# Taking my name off the mortgage



## melaniejj (23 Nov 2008)

Hi all,

Just wondering if anyone can advise me on this. Bought a house with my boyfriend about three years ago, we have now split up. He wants to keep the house himself which is fine with me. He has tried to get my name taken of the mortgage but the bank won't allow him to do this. He's not buying back my share or anything, I am basically just walking away from it. Can the bank actually refuse to take my name off the mortgage? I am not living in the house anymore and have nothing to do with it, my ex is pefectly happy to pay the mortgage by himself. I don't really want my name on the mortgage of a house that I no longer live in.

Thanks


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## PM1234 (23 Nov 2008)

*Re: Taking my name of the mortgage*

Your partner must be eligible to take over the mortgage on his own. It appears he isn't. 

Can anyone else go on the mortgage with him e.g. sibling, friend or parent?

The alternatives might be switching mortgage providers (if he can get approval) or selling the property.


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## melaniejj (23 Nov 2008)

*Re: Taking my name of the mortgage*

no, he doesn't have anyone who can go on the mortgage with him and selling the property isn't an option. Does this now mean i am stuck on the mortgage unless he gets someone to go on it with him or can sell? if he continues payments by himself for a period of time would the bank not then take into account that he is able to manage it by himself?


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## bond-007 (23 Nov 2008)

*Re: Taking my name of the mortgage*

He may need to go to a sub prime mortgage provider for a while to prove that he can pay by himself.


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## melaniejj (23 Nov 2008)

*Re: Taking my name of the mortgage*

Can he not stay with the bank he's with now and continue to pay by himself? why would he need to go sub prime?


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## bond-007 (23 Nov 2008)

*Re: Taking my name of the mortgage*

The existing bank won't take your name off the mortgage, what they are saying is that they don't trust him. He may need to move bank and most likely only a sub prime would approve.


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## PM1234 (23 Nov 2008)

*Re: Taking my name of the mortgage*



> melaniejj said:
> 
> 
> > Does this now mean i am stuck on the mortgage unless he gets someone to go on it with him or can sell? if he continues payments by himself for a period of time would the bank not then take into account that he is able to manage it by himself?


The lender approved a joint mortgage. You are both liable for the mortgage repayments. They do not have to agree to taking one party off the mortgage. 

Its not necessarily a question of whether the mortgage provider trusts him. To take over the mortgage on his own, he must be eligible for the lenders mortgage criteria and that includes his salary multiples, his outgoings and meeting their minimum net disposal income requirements.  

  Paying the mortgage by himself may strengthen his case as will the rent a room scheme etc  but if he is not eligible for the required mortgage amount, the lender will be reluctant to give him approval for his own sake as well as the risk involved.

If he cannot get mortgage approval on his own, he could try switching to another mortgage provider.  The other option is to sell the property and you both incur any losses involved.


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## LouisCribben (24 Nov 2008)

Who is the legal owner of the property ?

Is it jointly in your names ?

Are you saying that you want a situation where you are still a 50% legal owner of the property, yet you want to be removed from the mortgage ?


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## truthseeker (24 Nov 2008)

OP - if yourself and your BF jointly bought a property you cannot just 'walk away from it'. You signed contracts jointly, you entered into a legal situation whereby you are both responsible for the mortgage repayments.

Presumably it took both salaries to have the mortgage approved in the first place?


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## mf1 (24 Nov 2008)

"I am basically just walking away from it. Can the bank actually refuse to take my name off the mortgage?"

You do know that you just cannot decide unilaterally to "walk away" from your debt? 

And yes, the bank can  refuse (and obviously already have refused) to take your name off the mortgage. 

I think OP would be happy to be off both the title and the mortgage but that does not look like a runner at the moment. Unless the ex bf can arrange finance in his own name and take over the entire mortgage or unless they opt to sell and take a hit on  equity/profit, looks like OP will stay on the mortgage. Which is fine unless/until ex bf can't pay the mortgage and then OP may be back in the picture again. 

mf


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## melaniejj (27 Nov 2008)

Yes of course I am aware I have entered a legal agreement and cannot just "walk away" from that. What I meant by that statement was that there's no argument over what to do with the house, he's not buying me out or anything, he is just happy to keep the house by himself. Yes, both salaries were needed for the mortgage approval. I suppose I will have to remain on the mortgage until we can either sell or if he will eventually be approved for a mortgage on his own (or gets someone to go in on it with him). Thanks.


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## Spin (28 Nov 2008)

Hi MelanieJJ, If you want to walk away and dont want anything from this property and are happy to transfer your interest to your partner,he now has to qualify for the mortgage o/s as a single person rather than joint incomes. The lender will look at this as a new application and he has to qualify in his  own name for the o/s mortgage and the term o/s .However most lenders will take rental income into consideration.With interest rates reducing big time he may be able to take over the mortgage early in the new year depending on his income. If  however ye qualified for the mortgage with you been the bigger earner, well yes he will have a problem and you will have to ensure that the mortgage repayments are up to date as could affect your credit rating.
Spin 
Mortgage Broker


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