# Removing Ex from Mortgage



## Kildare (7 Jul 2010)

Hi there,

There is a similar post to mine but slightly diferent so rather than hijack I thought Id start my own thread.

I bought my house almost 3 years back witha  fixed rate from the Bank of Scotland.  I bought it at the time with my then girlfriend.  Almost 2 years ago we split up. The bank said to take her off would mean closing the account and starting again which wasnt an option. We agreed that I would pay the mortgage and she walked away.

Now both of us have met new partners and she wants off the mortgage document.

What are my options.  The house is worth approx 80K less than I paid (rough guess based on similar houses for sale in estate)

I was pretty much paying the mortgage myself when I lived with her and Im able to do so now (I have been since she left).  My partner owns a apartment herself and we are both in full time employment.  

I heard about the mortgages the likes of Ulster Bank are doing but I dont think they are designed for what I want to do.  I dont want to move and selling would mean owing money whilst Im able to afford to pay the mortgage.  Is there anything available to me?


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## niceoneted (7 Jul 2010)

The only way you will know is to approach your lender and a few other financial institutions in relation to this.


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## mf1 (7 Jul 2010)

I don't understand what the problem is? 

Your partner walks away and leaves you holding the debt. Her name is still on the mortgage because she is still jointly liable for the debt. Either you re-mortgage in your sole name ( if the bank will allow that) and you take total responsibility for a new mortgage and the title should be held in your sole name or your ex pays off a portion off her liability and the bank transfers the Title and the mortgage into your sole name.

Or are you saying that  the bank won't let you do either of the above? In which case, ex stays on title and mortgage and still has a liability even though you are paying. 

mf


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## Kildare (7 Jul 2010)

I haven't approached my bank yet.  Ive arranged a meeting next week.

I wanted to know before I go in there if Im blowing into the wind.

I was happy to leave the ex on the mortgage until such time as the negative equity has gone or I have enough saved to pay the diference.

She is now adamant she wants off, I dont think she fully realises that the house is worth about 300k the mortgage is for 380K.  My understanding is that the bank will not take her off the mortgage without closing it and having to reopen a new one and I dont think this is possible (reason I posted).

Its a real nightmare situation to be in, she has moved back home and has no interest in the house, plus I paid the mortgage from day one anyhow


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## mf1 (7 Jul 2010)

"I dont think this is possible (reason I posted)"

What is the reason? Is it that the bank will not lend to you solely? Its just not clear from your post what your problem is. 

mf


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## Kildare (7 Jul 2010)

Sorry not clear.

The house is worth 300K my mortgage is 380, so to close it Ill have to find 80k, will they simply allow her to be removed from the mortgage?


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## mf1 (7 Jul 2010)

Kildare said:


> Sorry not clear.
> 
> The house is worth 300K my mortgage is 380, so to close it Ill have to find 80k, will they simply allow her to be removed from the mortgage?



Don't close the mortgage - transfer the title and the mortgage into your sole name. If the bank will let you. You don't need to pay your current lender 80K if they are willing to allow you do this. 

mf


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## Kildare (8 Jul 2010)

Cheers, I didnt think I would be able to put it into my sole name, thats why I came on here.


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## fizzelina (8 Jul 2010)

So if the house is worth 80k less now than the mortgage are you letting your ex walk away without suffering any of the negative equity? 
It sounds like a VERY good deal for her to be honest. "She is admanant she wants off" seems a little unfair of her considering you could be making her liable for 40k of the negative equity since it's a joint mortgage and joint neg equity. 
Also you may only be able to put it in your sole name if the bank deem you would qualify for a 380k mortgage alone, which to be honest is harder these days without a very high salary. Although in your case you can show you were paying it yourself anyway I'm not sure if they take that into consideration


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## csirl (8 Jul 2010)

If the bank does agree to take her off the mortgage, make sure you get her to agree to come off the title deeds. There is no point in you paying off a mortgage for the next X no. of years when someone else owns 50% of the house.


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## dewdrop (8 Jul 2010)

While i have no direct experience of how banks react to such situations i would doubt very much in view of the present financial crisis that banks in effect would release security i.e. releasing recourse against a person. In the good old days this usually did not present a problem if the remaining person could show he/she were able to service the loan.


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