, it is pretty much a paper exercise.

However if you don't meet their criteria, or of you need to raise capital to pay him a lump sum, then you may to look at remortgaging as part of the process.

If you'd like to discuss your enquiry further, then please let me know and I'll arrange a suitable time for you to speak to one of our consultants.

Regards,

Simon

simon.collins@johncharcol.co.uk

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