Getting a ex off a mortgage

Dmcclus

Hi All

i broke up with my partner 6 months ago. A house was built on land that was transferred from a family member to me, in my own name only, 6 years ago

We then built the house with a mortgage in both our names.

Since we broke up my partner has stopped all payments to mortgage, I am paying full amount, including his life insurance...

Anybody have any idea what the process is for removing somebody from a mortgage in this situation? My bank are being very vague for some reason.

thank in advance

Senna

Is the property in NE and would a bank give you a mortgage for the full amount going by your wages? (your current ability to service the mortgage doesn't mean a bank will lend you that amount).
To remove a person from a mortgage requires (in the banks eyes) the house to be sold, the remaining balance of the mortgage to be paid off by a new mortgage which you will take out.

Is there children involved?

Dmcclus

hi

no kids involved and house not in NE

thanks for the reply. i hope it doesnt involve having to remortgage on my wages as they will not be enough to cover that..

Senna

Dmcclus wrote: »

i hope it doesnt involve having to remortgage on my wages as they will not be enough to cover that..

Thats the only way it can work, the bank wont allow your ex to be removed from the mortgage if you cannot service the mortgage (in their eyes).
Could you get a parent to go guarantor? But be careful as it could put them under huge pressure and risk their own home.
If you continue to service the mortgage, then you need to get your ex to renounce any claim he has on the house, as even though you are paying the mortgage, he will own half the house when its paid off.
You should seek the help of a solicitor.

Penny Dreadful

Senna wrote: »

Thats the only way it can work, the bank wont allow your ex to be removed from the mortgage if you cannot service the mortgage (in their eyes).
Could you get a parent to go guarantor? But be careful as it could put them under huge pressure and risk their own home.
If you continue to service the mortgage, then you need to get your ex to renounce any claim he has on the house, as even though you are paying the mortgage, he will own half the house when its paid off.
You should seek the help of a solicitor.[/QUOTE]

Couldn't agree more on this.

Gamrab1974

I doubt that the ex is on the mortgage in the same capacity as you are. If the land is in your name, the ex has no interest in the land which he could have mortgaged to the bank.

It may be that he entered into the mortgage as a guarantor of your repayments as the land owner.

Dmcclus

thanks all for replies